S&P 500 dips, Nasdaq higher after data shows moderate inflation rise

S&P 500 dips, Nasdaq higher after data shows moderate inflation rise

By Chuck Mikolajczak and Shashwat Chauhan

Wed September 30, 2026  

The Dow took another big drubbing right out the gate but both tech indexes started in very positive territory, the S&P up over 50 points before noon before gradually declining, the Nasdaq up over 400 most of the day before a precipitous decline in the final half hour. What triggered all these great gains was a PCE report coming in well below the forecast, indicating inflation coming down and beating the odds on an October rate hike. The latter started the day at 70% and was cut in half by close. Q2 GDP was also upwardly revised to 2.2% suggesting that the economy is handily absorbing these hikes.  

Private payrolls also came in today with 90K more jobs, more than twice each of the past two months. The Dow ended five months of gains, the S&P going on 3 months of losses. The Nasdaq is now up for two straight months. On a quarterly basis, both tech have had two consecutive advances (and five of six), the Dow two quarterly declines of 3. The trigger for the late session dump was likely the 2-year note more or less flat as opposed to the longer term notes which rose, the expected course on interest rate odds. The government jobs report comes Friday. Volume closed at 18.13 billion, above the 17.06 average. 

DJ: 51,349.92  -131.59       NAS: 26,797.54  -22.84          S&P: 7,670.84  -12.85             9/29

DJ: 50,906.05  -443.87       NAS: 26,861.06  +63.52         S&P: 7,651.54  -19.30             9/30

Wed 9-30-26 4:50 pm S&P 500 dips, Nasdaq higher after data shows moderate inflation rise | Reuters