us stockindex futures plunged thursday pointing to a lower open for stocks and erasing overnight gains after the consumerprice index for september came in hotter than economists had expected on wednesday the dow jones industrial average fell 28 points or 01 to 29211 the sp 500 declined 12 points or 033 to 3577 and the nasdaq composite dropped 9 points or 009 to 10417 the sp 500 has dropped 25 this year as investors reacted to interest rate rises from the federal reserve one of the most closely watched economic data releases of the month the yearoveryear headline number for the september consumerprice index came in at 82 down from 83 but higher than the factset consensus estimate of 81 the core cpi number which strips out volatile food and energy prices rose 66 from 63 last month economists polled by factset had expected an increase of 65 seeconsumer prices jump again in september and cpi shows little letup in high inflation the data sent treasury yields surging with the yield on the 10year note rising more than 13 basis points to 4033 meanwhile traders of fed funds futures were pricing in 968 odds of a 75 basis point hike at the feds november meeting up from 83 earlier thursday before the data were released in addition to expectations for another jumbo interest rate hike in september investors are also placing strong odds of another 75 basispoint rate hike in december with odds in the fed funds futures market rising to more than 60 assuming the fed follows through with both they would be the fourth and fifth 75 basispoint rate hikes of the year respectively not only is the federal reserve going to raise rates by 75 bps next month but there is now a possibility that they will raise rates by another 75 bps in december said chris zaccarelli chief investment officer for independent advisor alliance in emailed comments the september report is the seventh out of nine cpi readings this year to have topped expectations according to michael brown senior market analyst at caxton the us dollar also strengthened after the report with the ice us dollar index gaining 02 to 11358 investors also received a report on weekly jobless claims which showed that the number of americans filing for unemployment benefits has now increased during three of the last four weeks although some of the rise was attributed to the impact of hurricane ian in florida