a trader works on the floor of the new york stock exchange nyse november 8 2021 us stock futures were steady in overnight trading on wednesday following a techdriven selloff on wall street disney shares fell 4 in afterhours trading after the media giant missed on the top and bottom lines of its quarterly results disney subscribers also came in short of estimates the major averages dipped on wednesday after a hot inflation report pushed up bond yields the rise in yields especially pressured growth pockets of the market the dow jones industrial average lost 240 points dragged down by roughly 3 losses in salesforce and nike the sp 500 fell 08 the nasdaq composite was the relative underperformer dipping 17 as facebookparent meta platforms amazon apple netflix microsoft and googleparent alphabet all closed lower persistent inflation data was released on wednesday the consumer price index which is a basket of products ranging from gasoline and health care to groceries and rents rose 62 in october from a year ago hitting its highest level in three decades on a monthly basis the cpi increased 09 against the 06 estimate inflation remains stubbornly high to the surprise of many that expected prices to come back to earth sooner said ryan detrick chief market strategist for lpl financial the truth is you cant shut down a 20 trillion economy and not feel some bumps as it restarts but we are hopeful the supply chain issues will resolve over the coming quarters and inflation should calm down as well following the cpi data traders moved up their expectations for when the first fed rate hike would occur the fed funds futures market now sees greater odds of the central banks first full rate hike coming in july 2022 investors also took refuge in inflation hedges on wednesday like gold and bitcoin