Defying inflation reinforcing rate hike expectations, US stocks and cryptocurrencies rebound, Jensen Huang steps in to douse the fire, chip index falls for seventh consecutive day.

BlockBeats news, October 16th - Last night and this morning, U.S. September PPI rose 6.3% year-over-year, setting a record high in over four years. This data once again reinforced rate hike expectations. U.S. stocks and crypto briefly declined in response, but the market quickly digested this bearish news, and risk assets rebounded rapidly after the sell-off. Ultimately, the three major U.S. stock indices closed higher collectively, with the Dow up 1.08%, the Nasdaq up 0.08%, and the S&P 500 up 0.33%. The Philadelphia Semiconductor Index fell 0.88%, significantly narrowing its decline from the opening bell, but it marked its seventh consecutive trading day of losses.

In terms of individual stocks, according to BIT(bit.com) market data, CoreWeave, heavily affected by default rumors, reversed from an intraday drop of over 8% to close up 5.94%. On the news front, Jensen Huang stated that CoreWeave's strength is improving every day, its financing costs are actually declining, and he does not believe this data center operator needs Nvidia to step in for a rescue.

Nvidia fell 1.84%, and Intel dropped 2.80%. Storage stocks also narrowed their losses but failed to turn positive, with SNDK ultimately closing down 0.61%.

Crypto-related stocks generally rose yesterday, with MSTR up 5.62%, BMNR up 4.9%, NEAR treasury company SVRN up 14.43%, and CRCL up 9.33%.

Additionally, according to HTX market information, Bitcoin quickly rebounded after briefly falling below the $80,000 mark last night, and is now trading at $82,285.10.