What are today's top business/market headlines?

Here's a roundup of today's top business and market headlines (October 15, 2026):

Global Selloff Driven by Chip Stocks & Inflation Fears
A sharp global equity selloff is intensifying, with a selloff in global equities deepening in Asia as chip stocks plunged and faster-than-expected US inflation fueled concern over further interest rate hikes, while Treasuries rallied on haven demand and the dollar fell. The damage was severe in Asia: MSCI's Asia Pacific equities gauge slid 2.7%, heading for its lowest level since July, with South Korea's Kospi Index leading regional losses with a 7.6% drop as chipmakers Samsung and SK Hynix both sank more than 9%.

Wall Street's Wednesday Selloff
U.S. markets closed sharply lower Wednesday as hot inflation data rattled investors. The S&P 500 fell 1.11% to end at 7,718.94, the Nasdaq Composite shed 1.88% to close at 26,692.87, while the Dow Jones declined 48.62 points, or 0.09%, to 51,621.48. Beyond inflation worries, investors grew concerned about tech companies outside the "Magnificent Seven" using excessive debt to fuel the AI boom — CoreWeave plummeted more than 15%, while Oracle declined almost 9%.

Inflation Data Behind the Rout
The trigger was a stronger-than-expected CPI report: U.S. equities dropped significantly following a hotter-than-expected Consumer Price Index report for September, with headline inflation reaching 3.7% year-over-year, intensifying worries the Fed will implement additional rate hikes — the S&P 500's first single-day slide of that magnitude in more than 50 trading sessions.

AI/Tech Sector Under Pressure
The AI trade is facing fresh scrutiny. Dell stock plunged 11%, leading a data center sell-off as fears mount about 'enterprise AI timing'. Separately, Meta delayed the rollout of a new AI model, dubbed "Avocado," amid performance concerns, according to the New York Times. SK Hynix also continued sliding amid the broader Asia tech rout tied to Fed rate-hike fears and AI funding worries.

Banking Earnings Season Kicks Off
Major U.S. banks reported mixed results: several of the largest U.S. banks reported results before Wednesday's opening bell, with Citigroup, Goldman Sachs and Wells Fargo exceeding earnings estimates, while JPMorgan Chase fell short. Separately, Bank of America slipped 4% as quarterly earnings and revenue missed consensus, with a 17% drop in bond trading revenue year-over-year and a $1.2 billion charge related to Treasury Department fines for money laundering and sanctions violations.

Other Notable Stories

Markets remain volatile as investors digest the collision of hot inflation data, aggressive AI infrastructure spending debates, and escalating geopolitical tensions in the Middle East.