US September Core CPI Rises to 2.6% Year Over Year

A hotter-than-expected inflation report is hitting rate sensitive stocks in premarket trading Wednesday. September consumer prices rose 3.7% from a year earlier, above the 3.6% economists expected. Core inflation, which strips out food and energy, also topped forecasts, coming in at 2.6% versus 2.5% expected. Treasury yields jumped, the dollar rose and gold fell. "Wednesday's CPI was stronger-than-expected, and it's clear as ever that inflation is stubborn and moving in the wrong direction," commented Skyler Weinand, chief investment officer at Regan Capital. Read Also: Inflation Comes in Hotter Than Expected at 3.7%, Keeping Fed Hike Bets Alive These are the 10 biggest premarket decliners among U.S.-listed stocks with a market cap of at least $10 billion, according to Pro data. Gold Miners Dominate The List Seven of the 10 stocks are miners, and six of them mainly produce gold or silver. Gold fell 1.1% to $4,116 an ounce. Silver dropped 2.0% to $57.96. The dollar index rose 0.4%, and the 2-year Treasury yield climbed 11 basis points to 4.91%. Gold pays no interest, so higher yields make it less attractive to hold. Company Premarket Change Price Sector Industry Rocket Companies Inc. (NYSE: RKT ) -3.33% $10.57 Finance Finance/Rental/Leasing Harmony Gold Mining Co. Ltd. (NYSE: HMY ) -2.72% $16.48 Non-Energy Minerals Precious Metals CoreWeave Inc. (NASDAQ: CRWV ) -2.56% $72.77 Technology Services Packaged Software AngloGold Ashanti plc (NYSE: AU ) -2.52% $90.75 Non-Energy Minerals Precious Metals Equinox Gold Corp. (NYSE: EQX ) -2.49% $10.60 Non-Energy Minerals Precious Metals Alamos Gold Inc. (NYSE: AGI ) -2.44% $31.24 Non-Energy Minerals Precious Metals Hecla Mining Co. (NYSE: HL ) -2.43% $15.76 Non-Energy Minerals Precious Metals Hudbay Minerals Inc. (NYSE: HBM ) -2.40% $25.30 Non-Energy Minerals Other Metals/Minerals Wayfair Inc. (NYSE: W ) -2.34% $106.00 Retail Trade Specialty Stores Gold Fields Ltd. (NYSE: GFI ) -2.33% $36.12 Non-Energy Minerals Precious Metals Pro (premarket prices and moves) Read Also: EXCLUSIVE: Micron Is Not Close to Peak Earnings, Jordi Visser Says. But He Prefers Optics and Crypto Higher Rates Hit Mortgage Lenders Rocket led the decliners, down 3.3%. The mortgage lender is sensitive to long-term rates, which drive what borrowers pay for a home loan. The 10-year Treasury yield rose 7 basis points to 5.29%. The average 30-year mortgage rate was 7.5% last week, according to the Mortgage Bankers Association. Redfin said Wednesday that home sellers now outnumber buyers by 63%, the widest gap in at least 13 years. Morgan Stanley and JPMorgan both cut their price targets on Rocket on Monday. AI Cloud Provider Faces Higher Borrowing Costs, Retail And Copper Sink CoreWeave fell 2.6%. The company builds AI data centers with borrowed money, so the cost of debt matters for the stock. Wayfair, which sells furniture and home goods, fell 2.3%. Hudbay, a copper and gold producer, fell 2.4%. Producer prices follow on Thursday, with econo