US OPEN: Wall Street under downward pressure after CPI reading

• Wall Street under downward pressure after CPI

• BlackRock with results above forecasts; AuM below expectations

Thursday's session on Wall Street brings huge declines in stock market benchmarks, which are losing in the wake of a higher US inflation reading.

The market is now pricing in a 17% chance of a 100 basis point rate hike at the Fed's November meeting. Source: Bloomberg

US index quotes. Source: xStation 5

Compiled charts of the US500 and VIX index on the W1 interval. The benchmark of the largest companies in the US starts today's session lower after the CPI reading. The VIX fear index is gaining nearly 1.0% today. Source: xStation 5

News:

• Walgreens Boots Alliance (WBA.US) shares erased huge rallies that reached as high as 7% before the CPI reading. Recall that the company released better-than-forecast quarterly results and raised its sales expectations.

Source: Bloomberg

The world's largest asset management mutual fund, BlackRock (BLK.US) opened the earnings season among the US financial sector. The fund showed results above expectations, although assets under management (AUM) fell. BlackRock's revenue and earnings, however, again fell weaker than Wall Street expected. The fund's shares have fallen more than 40% this year, trading slightly higher before the open:

• Earnings per share (EPS) $9.55 vs. $7.06 forecast (FactSet)

• Revenue: $4.31 billion vs. $4.20 billion forecast (down 14.6% y/y)

• AUM: $7.96 trillion vs. $8.3 trillion forecast (16% decrease y/y)

Source: Bloomberg

Information from US companies. Source: Bloomberg