Stocks took a sharp turnaround as investors digest CPI data which shows inflation is hotter than expected.

Stocks took a sharp reversal today, shooting up after earlier losses in the session as investors digest inflation data for September. The CPI results presented that inflation is much hotter than expected. At 16:00 GMT the Dow was up 543 points or 1.8%, the S&P 500 was up 1.7%, Nasdaq up 1.5% and FTSE 500 up 1%. 

The CPI increased by 8.2% for the year ending in September. Core CPI, which does not include fuel and food, increased by 6.6%, also more than expected. This data provides the Fed with more ammunition to why the aggressive path of interest rate hikes must continue in from November. 

According to the EIA, crude oil inventories spiked more than estimated last week. Inventories increased by 9.88 million barrels week ending October 7^th versus estimates for a build of 1.75 million barrels. The EIA also reported that on the exports front, US crude shipments fell to 2.87 million barrels from 4.55 in the prior week.  

Taiwan Semi released quarter 3 EPS of $1.79, beating market expectations by $0.13. Revenue for the quarter was reported at $20.23 billion against the forecast of $19.65 billion.

Delta Air Lines reported an EPS of $1.51 on revenue of $12.84 billion, which was lower than the expectation of $1.55 on revenue of $12.91 billion. However, its shares still rose 4% in the day.