NEW YORK (AP) — A morning rally for U.S. stocks petered out on Monday as the tech and AI industries remained shaky following their sell-off last week.
The S&P 500 sank 0.5% after erasing a gain that had reached 1.1% early in the day. The Dow Jones Industrial Average rose 213 points,
The Reserve Bank of India (RBI) raised the policy repo rate by 25 basis points to 5.50% at its Monetary Policy Committee (MPC) meeting on 7 October 2026. This was the central bank’s first rate hike in 44 months, after it last raised the repo rate to 6.50% in February 2023.
Tech stocks have pulled back in October. The Vanguard Information Technology ETF (NYSEMKT:VGT) set a record close on Oct. 6 and, as of this writing, trades around 10% below it. The Vanguard S&P 500 ETF (NYSEMKT:VOO) hit its own record close that day and is about 3% under that level.
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The Reserve Bank has lifted interest rates to their highest level in 18 years, as it attempts to dampen inflation.
It has increased rates by 0.25 percentage points, which lifts the cash rate target to 4.85 per cent, up from 4.60 per cent.
The cash rate has not been this high in Australia since late 2008.
The Reserve Bank has hiked rates for the fifth time this year, from 4.6% to 4.85%, in an attempt to regain control of surging inflation amid an ongoing global oil shock triggered by the war in the Middle East.
The RBA’s decision to hit mortgage holders again is no surprise after inflation jumped to 4.3% in the year to September and comes after tough talk from senior central bank officials over recent days and weeks.
