One CPI print turned the futures, S&P500 -0.31% just after the open

Right now the S&P500 sits at 7,781.01, down 0.31%, and the Nasdaq at 27,077.15, down 0.47%. Against the 04:40 brief, both indexes have slipped another 0.3 points or so, a quiet tape with one inflation print dropped on top of it.

Gasoline jumped 9.1% and the futures buckled

The culprit is U.S. September CPI. It rose 3.7%, above expectations, with a 9.1% surge in gasoline doing the heavy lifting. Core CPI came in at 2.6%, also over forecasts, and with reports that the odds of a rate hike this month went from 22% to 46%, futures turned lower and Treasury yields jumped again. Sectors tell the same story: energy and staples hold up while clean energy and semiconductors get pressed.

Korea's session already closed with the KOSPI at -0.44% and the KOSDAQ at -1.57%, and that settled result is something the U.S. tape is continuing rather than fighting. My disclosed holdings stand at Coca-Cola +4.3%, Procter & Gamble +4.0%, KT&G +4.6% and Poongsan -11.1%, but those are accumulated marks, not today's moves.

The dollar actually lost steam

The won is at 1,334.13 per dollar (-0.50%) and the dollar index at 102.18 (-0.39%). Rate-hike worry and a softer dollar sit in the same frame, and I'm curious which way the two end up resolving.

There are 6 hours 20 minutes to the close. I'm watching whether that 46% hike probability moves further, whether the two indexes, parked at -0.3% to -0.5% just after the open, catch their breath here, and whether weak semiconductors keep dragging on the tape.