SHANGHAI, Sep 14 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar index reversed course to rally sharply and U.S. stocks sank while Treasury yields climbed after data showed U.S. consumer prices rising faster than expected in August, prompting bets for more aggressive Federal Reserve rate hikes.

Oil futures give up earlier gains in choppy trading after declining gasoline prices in August were offset by gains in rent and food costs. The Consumer Price Index gained 0.1% last month versus expectations for a 0.1% decline and after being unchanged in July, the Labor Department said on Tuesday.

In currencies the dollar index rose 1.42% to 109.87, with the euro down 1.45% to $0.9972.

U.S. Treasury yields rose and the inversion of a closely watched part of the yield curve widened after the inflation data also bucked bond investor expectations.

Stock futures inched slightly higher in overnight trading Tuesday after another hot inflation reading sent the major averages tumbling to their worst day since June 2020 and dampened investors’ expectations of a less hawkish Federal Reserve.

Futures tied to the Dow Industrial Average last added 68 points, or 0.22%, while S&P 500 futures and Nasdaq 100 futures each inched about 0.2% higher.

During Tuesday’s regular trading session the Dow sank 1,276.37 points, or 3.94%, to close at 31,104.97, while the S&P 500 slid 4.32% to 3,932.69. The Nasdaq Composite toppled 5.16% to 11,633.57. All the major averages broke a four-day winning streak.

The market moves came after August’s consumer price index report showed headline inflation rose 0.1% on a monthly basis despite a drop in gas prices.

Oil prices fell on Tuesday in choppy trading, reversing earlier gains as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week.

Brent futures for November ended the day at $93.17 per barrel, for a loss of 0.88%. U.S. crude settled 47 cents, or 0.5%, lower at $87.31 per barrel.

Gold prices fell more than 1% as the dollar jumped after an unexpected rise in August consumer prices cemented bets for aggressive rate hikes from the U.S. Federal Reserve. Spot gold prices fell 1.22% to $1,703.09 per ounce by 4:00 p.m. ET.

U.S. gold futures fell 1.55% to $1,713.7.

The pan-European Stoxx 600 closed 1.5% lower, having previously been up more than 0.5%. Retail stocks and technology stocks both dropped 3.2% to lead losses as most sectors and major bourses slid into the red.