Recent hot inflation prints, including September CPI rising 0.65% month-over-month and elevated PPI, have kept rate-cut expectations tempered ahead of the October 27-28 FOMC meeting while amplifying concerns over financing AI infrastructure spending. This dynamic fueled early-week gains in the S&P 500 to 7,757.17 by October 21 on tech rebounds and solid earnings from names like SpaceX and Capital One, only for renewed capex worries to trigger a 1.21% drop to 7,663.43 on October 22 as semiconductor and AI-related shares sold off. Year-to-date gains near 12% reflect resilient corporate results, yet elevated Treasury yields and mixed labor data underscore sensitivity to policy signals and upcoming Q3 GDP on October 29.