On an annual basis, inflation was up 8.2%.

The consumer price index increased 0.4% for the month, more than the 0.3% estimate from Dow Jones. Stocks fell to session lows when the September consumer inflation report showed a larger-than-expected increase. 'I think there's still plenty of things that could drive volatility and intraday swings are just the nature of the beast right now,' she said. She added, however, that swings in stocks are likely to continue as investors digest more inflation data and earnings season kicks off. 'Maybe we get this last gasp higher in inflation and from here we start to decelerate,' said Liz Ann Sonders, chief investment strategist at Charles Schwab. Investors may be betting that the stronger-than-expected inflation report means price increases will peak soon. A reversal in big tech names such as Apple and Microsoft and a surge in semiconductors Nvidia and Qualcomm also contributed to the move higher.

Shares of Chevron gained 4.85% as oil prices spiked, and bank stocks Goldman Sachs and JPMorgan rose 3.98% and 5.56%, respectively. Gains in energy and bank stocks led the rebound.

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