SMALL CAPS CRACK WHILE S&P HOLDS NEAR HIGHS

The Russell 2000 closed in correction territory on Wednesday, with $IWM down about 11% from its 52-week high. The S&P 500 sits only 1.5% below its own record. The split followed a hotter-than-expected September inflation report: the Bureau of Labor Statistics said CPI rose 3.7% year-over-year, the fastest pace in months. Small, debt-heavy companies are absorbing most of the damage from renewed rate-hike fears.