Updated: 15-Oct-26
| The market at 16:20 ET | ||
| Dow: +556.21... Nasdaq: +20.16... S&P: +25.12... |
NYSE Vol: 1.38 bln..
Adv: 2076..
Dec: 665 Nasdaq Vol: 10.90 bln.. Adv: 3274.. Dec: 1646 |
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| Moving the Market |  |
Sector Watch |
--AI trade continues to unwind, but many stocks rebounding from larger losses --Safe-haven flight to Treasuries sending yields firmly lower, some rate-sensitive stocks benefitting --Broader market posting solid gains --Inflation concerns remain prevalent following a hotter-than-expected PPI report |
Strong: Health Care, Consumer Staples, Real Estate, Materials, Financials, Consumer Discretionary, Communication Services Weak: Information Technology, Energy, Utilities |
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| 16:20 ET | Dow +556.21 at 52177.9, Nasdaq +20.16 at 26733.47, S&P +25.12 at 7744.13 |
[BRIEFING.COM] The stock market staged an impressive recovery from early losses on Thursday, with broad-based buying interest helping the major averages finish higher despite continued weakness in semiconductor and other technology stocks. The S&P 500 (+0.3%), Nasdaq Composite (+0.1%), and DJIA (+1.1%) all ended in positive territory after a difficult start, while the Russell 2000 (+1.4%) and S&P Mid Cap 400 (+1.0%) outperformed as strength extended well beyond the largest companies. The strength beneath the surface was particularly encouraging, with the S&P 500 Equal Weight Index jumping 1.3%, substantially outperforming its market-cap-weighted counterpart. That divergence reflected considerable buying interest across the broader market, which provided an important counterweight to technology weakness throughout the session and helped sustain the recovery as investors stepped back into beaten-down semiconductor stocks during the afternoon. Technology stocks faced another wave of selling at the open as investors continued to question the financing of the massive AI infrastructure buildout, particularly the reliance on debt to fund expansion. Concerns about growing competition from Chinese memory chipmakers also weighed on sentiment, while Taiwan Semiconductor Manufacturing's (TSM 422.55, -7.45, -1.73%) better-than-expected quarterly results and above-consensus revenue guidance failed to provide an immediate lift to the semiconductor group. The PHLX Semiconductor Index fell as much as 4.4% before recovering to finish just 0.9% lower, suggesting that bargain hunting emerged after the group's recent sharp retreat. The information technology sector (-0.5%) also recovered considerably after falling nearly 2% in early trading. Dell (DELL 474.06, -33.87, -6.67%) and Hewlett Packard Enterprise (HPE 58.63, -4.48, -7.10%) remained notable exceptions, finishing as the S&P 500's worst-performing components as selling pressure carried over from yesterday. The Vanguard Mega Cap Growth ETF (-0.2%) also staged a substantial recovery, although NVIDIA (NVDA 217.23, -4.07, -1.84%) remained among the mega-cap laggards. CoreWeave (CRWV 69.69, +3.91, +5.94%) offered one of the clearest examples of the shift in sentiment. Shares opened sharply lower following a 15% plunge on Wednesday amid mounting concerns about the company's debt-funded expansion plans and reports of distress in its unsecured debt. However, the stock reversed course and moved firmly higher after Bloomberg reported that NVIDIA CEO Jensen Huang believes CoreWeave's financial position is improving and does not require a financial backstop. The turnaround helped ease some of the pressure surrounding AI infrastructure names, even as questions about financing costs and the sustainability of aggressive capital spending persisted. Outside of technology, buying interest remained widespread, although leadership shifted somewhat as the session progressed. The health care sector (+1.8%) finished atop the leaderboard despite surrendering some of its earlier gains as semiconductor stocks recovered in the afternoon. The consumer staples sector (+0.4%) was an even starker example of the trend, giving back much of an advance that had exceeded 2% earlier in the session as buying interest shifted toward other areas. Meanwhile, the financials sector (+1.4%) maintained its strength throughout the day, supported by gains among insurance-related companies and financial publishing stocks. Coinbase Global (COIN 183.81, +10.92, +6.32%) was also among the S&P 500's best-performing components. Strength also extended to consumer-oriented and rate-sensitive stocks, with the consumer discretionary sector (+1.2%) outperforming despite a relatively subdued showing from most mega-cap names. Homebuilders and other housing-related companies benefited from the substantial decline in Treasury yields, with the iShares U.S. Home Construction ETF jumping 4.0%. Retailers also attracted buying interest, reflected in a 3.7% gain in the SPDR S&P Retail ETF, while NIKE (NKE 37.14, +1.84, +5.21%) rebounded sharply from its recent 52-week lows. The improvement in the interest rate backdrop provided an additional source of support for the broader market. Treasuries attracted safe-haven buying interest early in the session as technology stocks sold off, and yields remained sharply lower across the curve even as equities recovered. The decline helped relieve some of the pressure that elevated borrowing costs have placed on rate-sensitive groups, particularly housing and mortgage-related stocks. That Treasury strength was especially notable given another round of concerning inflation data. Wednesday's September CPI report was followed by this morning's hotter-than-expected PPI release, which showed headline producer price inflation accelerating to 6.3% year-over-year from 5.6%, while core PPI increased to 5.0% from 4.8%. The report reinforced concerns about persistent inflation but did little to materially alter expectations for an October Fed rate hike. Nevertheless, Treasury yields finished lower across the curve. One area that failed to participate in the broader recovery was the energy sector (-1.6%), which gave back some of its recent outperformance despite a sizable increase in crude oil prices. WTI crude futures settled $2.81 higher (+3.0%) at $97.92 per barrel, while the utilities sector (-0.2%) also finished modestly lower. Ultimately, Thursday's session was defined by the breadth of the recovery and investors' willingness to step into beaten-down semiconductor and AI-related stocks. Although the technology group remained under pressure, its substantial rebound from early lows, combined with strong gains across the broader market, pointed to a considerably healthier underlying market than the major averages initially suggested. U.S. Treasuries recorded strong gains on Thursday, extending their midweek rebound from post-CPI lows. The 2-year note yield settled down five basis points to 4.75%, and the 10-year note yield settled down 10 basis points to 5.09%.
Reviewing today's data:
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| 15:30 ET | Dow +611.14 at 52232.83, Nasdaq +52.91 at 26766.22, S&P +34.30 at 7753.31 |
[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.2%), and DJIA (+1.2%) are all trading higher with just half an hour remaining in today's session. The recovery across semiconductor stocks has been particularly impressive, with the PHLX Semiconductor Index narrowing its decline to just 0.9% after falling more than 4% earlier in the session. Similarly, the information technology sector (-0.4%) has recovered substantially after being down nearly 2% this morning. CoreWeave (CRWV 69.05, +3.27, +4.97%) provides an especially striking example of the turnaround. After plunging 15% yesterday and falling another 7% this morning amid concerns about debt financing for the AI infrastructure buildout, shares have reversed course and are now up nearly 5%. ..NYSE Adv/Dec 2034/651. ..NASDAQ Adv/Dec 2843/1620. |
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| 15:05 ET | Dow +530.17 at 52151.86, Nasdaq -21.59 at 26691.72, S&P +18.94 at 7737.95 |
[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.2%), and DJIA (+1.0%) remain little changed from previous levels as the market enters the final hour of the session. Crude oil futures settled today's session $2.81 higher (+3.0%) at $97.92 per barrel despite a relative lack of geopolitical headlines today. Even with the higher crude prices, investors have rotated out of the energy sector (-1.8%), though it remains one of the best-performing S&P 500 sectors of the week with a 2.2% gain. ..NYSE Adv/Dec 1999/681. ..NASDAQ Adv/Dec 2734/1696. |
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| 14:25 ET | Dow +450.49 at 52072.18, Nasdaq -117.86 at 26595.45, S&P +0.92 at 7719.93 |
[BRIEFING.COM] The major averages hover near their rebound highs with the S&P 500 (unch) sitting just above its flat line while the Nasdaq (-0.4%) remains in the red after a brief rise past its 50-day moving average (26633) about an hour ago. The Nasdaq has climbed off its opening low with help from some bargain hunting in names that started today's session under heavy pressure, but it has also drawn support from biotechnology stocks that have shown strength since the start. As a result, the iShares Nasdaq Biotechnology ETF (IBB 207.81, +4.56, +2.24%) has reclaimed its 50-day moving average (206.51), which has been an area of congestion since the start of October. The bounce in stocks has exerted some pressure on Treasuries, but they are still hanging onto a good chunk of their gains, having spent the afternoon near their opening levels. The 10-yr yield is down eleven basis points at 5.08% today, and down 16 basis points for the week. ..NYSE Adv/Dec 2000/735. ..NASDAQ Adv/Dec 2968/1911. |
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| 14:00 ET | Dow +535.17 at 52156.86, Nasdaq -20.81 at 26692.5, S&P +21.48 at 7740.49 |
[BRIEFING.COM] After a decidedly weak start, many of the stocks caught up in the so-called "AI trade" have managed to cut their losses by a considerable margin. That recovery has been embedded in the improved standing of the major indices. The Nasdaq 100, down as much as 1.8%, is down 0.4%; the Invesco S&P 500 High-Beta ETF (SPHB), down as much as 3.7%, is down 0.7%; and the Philadelphia Semiconductor Index, down as much as 4.4%, is down 1.9%. There wasn't a specific news catalyst for the recovery effort, which took root primarily on the basis of a feeling that many stocks had gotten oversold on a short-term basis and were due for a bounce. That sentiment has been helped by the downturn in Treasury yields. The 10-yr note yield, which hit 5.32% in the wake of yesterday's disappointing CPI report, currently sits at 5.09% after going as low as 5.04% in today's action. ..NYSE Adv/Dec 2026/713. ..NASDAQ Adv/Dec 2960/1795. |
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| 13:25 ET | Dow +483.29 at 52104.98, Nasdaq -68.34 at 26644.97, S&P +12.19 at 7731.2 |
[BRIEFING.COM] The S&P 500 (+0.2%) and DJIA (+0.9%) continue to improve this afternoon, while the Nasdaq Composite (-0.2%) inches closer to its flatline as selling pressure across technology stocks eases. Despite the improving backdrop, SpaceX (SPCX 146.47, -5.69, -3.74%) remains under pressure, leaving shares down approximately 10% for the week. The stock has found some stability near $145 after briefly approaching $141 earlier today. Concerns about debt-funded expansion across the AI industry, heightened by recent credit-market scrutiny of CoreWeave (CRWV 66.25, +0.47, +0.71%), have drawn attention to SpaceX's roughly $37 billion debt burden and substantial financing requirements. Potential selling pressure following October's lockup expirations is another headwind. Meanwhile, a sharp decline in Treasury yields continues to benefit rate-sensitive groups, particularly mortgage-related stocks. Rocket Companies (RKT 10.98, +0.45, +4.27%) is up 4.4%, while PennyMac (PFSI 61.42, +3.68, +6.36%), Rithm Capital (RITM 8.72, +0.36, +4.37%), and PennyMac Mortgage (PMT 7.22, +0.36, +5.17%) are also posting sizable gains. Lower yields could provide some relief to mortgage origination and refinancing activity following the recent increase in borrowing costs. ..NYSE Adv/Dec 1964/697. ..NASDAQ Adv/Dec 2656/1685. |
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| 12:55 ET | Dow +413.48 at 52035.17, Nasdaq -122.19 at 26591.12, S&P +4.23 at 7723.24 |
[BRIEFING.COM] The stock market has staged a substantial recovery from its opening lows, with the S&P 500 (+0.1%), Nasdaq Composite (-0.4%), and DJIA (+0.8%) trading mixed near midday. Semiconductor and other AI-related stocks remain under considerable pressure, but rotational buying across the broader market has helped offset some of that weakness, pushing the DJIA firmly higher and bringing the S&P 500 back into positive territory. Technology stocks faced another round of heavy selling at the open amid persistent concerns about the financing of the massive AI infrastructure buildout, particularly the industry's reliance on debt to support ambitious expansion plans. CoreWeave (CRWV 65.22, -0.56, -0.86%), which plunged 15% yesterday amid mounting scrutiny of its debt obligations, has recovered considerably from its early lows following a Bloomberg report that NVIDIA (NVDA 216.66, -4.64, -2.10%) CEO Jensen Huang believes the company's financial position is improving and does not require a financial backstop. Growing competition from Chinese memory chipmakers has added to the pressure, while Taiwan Semiconductor Manufacturing (TSM 417.18, -12.82, -2.98%) earnings report failed to provide the reassurance investors were looking for despite better-than-expected results and above-consensus revenue guidance. The information technology sector (-1.1%) and PHLX Semiconductor Index (-2.6%) have recovered considerably from their opening lows but remain firmly lower. Hardware names such as Dell (DELL 463.72, -44.22, -8.70%) are also struggling, while weakness among companies associated with the AI buildout is contributing to the industrials sector's (-0.4%) underperformance. The energy sector (-1.5%) is another notable laggard, surrendering some of its recent gains despite a sizable increase in crude oil prices. WTI crude futures were recently up $3.18 (+3.3%) at $98.28 per barrel. The broader market, however, is displaying considerably more strength than the Nasdaq Composite suggests. Eight S&P 500 sectors are trading higher, led by the health care sector (+2.6%), where UnitedHealth (UNH 411.01, +15.39, +3.89%) and Eli Lilly (LLY 1268.41, +59.67, +4.94%) are among the outperformers. The consumer staples sector (+1.1%) has backed off its best levels but remains firmly higher, while the financials sector (+1.1%) is approaching session highs amid strength in insurance brokerage stocks. The consumer discretionary sector (+0.7%) and real estate sector (+1.1%) are also participating in the advance, with the latter benefiting from a sharp decline in Treasury yields. Advancers outnumber decliners by a roughly 5-to-2 ratio on the NYSE and roughly 5-to-3 on the Nasdaq, underscoring the breadth of the rotational buying. The Russell 2000 (+0.6%) and S&P Mid Cap 400 (+0.4%) are also higher, reflecting participation beyond the large-cap averages. The Treasury market has attracted substantial safe-haven buying interest amid the ongoing turbulence in technology stocks, pushing the 10-year note yield down 10 basis points to 5.09%. The decline has provided support for rate-sensitive groups, including homebuilders, even as crude oil prices continue to climb. On the economic front, this morning's hotter-than-expected September Producer Price Index report reinforced inflation concerns following yesterday's CPI release, although it did little to materially alter expectations for an October Fed rate hike. Overall, the session continues to reflect a pronounced divide between struggling semiconductor and AI-related stocks and a broader market finding support from defensive and rate-sensitive groups. The recovery from early lows and relatively positive market breadth suggest that selling pressure remains concentrated in technology rather than extending across the market as a whole. Reviewing today's data:
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| 12:35 ET | Dow +449.90 at 52071.59, Nasdaq -148.87 at 26564.44, S&P -0.02 at 7718.99 |
[BRIEFING.COM] The major averages remain mixed as they continue to trade in a relatively stable range just after midday. With the information technology sector (-1.2%) recovering from earlier lows, the energy sector (-1.4%) is now the worst-performing S&P 500 sector, giving back some of this week's previous strength despite a relatively sharp rise in oil prices today. Crude oil is currently up $3.18 (+3.3%) to $98.28 per barrel. ..NYSE Adv/Dec 1934/704. ..NASDAQ Adv/Dec 2567/1689. |
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| 11:55 ET | Dow +426.39 at 52048.08, Nasdaq -107.29 at 26606.02, S&P +3.96 at 7722.97 |
[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (-0.4%), and DJIA (+0.8%) have settled into a relatively stable range after recovering from sharp early losses CoreWeave (CRWV 63.98, -1.80, -2.74%) is making a notable recovery of its own after Bloomberg reported that NVIDIA (NVDA 217.17, -4.13, -1.87%) CEO Jensen Huang says CoreWeave's strength is improving and he doesn't think a financial backstop is necessary. The stock has been a central storyline to the recent unwind across AI names, plunging 15% yesterday as investors increasingly question the sustainability of its debt-funded AI expansion. Bloomberg reported this morning that its unsecured debt due in 2032 is trading at levels that typically indicate distress. ..NYSE Adv/Dec 1942/678. ..NASDAQ Adv/Dec 2586/1590. |
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| 11:35 ET | Dow +502.39 at 52124.08, Nasdaq -111.92 at 26601.39, S&P +4.86 at 7723.87 |
[BRIEFING.COM] Stocks have staged an impressive recovery from their opening levels, with the S&P 500 (+0.1%), Nasdaq Composite (-0.3%), and DJIA (+1.0%) now mostly higher just before midday. Semiconductor and other AI-infrastructure stocks opened to sharp losses amid lingering fears about the financing of the AI buildout, competition from Chinese memory companies, and a disappointing reaction to Taiwan Semiconductor Manufacturing's (TSM 419.39, -10.61, -2.47%) earnings report. To be fair, the PHLX Semiconductor Index (-2.1%) and information technology sector (-1.1%) remain firmly lower, though they have nearly halved their early losses. Meanwhile, the broader market has seen solid rotational interest, which has notably pushed the DJIA firmly higher. Seven S&P 500 sectors hold gains, once again led by the defensive health care sector (+2.8%). Advancers outpace decliners by a roughly 3-to-1 ratio on the NYSE and a roughly 5-to-3 clip on the Nasdaq. The buying interest has broadened into smaller-cap stocks as well, with the Russell 2000 (+1.1%) and S&P Mid Cap 400 (+0.7%) both holding solid gains. The Treasury market is also seeing a notable safe-haven bid amid lingering concerns about the technology sector and the broader economic outlook. The 10-year note yield is down 10 basis points to 5.09%, providing some relief to rate-sensitive stocks and helping support the broader market's recovery. ..NYSE Adv/Dec 1947/657. ..NASDAQ Adv/Dec 2610/1503. |
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| 10:55 ET | Dow +433.03 at 52054.72, Nasdaq -137.70 at 26575.61, S&P -1.82 at 7717.19 |
[BRIEFING.COM] The S&P 500 (flat) has reclaimed its flatline as tech losses continue to narrow against a backdrop of broader strength. Meanwhile, the DJIA (+0.8%) continues to chart session highs, moving it back into positive week-to-date territory. Within the price-weighted average, health care and consumer staples names such as UnitedHealth (UNH 409.18, +13.56, +3.43%) and Walmart (WMT 119.02, +2.86, +2.46%) pad yesterday's advance with similar gains today. Additionally, Home Depot (HD 306.20, +10.69, +3.62%) is an outperformer amid lower Treasury yields and strength across homebuilders today. NIKE (NKE 37.08, +1.78, +5.03%) is the best-performing stock in the index despite a dearth of corporate news as investors do some bargain-hunting after the company's most recent earnings report sent it to 52-week lows. ..NYSE Adv/Dec 1907/666. ..NASDAQ Adv/Dec 2286/1704. |
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| 10:30 ET | Dow +299.38 at 51921.07, Nasdaq -232.47 at 26480.84, S&P -20.94 at 7698.07 |
[BRIEFING.COM] The S&P 500 (-0.2%) and Nasdaq Composite (-0.8%) are off their opening lows as selling pressure across semiconductor stocks eases modestly, while strength in the broader market continues to push the DJIA (+0.6%) higher. Taiwan Semiconductor Manufacturing (TSM 413.55, -16.45, -3.83%) is trading sharply lower despite reporting better-than-expected Q3 earnings and revenue and issuing Q4 revenue guidance above consensus estimates. The company also reaffirmed its FY26 capital spending outlook of $60-$64 billion and signaled a substantial increase in investment over the next several years to support growing demand for advanced chips. However, sequential margin compression and the costs associated with expanding manufacturing capacity are drawing scrutiny, while broader selling pressure across semiconductor and AI-related stocks continues to overshadow the company's otherwise solid results. The PHLX Semiconductor Index remains 3.3% lower for the session. ..NYSE Adv/Dec 1797/747. ..NASDAQ Adv/Dec 2184/1718. |
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| 10:05 ET | Dow +198.48 at 51820.17, Nasdaq -239.53 at 26473.78, S&P -24.88 at 7694.13 |
[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-1.0%), and DJIA (+0.4%) are off to a mixed start as semiconductor stocks and other AI-related names extend their recent declines. Meanwhile, rotational buying is providing some support to the broader market, with a flight to safety in Treasuries pushing yields lower and benefiting select rate-sensitive groups. The top-weighted information technology sector (-1.8%) is once again at the bottom of the sector leaderboard, pressured by a 3.6% slide in the PHLX Semiconductor Index, which has extended this week's loss past 10%. AI infrastructure names such as Lumentum (LITE 814.16, -82.18, -9.17%) are under heavy pressure, hardware stocks such as Dell (DELL 462.57, -45.36, -8.93%) continue to slide after a series of negative analyst commentary yesterday, and memory names such as Sandisk (SNDK 1302.80, -100.54, -7.16%) move lower again amid fears of growing competition from Chinese companies. NVIDIA (NVDA 215.52, -5.78, -2.61%) and Tesla (TSLA 356.37, -10.79, -2.94%) are among the mega-cap laggards this morning. The industrials sector (-1.1%) is also firmly lower amid weakness across names associated with the AI buildout, while the energy sector (-1.3%) lags despite crude oil moving modestly higher. Despite the weakness in the AI trade, the broader market is holding up relatively well. Advancers outpace decliners by a 2-to-1 ratio on the NYSE and hold a slight edge on the Nasdaq as well. The defensive consumer staples (+2.6%) and health care (+2.4%) sectors are again seeing strong rotational interest, while the real estate sector (+1.1%) outperforms amid lower Treasury yields this morning. Currently, the 10-year note yield is down 15 basis points to 5.04% amid the safe-haven flight to Treasuries. Homebuilders are among the best-performing groups as a result, with the iShares U.S. Home Construction ETF up 3.9%. Just released, business inventories increased 0.4% in August (Briefing.com consensus 0.4%), from an upwardly revised 0.9% increase in July (from 0.8%). ..NYSE Adv/Dec 1734/772. ..NASDAQ Adv/Dec 1908/1807. |
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| 09:13 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -20.00. Nasdaq futures vs fair value: -405.00. The stock market remains on track for a mostly lower opening this morning as selling pressure across technology stocks intensifies and investors assess the latest batch of economic data. The Producer Price Index for final demand increased 1.3% month-over-month in September (Briefing.com consensus: 0.5%) following a 0.5% increase in August. The September increase was the largest increase since March 2022 and left the index up 6.3% year-over-year versus 5.6% in August. The index for final demand, less food and energy, rose 0.7% (Brieifng.com consensus: 0.3%) following a 0.2% increase in August. The September increase left the index up 5.0% year-over-year versus 4.8% in August. The key takeaway from the report is the accelerated pace of inflation at the wholesale level. That will be looked at by many as a setup for ongoing pass-through price pressures for the consumer. Retail Sales jumped 0.8% month-over-month in September (Briefing.com consensus: 0.3%) following an upwardly revised 1.3% (from 1.2%) in August. Excluding autos, retail sales rose 0.9% (Briefing.com consensus 0.3%) after increasing 1.4% in August. The key takeaway from the report is that there was continued strength across many discretionary spending categories that wasn't just driven by higher prices. Spending at food services and drinking places, for instance, was up 1.1% after increasing 1.4% in August. Initial claims for the week ending October 10 increased by 1,000 to 199,000 (Briefing.com consensus: 200,000). Continuing jobless claims for the week ending October 3 decreased by 4,000 to 1.710 million. The key takeaway from the report continues to be that it signals low layoff activity, which is a reflection of a solid demand environment. The October Philadelphia Fed Index dropped to 20.9 (Briefing.com consensus: 29.0) from 37.8. The dividing line between expansion and contraction is 0.0, so this report denotes a slowdown in the pace of expansion in October. The October Empire State Manufacturing Survey increased to 25.5 (Briefing.com consensus: 7.0) from 7.6 in September. The dividing line between expansion and contraction is 0.0, so this report denotes an acceleration in the pace of expansion in October. |
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| 09:03 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -21.00. Nasdaq futures vs fair value: -402.00. U.S. equity futures remain mostly lower, with tech stocks continuing to face pronounced weakness in the premarket. Asian markets sold off sharply on Thursday, extending the pressure from hotter-than-expected U.S. inflation as mounting concerns over the sustainability of AI investment intensified the technology rout. Japan's Nikkei 225 plunged 4.9% in its biggest one-day decline since March, with Advantest (-14%), Lasertec (-13%), Kioxia (-13%), Taiyo Yuden (-10%), and SoftBank Group (-9%) leading the retreat, while stronger-than-expected machinery orders contrasted with another decline in industrial production. South Korea's KOSPI tumbled 7.0%, with SK Hynix (-11%) and Samsung Electronics (-9%) hammered amid concerns about increasing Chinese competition in memory chips. China's Shanghai Composite fell 1.6% and the Shenzhen Component dropped 2.4%, sending both to their lowest levels since July 2025 as renewed China-EU trade tensions compounded weakness in AI-related shares. Hong Kong's Hang Seng declined 1.0%, with Lenovo (-15%), Z.AI (-10%), Kingboard Laminates (-10%), and SMIC (-4%) extending the regional technology selloff. India notably bucked the regional rout, with the Sensex surging about 2% as IT shares rallied amid a rotation away from expensive AI-linked stocks, while strength in financials and Reliance Industries and a pullback in oil prices provided additional support. TSMC reported a 69% yr/yr increase in third-quarter profit and forecast stronger-than-expected fourth-quarter revenue, providing a positive read on underlying AI demand but doing little to stem the broader semiconductor rout.
European markets trade mixed, holding up considerably better than Asian equities as the global technology selloff weighs most heavily on markets with greater AI exposure. Germany's DAX falls 0.4%, with Infineon (-9%), Siemens Energy (-7%), and Hochtief (-4%) among the laggards as concerns surrounding AI investment and elevated financing costs pressure technology-related shares. France's CAC 40 gains 0.2% despite weakness in STMicroelectronics (-7%) and Schneider Electric (-5%), while Pernod Ricard (+3%) advances after reporting a smaller-than-expected decline in quarterly sales. London's tech-light FTSE 100 outperforms with a 0.6% gain and trades near a four-week high after U.K. GDP unexpectedly expanded 0.1% m/m in August, with British American Tobacco (+3%), Unilever (+2%), AstraZeneca (+1%), and GSK (+1%) providing support. Mining shares buck the strength in London, with Antofagasta (-6%), Anglo American (-5%), Rio Tinto (-4%), and Glencore (-3%) retreating, while France's annual inflation rate was revised up to 3.1% in September. The broader STOXX Europe 600 slips 0.3%, while Italy's FTSE MIB falls 0.8% and Spain's IBEX 35 trades little changed.
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| 08:40 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -357.00. The S&P 500 futures currently trade 14 points below fair value. Just released, Total PPI was up 1.3% month-over-month in September (Briefing.com consensus 0.5%) after an upwardly revised 0.5% increase (from 0.4%) in August. Core PPI, which excludes food and energy, was up 0.7% month-over-month (Briefing.com consensus 0.3%) after increasing 0.2% in August. Total retail sales increased 0.8% month-over-month in September (Briefing.com consensus: 0.3%) following an upwardly revised 1.3% increase (from 1.2%) in August. Excluding autos, retail sales increased 0.9% (Briefing.com consensus: 0.3%) following 1.4% increase in August. For the week ending October 10, initial claims increased by 1,000 to 199,000 (Brieifng.com consensus: 200,000), from the upwardly revised previous level of 198,000 (from 197,000). Continuing claims for the week ending October 10 were down 4,000 to 1.710 million, from the downwardly revised prior level of 1.714 million (from 1.716 million). The Empire State Manufacturing Index expanded to 25.5 in October (Briefing.com consensus 7.0%), from the previous reading of 7.6. The Philadelphia Fed Index contracted to 20.9 in October (Briefing.com consensus 29.0%), from the previous reading of 37.8. |
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| 08:04 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -20.00. Nasdaq futures vs fair value: -389.00. Equity futures point to a mostly lower opening this morning, with futures tied to the Nasdaq Composite indicating particularly sharp losses as selling pressure across technology stocks continues following yesterday's retreat. Wednesday's session saw the S&P 500 (-1.1%) and Nasdaq Composite (-1.9%) post sizable declines as accelerating inflation fueled concerns about additional Fed tightening, while persistent weakness in semiconductor and other technology stocks weighed heavily on the broader market. Defensive stocks fared considerably better, helping the DJIA (-0.1%) finish with a modest loss. Technology stocks remain under pressure this morning amid growing concerns about the financing of the massive AI infrastructure buildout, particularly the reliance on debt to fund expansion as borrowing costs remain elevated. Taiwan Semiconductor Manufacturing's (TSM) earnings report is adding to the cautious sentiment, as investors had been looking for more substantial upside guidance despite the company's solid results, leaving the semiconductor group vulnerable to further selling following its recent sharp decline. Meanwhile, Treasuries are attracting safe-haven buying interest despite a modest increase in crude oil prices, with the 10-year note yield falling more than 10 basis points. Overseas trade is mixed. Asian markets came under broad pressure amid weakness in technology and semiconductor shares, while European markets have been more resilient, with strength in the U.K. offsetting weakness in technology-linked shares elsewhere. The focus will soon turn to a busy 8:30 ET data slate led by September PPI and retail sales, particularly after yesterday's CPI report showed inflation accelrating on a year-over-year basis. Weekly jobless claims and regional manufacturing surveys will also be released at that time. Today's remaining economic calendar:
In corporate news:
Reviewing overnight developments: Nikkei reported broad selling across Asia, led by technology and semiconductor weakness in Japan, South Korea, China, and Hong Kong, while India advanced. In news:
In economic data:
Equity Markets:
European markets are mixed and holding up better than Asian markets, with the tech-light U.K. market outperforming as technology-related shares weigh elsewhere. In news:
In economic data:
Equity Markets:
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| 05:57 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -15.00. Nasdaq futures vs fair value: -353.00. | |
| 05:57 ET | Market is Closed |
| [BRIEFING.COM] Nikkei...64425.95...-3318.30...-4.90%. Hang Seng...24062.72...-251.50...-1.00%. | |
| 05:57 ET | Market is Closed |
| [BRIEFING.COM] FTSE...10781.34...+56.50...+0.50%. DAX...25203.3...-50.70...-0.20%. | |
| 16:20 ET | Dow -48.62 at 51621.69, Nasdaq -511.51 at 26713.31, S&P -86.51 at 7719.01 |
[BRIEFING.COM] The stock market finished broadly lower on Wednesday as accelerating inflation raised concerns about the Federal Reserve's policy outlook, while persistent weakness in semiconductor and other technology stocks weighed heavily on the major averages. The Nasdaq Composite (-1.9%) suffered the steepest decline, followed by the S&P 500 (-1.1%), while the DJIA (-0.1%) finished with a relatively modest loss thanks to strength in defensive stocks. The September Consumer Price Index report set the tone for the session, showing that headline inflation accelerated to 3.7% year-over-year from 3.4% in August, while core inflation increased to 2.6% from 2.4%. On a monthly basis, total CPI rose 0.6%, matching expectations, while core CPI increased 0.3%, slightly above the Briefing.com consensus estimate of 0.2%. The acceleration in annual inflation, moving further away from the Fed's 2.0% target, fueled concerns about additional monetary policy tightening. The CME FedWatch tool showed the probability of a 25-basis-point rate hike at the October FOMC meeting jumping from 22.1% yesterday to nearly 50% immediately following the report. Treasury yields also surged in response, with yields on the 3-, 5-, and 7-year notes reaching fresh 2026 highs before steadily retreating throughout the session. The recovery coincided with a moderation in rate hike expectations, which moved back toward yesterday's levels as the day progressed. Notably, the reversal in yields provided little relief for equities, which continued sliding through the afternoon despite the improving Treasury backdrop. The 2-year note yield settled up one basis point to 4.80%, and the 10-year note yield settled down three basis points to 5.19%. The S&P 500 briefly fell below the 7,700 level and its 50-day moving average near 7,706 before recovering somewhat from its session lows. Technology stocks remained at the center of the selling pressure throughout the day. The information technology sector (-2.6%) finished at the bottom of the S&P 500 leaderboard, with the PHLX Semiconductor Index plunging 4.3% and extending its recent stretch of pronounced weakness. Mega-cap stocks also struggled, reflected in a 2.1% decline in the Vanguard Mega Cap Growth ETF, while the iShares Expanded Tech-Software Sector ETF fell 3.0%. The retreat was especially pronounced among AI and data center infrastructure companies, where concerns about rising capital costs and the ability to support ambitious expansion plans weighed heavily on sentiment. CoreWeave (CRWV 65.78, -12.03, -15.46%) was a particular laggard amid reports that its unsecured debt maturing in 2032 had fallen to levels associated with financial distress, adding to existing concerns about financing requirements across the industry. Dell (DELL 507.45, -65.02, -11.36%) and Hewlett Packard Enterprise (HPE 63.17, -5.64, -8.20%) also faced sharp selling pressure after Barclays downgraded both stocks to Equal Weight from Overweight. Weakness extended into other growth-oriented areas, with the communication services (-1.7%) and consumer discretionary (-1.1%) sectors posting sizable declines. Airline stocks were particularly weak as elevated fuel costs and accelerating inflation raised concerns about profitability and travel demand. The industrials sector (-1.0%) also struggled, while the Russell 2000 (-1.9%) and S&P Mid Cap 400 (-1.3%) underperformed the S&P 500, reflecting the broader market's difficulties. The financials sector (-0.6%) also finished lower amid mixed reactions to quarterly earnings. Bank of America (BAC 51.42, -2.54, -4.71%) declined after weaker trading and investment banking revenue, an earnings miss, and a regulatory charge overshadowed continued net interest income growth. Morgan Stanley (MS 181.60, -5.04, -2.70%) also retreated despite topping earnings expectations, while BlackRock (BLK 1074.17, +8.05, +0.76%) held up relatively well following its quarterly report. In contrast, defensive stocks attracted considerable buying interest as investors sought shelter from the broader retreat. The health care sector (+2.5%) and consumer staples sector (+2.4%) were the clear leaders, with strength in UnitedHealth (UNH 395.76, +18.00, +4.76%), Merck (MRK 147.36, +5.38, +3.79%), Walmart (WMT 116.16, +3.88, +3.46%), and Coca-Cola (KO 91.80, +1.69, +1.88%) helping the DJIA avoid a steeper decline. Discount and value-oriented retailers also outperformed, reflecting expectations that persistent inflation could encourage consumers to shift more spending toward lower-priced essentials. The energy sector (+0.8%) was another outperformer as WTI crude oil futures settled $1.05 higher (+1.1%) at $95.11 per barrel. Ultimately, Wednesday's session reinforced the divergence between technology and defensive stocks, with the recovery in Treasury prices doing little to improve sentiment toward growth-oriented companies. The losses also left all three major averages in negative territory for the week, although the DJIA remains only modestly lower compared with the more substantial declines in the S&P 500 and Nasdaq Composite. Attention now turns to Thursday's September Producer Price Index report for further insight into inflation trends, alongside earnings from Taiwan Semiconductor Manufacturing (TSM 430.00, -15.12, -3.40%), which could influence sentiment toward the recently battered semiconductor group. Reviewing today's data:
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