Stock Market Update
Updated: 20-Oct-26
| The market at 16:20 ET | ||
| Dow: +529.85... Nasdaq: -6.07... S&P: +21.84... |
NYSE Vol: 1.19 bln..
Adv: 1860..
Dec: 841 Nasdaq Vol: 7.69 bln.. Adv: 3227.. Dec: 1617 |
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| Moving the Market | Sector Watch | |
--Solid participation in the broader market after yesterday's narrow tech leadership --Tech stocks quickly erase opening losses --Oil reverses from overnight highs amid reports of potential agreement between the U.S. and Iran to resume negotiations |
Strong: Health Care, Utilities, Financials, Real Estate, Consumer Discretionary Weak: Communication Services, Information Technology |
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| 16:20 ET | Dow +529.85 at 52496.09, Nasdaq -6.07 at 26445.26, S&P +21.84 at 7712.64 |
[BRIEFING.COM] The major averages finished Tuesday's session with mixed results, but the relatively subdued performance of the S&P 500 (+0.3%) and Nasdaq Composite (flat) masked a considerably stronger showing across the broader market. The DJIA (+1.0%) outperformed, while the Russell 2000 (+1.7%) and S&P Mid Cap 400 (+1.0%) posted sizable gains as buying interest shifted away from the mega-cap stocks that led yesterday's rebound. That rotation was particularly evident in the S&P 500 Equal Weighted Index (+1.2%), which substantially outperformed its market-cap-weighted counterpart after finishing lower yesterday. The Vanguard Mega Cap Growth ETF (-0.2%), meanwhile, ended modestly lower as investors remained cautious toward technology and AI-related stocks ahead of several closely watched earnings reports. The session began with pronounced selling pressure in semiconductor stocks, with the PHLX Semiconductor Index (-0.3%) falling nearly 2% shortly after the opening bell and briefly erasing the entirety of yesterday's advance. Bargain hunting subsequently lifted the index into positive territory, helping the major averages recover from their mixed opening and reach session highs during the morning. However, the rebound in semiconductor stocks proved difficult to sustain, and renewed selling pressure during the afternoon left the information technology sector (-0.3%) modestly lower at the close. Despite giving back some of its intraday gains, the S&P 500 managed to finish above its 50-day moving average (7,704). Weakness among several influential mega-cap names also weighed on the Nasdaq Composite. The communication services sector (-0.9%) finished at the bottom of the S&P 500 standings, pressured by losses in Meta Platforms (META 694.25, -11.19, -1.59%) and Alphabet (GOOG 336.40, -3.76, -1.11%). Netflix (NFLX 68.66, -1.19, -1.70%), which spent much of the morning near its flat line, also retreated ahead of its earnings report after the close. Despite the continued hesitation surrounding technology stocks, the broader market benefited from a sharp reversal in crude oil prices and some relief in Treasury yields. WTI crude briefly climbed above $110 per barrel early in the session before retreating sharply following unconfirmed reports from Israeli media that a compromise proposal aimed at easing tensions between the U.S. and Iran had received preliminary approval from both sides. Subsequent comments attributed to an unnamed official disputing reports that an agreement was close prompted some recovery in oil prices, although WTI ultimately settled $2.15 lower (-2.1%) at $101.09 per barrel. The energy sector (+0.2%) finished with a modest gain following choppy trading. The retreat in oil prices and easing rate pressures helped support gains across several areas of the market that have struggled recently. The Russell 2000's outperformance was particularly notable following a six-week losing streak that saw the small-cap benchmark fall as much as 11.5% from its mid-August high amid elevated interest rates and concerns about additional Fed tightening. Regional bank stocks contributed to today's rebound, while the financials sector (+1.1%) was among the stronger performers. Nine of the 11 S&P 500 sectors finished higher, highlighting the broad participation that helped offset weakness among several influential mega-cap stocks. The health care sector (+2.3%) led the advance by a considerable margin, supported by substantial buying interest in pharmaceutical and biotechnology stocks. The iShares Nasdaq Biotechnology ETF gained 3.2%, while Eli Lilly (LLY 1285.15, +44.81, +3.61%) and Biogen (BIIB 243.10, +9.62, +4.12%) were among the notable standouts after reaching fresh 52-week highs, including a new all-time high for Eli Lilly. The real estate sector (+1.7%) also benefited from some easing in Treasury yields, while the utilities sector (+1.2%) and consumer discretionary sector (+0.7%) recorded solid gains. The strength across these groups helped offset weakness in the market's largest technology-related components, reinforcing the distinction between the major averages' relatively modest headline performance and the more constructive action beneath the surface. On the earnings front, Northrop Grumman (NOC 534.15, +23.50, +4.60%), Hasbro (HAS 109.52, +11.03, +11.20%), Equifax (EFX 176.50, +17.93, +11.31%), and 3M (MMM 171.43, +9.42, +5.81%) were among the S&P 500's strongest performers following favorable quarterly results, while GE Aerospace (GE 299.92, -11.36, -3.65%) and General Motors (GM 77.10, -5.65, -6.83%) suffered sharp declines despite exceeding earnings expectations. Looking ahead, Netflix and SpaceX (SPCX 147.79, -0.17, -0.11%) are scheduled to report after today's close, while Wednesday brings results from Meta Platforms and Tesla (TSLA 373.71, +5.65, +1.54%), marking what many consider the true beginning of the third-quarter earnings season. Today's session offered an encouraging indication that buying interest remains intact despite the recent volatility in technology stocks. The outperformance of small- and mid-cap stocks, along with the sizable advance in the equal-weight S&P 500 and gains in nine sectors, suggests that investors remain willing to pursue opportunities outside the mega-cap growth trade. That rotation is consistent with an underlying bullish market environment, although the relatively cautious trading in technology stocks also reflects a wait-and-see approach ahead of major earnings reports. With expectations for the largest companies already elevated, investors will be looking for results and guidance strong enough to justify increasingly demanding growth assumptions. U.S. Treasuries had a mixed showing on Tuesday with longer tenors defending their gains throughout the day while the front end finished modestly lower. The 2-year note yield settled up three basis points to 4.79%, and the 10-year note yield settled down two basis points to 5.12%.
Reviewing today's data:
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| 15:25 ET | Dow +438.12 at 52404.36, Nasdaq -28.75 at 26422.58, S&P +13.83 at 7704.63 |
[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.1%), and DJIA (+0.9%) sit mixed with just half an hour left in the session. Northrop Grumman (NOC 533.22, +22.57, +4.42%) and Hasbro (HAS 109.24, +10.75, +10.91%) are among the best-performing S&P 500 components today following strong quarterly earnings reports and improved full-year outlooks. Northrop Grumman is benefiting from strength across its aircraft and missile programs, which helped drive an earnings beat and pushed its backlog to a record $109.6 billion. Meanwhile, Hasbro is rallying after easily exceeding earnings and revenue expectations, supported by record Magic: The Gathering sales and strong growth at Wizards of the Coast. The company also raised its full-year guidance and doubled its planned share repurchases to $400 million. Looking ahead, Netflix (NFLX 68.58, -1.27, -1.82%) and SpaceX (SPCX 146.90, -1.06, -0.72%) are scheduled to report earnings after today's close, with investors focused on Netflix's advertising growth, engagement trends, and outlook heading into 2027. Shares have fallen more than 20% year to date amid concerns about slowing revenue growth and increasing competition. The earnings calendar picks up considerably on Wednesday, which many view as the true start of the Q3 reporting season, with Meta Platforms (META 688.73, -16.71, -2.37%) and Tesla (TSLA 374.49, +6.43, +1.75%) among the major companies set to release results after the close. ..NYSE Adv/Dec 1845/804. ..NASDAQ Adv/Dec 3081/1235. |
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| 15:00 ET | Dow +470.68 at 52436.92, Nasdaq +14.31 at 26465.64, S&P +18.42 at 7709.22 |
[BRIEFING.COM] The S&P 500 (+0.2%) trades just a few points above its 50-day moving average (7704) heading into the final hour of the session. Meanwhile, strength outside of technology stocks keeps the DJIA (+0.9%) firmly higher, while widening losses in Meta Platforms (META 689.76, -15.68, -2.22%) and Alphabet (GOOG 336.24, -3.92, -1.15%), as well as the information technology sector (-0.3%) retreating below its flatline, weigh on the Nasdaq Composite (+0.1%). On the geopolitical front, Politico reports that the U.S. will offer Russian President Putin a trilateral summit between President Trump, Putin, and Zelenskyy. Separately, crude oil futures settled today's session $2.15 lower (-2.1%) at $101.09 per barrel. ..NYSE Adv/Dec 1851/794. ..NASDAQ Adv/Dec 3051/1231. |
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| 14:30 ET | Dow +501.43 at 52467.67, Nasdaq +38.01 at 26489.34, S&P +27.27 at 7718.07 |
[BRIEFING.COM] The S&P 500 (+0.4%) trades a bit below its morning high but still above its 50-day moving average (7704) thanks to gains in most sectors with four groups up at least 1.0% and the health care sector (+2.4%) in the lead. Most sectors have spent today's session in positive territory with the market's morning push to a session high receiving assistance from some bargain hunting in technology (-0.1%), but sentiment surrounding tech stocks in general, and AI-related names specifically, has remained skittish, so the earlier rebound in that group ran into some immediate profit taking. That said, software stocks have had a good showing, keeping the iShares Expanded Tech-Software Sector ETF (IGV 107.24, +1.24, +1.17%) at its best level of the session. Meanwhile in the health care sector, biotechnology names have offered significant support with Moderna (MRNA 239.18, +12.29, +5.42%) cruising to a fresh 2026 high while the SPDR S&P Biotech ETF (XBI 153.59, +5.73, +3.88%) has extended yesterday's bounce off its lowest close since mid-June. The ETF is now up 6.6% for the week, but still down 2.5% in October. ..NYSE Adv/Dec 1889/824. ..NASDAQ Adv/Dec 3437/1366. |
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| 14:00 ET | Dow +526.82 at 52493.06, Nasdaq +54.68 at 26506.01, S&P +31.72 at 7722.52 |
[BRIEFING.COM] The stock market continues to track sideways, holding the bulk of today's gains that have flowed from relatively broad-based participation. Today's gains have been aided by the sharp reversal in WTI crude futures ($102.96, -0.70, -0.7%) from their earlier highs above $110.00/bbl and have featured the outperformance of small-cap stocks. The Russell 2000 is up 1.7%, bolstered by strength in the regional banks and some buy-the-dip interest after a sell-off that saw the Russell 2000 suffer a six-week losing streak and a decline of as much as 11.5% from its mid-August high as interest rates and worries about the Fed embarking on a tightening cycle weighed on sentiment. Including today's gain, the Russell 2000 is down 0.8% this month; however, it is up 11.8% for the year (it had been up 23.7% at its mid-August high). ..NYSE Adv/Dec 1933/767. ..NASDAQ Adv/Dec 3373/1282. |
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| 13:30 ET | Dow +475.33 at 52441.57, Nasdaq +31.18 at 26482.51, S&P +23.45 at 7714.25 |
[BRIEFING.COM] The S&P 500 (+0.3%) and Nasdaq Composite (+0.1%) remain modestly higher while the DJIA (+0.9%) maintains a more substantial gain. Mega-cap stocks continue to trade mixed, keeping the Vanguard Mega Cap Growth ETF (-0.1%) near its flat line. The ETF opened firmly lower amid early weakness in semiconductor stocks before staging a sizable recovery into positive territory. It has since surrendered those gains and settled into a relatively narrow trading range. Apple (AAPL 340.72, -2.22, -0.65%) is a relative laggard among mega-caps after Loop Capital downgraded it from Buy to Hold with a $330 price target. ..NYSE Adv/Dec 1834/770. ..NASDAQ Adv/Dec 3007/1177. |
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| 12:55 ET | Dow +519.30 at 52485.54, Nasdaq +29.98 at 26481.31, S&P +28.74 at 7719.54 |
[BRIEFING.COM] The major averages are holding modest gains around midday after a volatile morning that saw stocks recover from a mixed opening before surrendering some of their advance. The S&P 500 (+0.4%), Nasdaq Composite (+0.2%), and DJIA (+1.0%) are all higher, with buying interest extending beyond the mega-cap stocks that led yesterday's rebound. The Russell 2000 (+1.6%) and S&P Mid Cap 400 (+0.8%) are outperforming, reflecting stronger participation among smaller stocks. Technology stocks have experienced particularly choppy trading after initially giving back much of yesterday's advance. The PHLX Semiconductor Index (+0.7%) opened with losses approaching 2%, briefly erasing the entirety of yesterday's gain before staging a sizable recovery into positive territory. The information technology sector (flat) has similarly recovered from its opening decline, although it continues to lag the broader market. However, the communication services sector (-0.7%) is now the weakest performer, weighed down by losses in mega-cap names Meta Platforms (META 690.70, -14.74, -2.09%) and Alphabet (GOOG 337.64, -2.52, -0.74%). Netflix (NFLX 69.72, -0.12, -0.18%) is trading near its flat line ahead of its earnings report this afternoon. The broader market has found support from a retreat in crude oil prices and some easing in Treasury yields. WTI crude is down $0.70 (-0.7%) to $102.96 per barrel after briefly topping $110 this morning. The sharp reversal followed unconfirmed reports from Israeli media that a compromise proposal aimed at easing tensions between the U.S. and Iran had received preliminary approval from both sides. Oil subsequently recovered somewhat from its session lows following comments attributed to an unnamed official disputing reports that an agreement was close. The energy sector (-0.4%) remains modestly lower amid the volatility. Meanwhile, the 10-year note yield is down two basis points to 5.12%, providing some relief to rate-sensitive areas of the market. The real estate sector (+1.7%) is among the strongest performers, while the financials (+1.0%) and consumer discretionary (+0.7%) sectors are also showing solid gains. Homebuilders are participating in the advance, with the iShares U.S. Home Construction ETF up 2.5%. The health care sector (+2.2%) leads the S&P 500 by a considerable margin, supported by pronounced strength in pharmaceutical and biotechnology stocks. The iShares Nasdaq Biotechnology ETF is up 2.7%, while Eli Lilly (LLY 1293.66, +53.32, +4.30%) and Biogen (BIIB 243.75, +10.27, +4.40%) are among the index's top performers after reaching fresh 52-week highs, including a new all-time high for Eli Lilly. Overall, six S&P 500 sectors are trading higher, with several others oscillating around their flat lines. Advancers outpace decliners by roughly a 5-to-2 margin on both the NYSE and Nasdaq, underscoring the relatively broad participation despite the uneven sector performance. Earnings reports have also produced some notable moves in individual stocks. Equifax (EFX 174.52, +15.94, +10.06%) is the S&P 500's best-performing component after beating quarterly earnings expectations and issuing in-line fourth-quarter guidance, while 3M (MMM 172.88, +10.86, +6.71%) is rallying after topping estimates and raising its full-year EPS outlook. Conversely, GE Aerospace (GE 298.72, -12.56, -4.03%) and General Motors (GM 76.17, -6.58, -7.95%) are among the worst performers despite both reporting better-than-expected results. GE's weaker free cash flow conversion and margin concerns have overshadowed its higher guidance, while GM's unchanged full-year adjusted EBIT midpoint has disappointed investors despite strong operating results. Despite pulling back from their session highs, the major averages have maintained gains amid an encouraging shift in the market's underlying dynamics. Semiconductor stocks have staged a meaningful recovery from intense early selling pressure, while buying interest has broadened considerably compared with yesterday's narrowly led advance. The outperformance of small- and mid-cap stocks, alongside favorable market breadth, suggests that the recovery is finding support beyond the technology stocks that dominated yesterday's trading. Reviewing today's data:
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| 12:25 ET | Dow +449.39 at 52415.63, Nasdaq +11.85 at 26463.18, S&P +21.31 at 7712.11 |
[BRIEFING.COM] The major averages are little changed from previous levels shortly after midday. On the earnings front, GE Aerospace (GE 297.62, -13.66, -4.39%) and General Motors (GM 76.27, -6.48, -7.83%)are among the S&P 500's worst-performing components despite both companies reporting better-than-expected quarterly results. GE is facing selling pressure despite raising its full-year guidance, as weaker free cash flow conversion and concerns about future margins overshadowed strong demand. Meanwhile, GM is retreating after narrowing its full-year adjusted EBIT outlook without raising the midpoint, disappointing investors despite solid North American profitability and stronger-than-expected revenue. Conversely, 3M (MMM 170.60, +8.60, +5.31%) is among the top performers after beating earnings expectations and raising its full-year EPS outlook, supported by stronger industrial demand and improving margins. Equifax (EFX 176.65, +18.08, +11.40%) is the S&P 500's best-performing component, surging nearly 12% after topping quarterly earnings estimates and issuing in-line fourth-quarter guidance. The rally has carried EFX above its 50-day moving average (167.03) and toward its 200-day moving average (178.50). ..NYSE Adv/Dec 1810/769. ..NASDAQ Adv/Dec 3027/1093. |
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| 11:55 ET | Dow +502.39 at 52468.63, Nasdaq +52.73 at 26504.06, S&P +31.23 at 7722.03 |
[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.2%), and DJIA (+0.9%) have settled into a relatively stable range below their session highs. Crude oil prices have rebounded modestly in recent trading following comments attributed to an unnamed official disputing earlier reports that the U.S. and Iran are nearing an agreement. The health care sector (+2.4%) remains the best-performing S&P 500 sector by a considerable margin, supported by pronounced strength in pharmaceutical and biotechnology stocks. The iShares Nasdaq Biotechnology ETF is up 3.0%, while Eli Lilly (LLY 1299.45, +59.11, +4.77%) and Biogen (BIIB 244.38, +10.90, +4.67%) are among the S&P 500's top performers, with both stocks reaching fresh 52-week highs. Eli Lilly has also climbed to a new all-time high. ..NYSE Adv/Dec 1901/675. ..NASDAQ Adv/Dec 2962/1084. |
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| 11:25 ET | Dow +531.49 at 52497.73, Nasdaq +63.60 at 26514.93, S&P +33.62 at 7724.42 |
[BRIEFING.COM] The major averages are trading higher after recovering from a mixed opening, although they have slipped from their session highs. The S&P 500 (+0.4%), Nasdaq Composite (+0.3%), and DJIA (+1.0%) are all in positive territory, with buying interest remaining relatively broad as eight S&P 500 sectors trade higher. Technology stocks have also recovered from sharper opening losses, though the information technology sector (-0.1%) has slipped back below its flat line despite a modest gain in the PHLX Semiconductor Index (+0.3%). The relative underperformance is notable after technology stocks led yesterday's rebound, which lost considerable momentum in the afternoon. The broader market has benefited from easing Treasury yields and a sharp reversal in crude oil prices. The 10-year note yield is down four basis points to 5.10%, while WTI crude has retreated to around $102 per barrel after topping $110 earlier this morning, aided by unconfirmed reports of progress toward a diplomatic agreement between the U.S. and Iran. These developments have been particularly supportive of smaller-cap stocks, with the Russell 2000 (+2.0%) and S&P Mid Cap 400 (+1.3%) comfortably outperforming the major averages. ..NYSE Adv/Dec 1965/597. ..NASDAQ Adv/Dec 3086/885. |
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| 10:55 ET | Dow +705.62 at 52671.86, Nasdaq +133.43 at 26584.76, S&P +52.27 at 7743.07 |
[BRIEFING.COM] The major averages continue to rise to new session highs this morning. Crude oil prices continue to chart new session lows following reports from Israeli media that a compromise proposal aimed at easing tensions between the U.S. and Iran has received preliminary approval from both sides. According to the reports, Qatar and Pakistan submitted a proposal intended to prevent further escalation and facilitate a return to negotiations, including a provision involving interest on frozen Iranian funds held in Qatar. However, the reports remain unconfirmed by U.S. media outlets or Trump administration officials. WTI crude oil is currently down $1.07 (-1.0%) to $102.59 per barrel after toppin $110 this morning, and the energy sector (-1.0%) remains the laggard among S&P 500 sectors. APA Corp. (APA 48.73, -1.03, -2.07%) and Devon Energy (DVN 49.79, -1.13, -2.22%) are among the worst-performing S&P 500 components, though Halliburton (HAL 33.16, +0.18, +0.55%) remains higher after topping earnings expectations this morning. ..NYSE Adv/Dec 2022/520. ..NASDAQ Adv/Dec 2959/927. |
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| 10:35 ET | Dow +631.48 at 52597.72, Nasdaq +155.92 at 26607.25, S&P +53.50 at 7744.3 |
[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.6%), and DJIA (+1.2%) now sport solid gains across the board as buying interest remains wide while tech stocks have recovered from an opening retreat. The information technology sector (+0.4%) now sits modestly positive as the PHLX Semiconductor (+1.1%) has made an impressive recovery from an early loss that neared 2%. Importantly, the broader market has not lost momentum alongside the recovery in technology stocks. Advancers outpace decliners by a greater than 3-to-1 ratio on the NYSE and a roughly 2-to-1 clip on the Nasdaq. Only the energy sector (-1.0%) remains in negative territory as crude oil retreats from earlier highs that exceeded $110 per barrel, now up modestly for the day around the $104 per barrel mark. Treasury yields are also adding support to the market's advance, with the 10-year note yield down seven basis points to 5.07%. ..NYSE Adv/Dec 1997/512. ..NASDAQ Adv/Dec 2529/1213. |
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| 10:00 ET | Dow +433.29 at 52399.53, Nasdaq -58.63 at 26392.7, S&P +12.18 at 7702.98 |
[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.2%), and DJIA (+0.9%) are mixed this morning as tech and mega-cap stocks largely give back yesterday's advance while the broader market is mixed. The information technology sector (-0.6%) is the early laggard, though the sector and the PHLX Semiconductor Index (-0.8%) are already off their opening lows that saw them breifly cede the entirety of yesterday's gain. AI and data center infrastructure names are off to a weak start amid persistent worries about their aggressive debt-fueled spending. Mega-cap stocks outside of the information technology sector are also under pressure this morning, with Meta Platforms (META 683.41, -22.03, -3.12%) the notable "Magnificent Seven" laggard, which weighs on the communication services sector (-0.8%). Strength is mixed elsewhere, with seven S&P 500 sectors holding solid gains and the DJIA firmly in positive territory. The health care (+2.1%), consumer staples (+0.8%), and utilities (+1.2%) sectors are benefitting from a rotation into more defensive-oriented holdings, while the financials (+1.4%) and real estate (+1.2%) sectors benefit from some modest easing across Treasury yields. This morning's batch of earnings reports is also driving some notable stock-specific moves, with Equifax (EFX 175.61, +17.04, +10.75%) and Northrop Grumman (NOC 546.14, +35.49, +6.95%) among the top-performing S&P 500 components, while General Motors (GM 77.80, -4.95, -5.98%) and GE Aerospace (GE 298.59, -12.69, -4.08%) are among the worst-performing. Just released, pending home sales decreased 7.3% in September (Briefing.com consensus 0.1%), from a prior increase of 0.3%. ..NYSE Adv/Dec 1707/754. ..NASDAQ Adv/Dec 2014/1489. |
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| 09:16 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -137.00. Equity futures continue to point to a lower open as the AI trade comes under renewed pressure amid funding scrutiny and a disappointing IPO for Korean neocloud company Elice. On the data front, total housing starts were down 5.2% month-over-month in September to a seasonally adjusted annual rate of 1.221 million (Briefing.com consensus: 1.305 million) following an upwardly revised 1.288 million (from 1.275 million) in August. Building permits were down 0.2% month-over-month to a seasonally adjusted annual rate of 1.400 million (Briefing.com consensus: 1.390 million). |
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| 09:01 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -158.00. U.S. equity futures remain modestly lower, with futures tied to the S&P 500 currently trading 11 points below fair value. Asian markets finished mostly lower on Tuesday, with renewed concerns surrounding AI spending and elevated borrowing costs weighing on technology shares and pushing several regional benchmarks sharply lower. Japan's Nikkei 225 fell 1.3% to a one-month low, with Fujikura (-7%), SoftBank Group (-6%), Taiyo Yuden (-5%), Kioxia Holdings (-3%), and Tokyo Electron (-3%) extending the recent weakness in AI-linked shares. South Korea's KOSPI plunged 3.7%, more than reversing Monday's rebound as Samsung Electronics (-3%) and SK Hynix (-5%) joined the semiconductor selloff, while steep declines in Hanwha Aerospace (-12%), HD Hyundai Heavy Industries (-9%), and Hyundai Motor (-5%) showed that selling extended well beyond technology. Hong Kong's Hang Seng dropped 1.3% following Monday's holiday, pressured by Lenovo (-10%), Z.AI (-6%), Pop Mart (-4%), SMIC (-2%), and Tencent (-2%). China's Shanghai Composite bucked the regional weakness with a 0.1% gain after the PBoC left its one-year and five-year loan prime rates unchanged at 3.00% and 3.50%, respectively, following stronger-than-expected third-quarter growth. South Korea's planned KRW800 trln investment in four semiconductor fabs and SK Hynix's KRW2 trln supplier financing program highlight continued efforts to expand domestic chipmaking capacity even as investors increasingly scrutinize the scale and prospective returns of AI-related investment.
European markets trade broadly lower, with renewed selling in AI-related shares combining with rising oil prices and persistent political uncertainty to weigh on sentiment. Germany's DAX falls 0.8%, with Siemens (-4%), Infineon (-3%), Hochtief (-3%), and Siemens Energy (-3%) among the weakest performers, while September producer prices accelerated to 6.7% yr/yr, adding to concerns surrounding inflation and borrowing costs. France's CAC 40 declines 0.7%, with STMicroelectronics (-3%), Legrand (-4%), Safran (-2%), and Societe Generale (-1%) retreating as technology weakness combines with continued uncertainty surrounding social unrest in France. London's FTSE 100 falls 0.6%, with banks and defense shares under pressure despite data showing the U.K. unemployment rate unexpectedly declined to 4.7% and employment increased by 102,000 in the three months through August. Anglo American (+2%) bucks the weakness after raising its annual diamond production forecast, while Germany's economic outlook remains mixed as the ZEW current conditions gauge improves sharply but expectations deteriorate. The STOXX Europe 600 falls 0.6%, while Italy's FTSE MIB declines 0.8% and Spain's IBEX 35 loses 0.4%.
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| 08:34 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -26.00. Nasdaq futures vs fair value: -251.00. The S&P 500 futures currently trade 26 points below fair value. Just released, housing starts declined 5.2% month-over-month in September to a seasonally adjusted annual rate of 1.221 million (Briefing.com consensus: 1.305 million). Building permits declined 0.2% month-over-month to a seasonally adjusted annual rate of 1.400 million (Briefing.com consensus: 1.390 million). |
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| 08:01 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -210.00. Equity futures point to a mostly lower open this morning following yesterday's mostly higher finish, which was driven by a rebound in technology and mega-cap stocks. Investors stepped back into AI-related names after last week's sharp selloff amid concerns about valuations and the reliance on debt to finance infrastructure expansion, although the recovery lost considerable momentum as the session progressed. Buying interest was also relatively narrow, with the S&P 500 Equal Weight Index finishing lower despite gains in the cap-weighted benchmark. That lack of broader participation remains a concern this morning as semiconductor stocks extend yesterday afternoon's pullback in premarket trading, while rising crude oil prices present an additional headwind for equities. Overseas markets also have a weaker bias. According to Nikkei, AI-spending concerns and elevated borrowing costs weighed on Asian technology shares, while AI-related selling, higher oil prices, and political uncertainty have pressured European markets. September Housing Starts and Building Permits will be released at 8:30 ET, followed by September Pending Home Sales at 10:00 ET. A busy earnings slate also remains in focus before the open. Today's remaining economic calendar:
In corporate news:
Reviewing overnight developments: According to Nikkei, regional markets finished mostly lower as concerns about AI spending and elevated borrowing costs weighed on technology shares. Selling in South Korea extended beyond semiconductors, while mainland China was an exception to the broader weakness. In news:
In economic data:
Equity Markets:
European markets trade broadly lower as weakness in AI-related shares combines with higher oil prices and persistent political uncertainty. In news:
In economic data:
Equity Markets:
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| 05:52 ET | Market is Closed |
| [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -159.00. | |
| 05:52 ET | Market is Closed |
| [BRIEFING.COM] Nikkei...64075.42...-841.30...-1.30%. Hang Seng...23867.74...-319.10...-1.30%. | |
| 05:52 ET | Market is Closed |
| [BRIEFING.COM] FTSE...10704.64...-60.10...-0.60%. DAX...25075...-114.50...-0.50%. | |
| 16:20 ET | Dow -36.38 at 51966.24, Nasdaq +290.85 at 26451.33, S&P +31.29 at 7690.8 |
[BRIEFING.COM] The stock market finished Monday's session with a mixed showing, as an early rebound in semiconductor and mega-cap technology stocks lost considerable momentum during the afternoon. The S&P 500 (+0.4%) and Nasdaq Composite (+1.1%) held on to gains, although both finished well below their session highs, while the DJIA (-0.1%) slipped into negative territory. The S&P 500 also failed to hold an early move above its 50-day moving average (7,705.63), settling back below that closely watched technical level. Still, the CBOE Volatility Index fell 7.9% to 18.41, offering an encouraging sign that some of the market's recent anxiety had eased. The session began with investors stepping back into semiconductor and other AI-related stocks following last week's sharp selloff, which was driven in part by concerns about the reliance on debt to finance the massive AI infrastructure buildout. The PHLX Semiconductor Index surged as much as 3.7% after falling 11.4% last week, its worst weekly performance since April 2025. However, the rebound faded considerably as the session progressed, leaving the index with a 1.6% gain and underscoring the lingering uncertainty surrounding the group. Memory-related stocks were among the stronger performers, with Micron (MU 904.90, +26.06, +2.97%) and Sandisk (SNDK 1370.59, +71.29, +5.49%) participating in the recovery. Intel (INTC 92.03, +2.18, +2.43%) also moved higher following an upgrade to Neutral from Underweight at JPMorgan. Meanwhile, CoreWeave (CRWV 61.12, -0.27, -0.44%) illustrated the fragile sentiment surrounding AI infrastructure companies, reversing an early gain of more than 7% to trade lower despite an upgrade to Buy from Neutral at Goldman Sachs. Despite the afternoon pullback, the information technology sector (+1.2%) remained one of the market's strongest groups. Software stocks also participated in the rebound, with Datadog (DDOG 260.36, +13.25, +5.36%) and Palantir Technologies (PLTR 194.15, +8.12, +4.36%) standing out among the S&P 500's top performers. The Vanguard Mega Cap Growth ETF (+1.1%) also reflected continued buying interest in some of the market's largest growth-oriented companies. The consumer discretionary sector (+2.7%) finished atop the sector leaderboard, supported primarily by sizable advances in Amazon (AMZN 262.45, +12.45, +4.98%) and Tesla (TSLA 368.06, +13.34, +3.76%). Amazon benefited in part from Morgan Stanley naming the stock a Top Pick, while Tesla attracted buying interest ahead of its earnings report Wednesday after the close. However, the sector's strong headline performance masked considerable weakness among its other components, including homebuilders, which gave back some of last week's rebound as Treasury yields moved higher. The reversal in Treasury yields added pressure to rate-sensitive areas of the market, particularly the utilities (-2.0%) and real estate (-1.2%) sectors, which finished at the bottom of the leaderboard. NRG Energy (NRG 99.35, -4.40, -4.24%) and Alexandria RE (ARE 40.62, -1.00, -2.40%) were among the notable laggards. Crude oil prices also reversed an overnight decline, with WTI futures settling $1.84 higher (+1.8%) at $103.24 per barrel, weighing on transportation-related stocks. Elsewhere, the communication services (+0.3%) and materials (+0.1%) sectors posted modest gains, leaving seven of the S&P 500's 11 sectors in negative territory. Alphabet (GOOG 340.16, +3.25, +0.96%) provided support for the communication services sector, although weakness in Meta Platforms (META 705.44, -3.88, -0.55%) limited the group's advance. The broader market struggled to keep pace with the technology-led advance, with the S&P 500 Equal Weight Index (-0.3%) finishing lower. However, the Russell 2000 (+0.3%) managed to post a modest gain, while the S&P Mid Cap 400 finished flat, suggesting that buying interest was not entirely confined to the market's largest stocks. On the earnings front, Fifth Third (FITB 50.51, +0.14, +0.28%) gave up the bulk of its early gain following an earnings beat and constructive profitability outlook, while Cleveland-Cliffs (CLF 14.10, +1.98, +16.34%), which is not an S&P 500 component, rallied after reporting better-than-expected earnings and projecting adjusted EBITDA exceeding $4 billion in 2027. Ultimately, Monday's session showed that investors remain willing to revisit beaten-down semiconductor and mega-cap growth stocks, but the afternoon retreat illustrated the limits of that buying interest. The S&P 500's inability to hold its 50-day moving average, combined with weakness across most sectors and continued underperformance in the equal-weighted index, left the broader market looking considerably less convincing than the Nasdaq's headline gain suggested. U.S. Treasuries gave back some of last week's gains on Monday, after a modestly higher start ran into immediate selling pressure that continued throughout the morning, leaving the market near lows at the close. The 2-year note yield settled up two basis points to 4.76%, and the 10-year note yield settled up four basis points to 5.14%.
Reviewing today's data:
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