U.S. markets are weighed down by an extended sell-off in the tech sector
Chipmakers were among the biggest decliners on worries that AI-related chip and tech companies may not keep borrowing and spending heavily as global bond yields climb. Micron fell 5.6%, Advanced Micro Devices 6%, Intel 5.8% and Broadcom 4.5%, and all but seven of the 75 tech stocks in the S&P 500 closed lower, while Exxon and Chevron rose 2.5% and 2.6%. AP
Brent Oil Hits $110 as Supply Risks Mount
Brent reached $110 for the first time since May as prospects for near-term supply relief faded and traders added to bets on higher prices ahead of the weekend. Houthi rebels are striking Saudi Arabia with missiles and drones, Russia and Ukraine are attacking each other's energy infrastructure, and Eurasia Group raised its odds of escalation to 65% from 35%. Bloomberg
Stock market today: Dow, S&P 500, Nasdaq sink as tech sell-off caps volatile week
The Nasdaq fell 4.5% on the week, its worst since late June. In software, 41 of 45 stocks in a tracked basket declined and Twilio slid about 10%. Odds of an October rate hike fell to about 15% from 33% after Wednesday's CPI report, and Chairman Warsh said "I don't prejudge meetings." Yahoo Finance
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,659.44 | -84.62 | -1.09% |
| Nasdaq Composite^IXIC | 26,140.03 | -573.00 | -2.15% |
| Dow Jones^DJI | 52,002.41 | -175.28 | -0.34% |
| CBOE Volatility Index^VIX | 19.99 | +3.53 | +21.45% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 101.79 | -0.24 | -0.24% |
| Brent CrudeICE Dec '26 · 2:30 PM ET settle | $109.86 | +$3.94 | +3.72% |
| WTI CrudeNYMEX Nov '26 · 2:30 PM ET settle | $101.41 | +$3.44 | +3.51% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,181.00 | +$11.30 | +0.27% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.12% | -5bp | -1.20% |
| 3-MonthT-bill | 4.26% | -2bp | -0.47% |
| 6-MonthT-bill | 4.34% | -1bp | -0.23% |
| 1-YearT-note | 4.46% | -3bp | -0.67% |
| 2-YearT-note | 4.74% | -3bp | -0.63% |
| 5-YearT-note | 4.89% | -2bp | -0.41% |
| 10-YearT-note | 5.09% | -1bp | -0.20% |
| 30-YearT-bond | 5.43% | 0bp | 0.00% |
Equities closed a volatile week on a risk-off note as the AI-linked complex sold off again: the S&P 500 fell 1.09% to 7,659.44, the Nasdaq Composite 2.15% to 26,140.03, and the Dow 175.28 points, or 0.34%, to 52,002.41. The VIX rose 3.53 to 19.99. Technology (-3.02%) and Communication Services (-1.89%) led the decline, while Energy (+2.52%), Utilities (+1.34%) and Consumer Staples (+1.08%) led a defensive and commodity-linked rotation; six of 11 sectors closed higher. Twilio (-10.62%), Super Micro Computer (-9.86%), Flex (-8.16%), Moderna (-7.82%) and Palo Alto Networks (-7.63%) were the S&P 500's weakest names, while energy and midstream names (Targa Resources +4.37%, Diamondback Energy +4.27%, Kinder Morgan +4.20%, APA +4.07%) and Northrop Grumman (+4.05%) led gainers.
Crude extended its rally on Middle East supply risk: December Brent settled up 3.72% at $109.86 and November WTI up 3.51% at $101.41 ahead of its October 20 expiry, widening the Brent-WTI spread to $8.45 from $7.95. Treasuries firmed modestly at the front end, with the 2-year down 3bp to 4.74% and the 10-year down 1bp to 5.09% while the 30-year held at 5.43%, steepening 2s10s to 35bp from 33bp. The dollar eased (DXY 101.79, -0.24) and gold rose 0.27% to $4,181.00 (1:30 PM ET print).
The Fed's calendar lists no scheduled speeches through October 23 ahead of the October 27-28 FOMC meeting, leaving data and crude to set direction. No U.S. data releases are scheduled Monday. September housing starts and building permits follow Tuesday at 8:30 AM ET, alongside state employment at 10:00 AM ET, the same day November WTI expires, and third-quarter usual weekly earnings follow Wednesday at 10:00 AM ET.