Stock market today: S&P 500, Nasdaq tanks as tech stocks sink amid AI trade worries, Meta shares plummet
The S&P 500 fell 1.2% and the Nasdaq Composite 2.6% while the Dow was roughly flat, as semiconductor stocks led the decline, reversing Wednesday's gains. Lam Research fell after its Wednesday-night results, with Applied Materials and KLA off about 6%. Meta fell nearly 7% after quarterly results and a 2-for-1 stock split announcement, and Tesla ended down 3% despite a better-than-expected quarter as investors weighed higher spending planned for 2027 and 2028. Yahoo Finance
Merck/Moderna cancer vaccine cuts melanoma death or recurrence risk by 42%, shares fall
In a Phase 3 trial of more than 1,100 patients, intismeran autogene combined with Merck's Keytruda cut the risk of melanoma death or recurrence by 42% and the risk of the cancer's spread by 38%; 82.2% of patients on the combination were cancer-free after two years, versus 70% on Keytruda alone. Moderna closed more than 17% lower after the results leaked on an oncology website earlier Thursday, and Merck closed down about 1.8%. Several analysts had expected a reduction of 40% or more. Full results are scheduled for presentation Saturday at the European Society for Medical Oncology meeting in Madrid. Reuters
Brent rises 4% on October 22 as Houthi attacks fuel supply fears
Brent settled US$4.35, or 4.0%, higher at US$113.17 a barrel, its highest close since May 4, and WTI gained US$2.32, or 2.4%, to US$99.47. Intensified Houthi attacks in Saudi Arabia and talk of a joint US-Israeli strike on Iran after the US midterm elections drove the move, with Ritterbusch & Associates citing "another strong injection of risk premium." The Nation
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,663.43 | -93.74 | -1.21% |
| Nasdaq Composite^IXIC | 26,008.86 | -694.00 | -2.60% |
| Dow Jones^DJI | 52,867.98 | +11.89 | +0.02% |
| CBOE Volatility Index^VIX | 19.03 | +2.35 | +14.09% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 101.63 | -0.07 | -0.06% |
| Brent CrudeICE Dec '26 · 2:30 PM ET settle | $113.17 | +$4.35 | +4.00% |
| WTI CrudeNYMEX Dec '26 · 2:30 PM ET settle | $99.47 | +$2.32 | +2.39% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,060.00 | -$90.10 | -2.17% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.11% | +2bp | +0.49% |
| 3-MonthT-bill | 4.22% | -3bp | -0.71% |
| 6-MonthT-bill | 4.29% | -6bp | -1.38% |
| 1-YearT-note | 4.41% | -11bp | -2.43% |
| 2-YearT-note | 4.65% | -16bp | -3.33% |
| 5-YearT-note | 4.78% | -17bp | -3.43% |
| 10-YearT-note | 4.96% | -17bp | -3.31% |
| 30-YearT-bond | 5.29% | -13bp | -2.40% |
Technology bore the selling: the S&P 500 fell 1.21% to 7,663.43 and the Nasdaq Composite 2.60%, or 694.00 points, to 26,008.86, while the Dow added 11.89 points to 52,867.98. The VIX rose 2.35 to 19.03. Leadership rotated toward defensives: Consumer Staples (+3.31%) and Utilities (+2.07%) led, followed by Health Care (+1.32%) and Financials and Real Estate (+1.09% each), while Technology (-3.29%) was the weakest sector, behind Communication Services (-1.42%) and Industrials (-0.94%); six of 11 sectors closed higher. Allegion (+11.02%) led S&P 500 gainers, ahead of Roper Technologies (+9.73%), Lennar (+8.69%), Blackstone (+8.38%) and General Mills (+8.01%). Moderna (-17.57%) was the index's weakest name after its melanoma vaccine data leaked early, followed by Coherent (-12.51%), Lam Research (-11.76%) after its quarterly results, Lumentum (-11.54%) and Flex (-11.08%).
Brent posted its highest settle since early May: December Brent rose $4.35 to $113.17 and December WTI $2.32 to $99.47, widening the Brent-WTI spread to $13.70 from $11.67. Treasuries rallied along the coupon curve as equities sold off, with the 2-year down 16bp to 4.65%, the 5-year down 17bp to 4.78%, the 10-year down 17bp to 4.96% and the 30-year down 13bp to 5.29%, leaving 2s10s at 31bp from 32bp and the 10-year back below 5%. The dollar eased (DXY 101.63, -0.07), and gold fell 2.17% to $4,060.00 (1:30 PM ET print) even as yields declined and crude rose.
The Fed remains in its pre-meeting quiet period ahead of the October 27-28 FOMC, with the decision due October 28 at 2:00 PM ET, leaving crude and earnings to set direction. Treasury on Thursday announced $69bn of 2-year notes for Monday, $70bn of 5-year notes for Tuesday and $44bn of 7-year notes for October 29, plus a $30bn 2-year FRN on October 28, which will test demand for duration after Thursday's rally. The final October University of Michigan survey follows Friday at 10:00 AM ET, the September Chicago Fed National Activity Index and October Dallas Fed manufacturing survey Monday, and September durable goods, new home sales and the October Conference Board consumer confidence index Tuesday, the first day of the FOMC meeting. Moderna's full melanoma data are due Saturday at ESMO in Madrid.