Why it matters
- The Nasdaq fell 345.35 points, or 1.25%, and the S&P 500 lost 0.47% as chipmakers dropped 3.4%, while the Dow edged up 0.10%.
- Brent crude settled up $4.08, or 4.1%, at $104.28 a barrel on tanker attacks near the Strait of Hormuz and Hurricane Isaias, Reuters reported.
- Treasury yields fell, with the 10-year at 5.22% from 5.28%, as the Treasury sold $22 billion of 30-year bonds at 5.618%.
Session recap: what happened in this region's trading day, with sources.
U.S. stocks fell on Thursday, Oct. 8, as a slide in chipmakers pulled the Nasdaq down 1.25% and a 4.1% jump in Brent crude revived inflation worries. The S&P 500 lost 36.41 points, or 0.47%, to 7,765.36, while the Dow Jones Industrial Average edged up 51.77 points, or 0.10%, to 51,231.64, Reuters reported.
| Index | Thursday close | Change |
|---|---|---|
| S&P 500 | 7,765.36 | −36.41 (−0.47%) |
| Nasdaq Composite | 27,193.34 | −345.35 (−1.25%) |
| Dow Jones Industrial Average | 51,231.64 | +51.77 (+0.10%) |
| Russell 2000 | 2,794.13 | +0.93 (+0.03%) |
Source: Reuters; closes match Yahoo Finance data.
It was the second straight drop for the S&P 500 and the Nasdaq since their record closes on Tuesday. Our Americas Wednesday recap has that session.
Why did the Nasdaq fall on Thursday?
Chip stocks led the decline. Chipmakers fell 3.4% after a Financial Times report that OpenAI's annualized revenue was $20 billion less than the company had previously signaled, Reuters reported. The Philadelphia Semiconductor Index closed at 12,623.72, down 3.4%, Yahoo Finance data showed. Technology was the weakest of the S&P 500's 11 sectors, and energy was the strongest, Reuters said.
Main movers
- Oracle fell 5.5% and Broadcom 4.4%. The Wall Street Journal reported on Wednesday that Broadcom is lining up $50 billion in financing, Reuters said.
- Micron Technology dropped 4.8%, and Nvidia fell 2.9%, Yahoo Finance data showed.
- Chipotle Mexican Grill jumped 6.2% after reports that Starbucks was exploring a purchase of the burrito chain. Starbucks dipped 0.4%, Reuters reported.
- PepsiCo rose 3.7% after saying it would pursue more spending cuts, Reuters said.
- Palantir climbed 2.4% after Goldman Sachs upgraded the stock, Reuters reported.
Where did oil settle?
Brent crude futures closed up $4.08, or 4.1%, at $104.28 a barrel, and U.S. West Texas Intermediate rose $3.21, or 3.6%, to $91.49, Reuters reported. Both contracts were up more than $5 at one point, with Brent touching its highest since Sept. 29 on worries about potential U.S. strikes on Iran.
Reuters said attacks on tankers in the Strait of Hormuz last week reached their highest level since the war began. Hurricane Isaias also moved toward U.S. offshore fields. Producers had shut in about 1.3 million barrels per day, or 62.9% of U.S. Gulf of Mexico oil output, as of Thursday, Reuters reported, citing the U.S. Marine Minerals Administration.
Prices came off their highs after President Donald Trump said Washington was having productive discussions with Iran and would not attack before the Nov. 3 midterm elections, according to Reuters.
What happened to Treasury yields?
Yields fell from Wednesday's highs. The 10-year yield ended at 5.22%, down from 5.28%, and the 30-year at 5.60%, down from 5.67%, according to the Treasury Department. The 2-year yield slipped to 4.75% from 4.77%.
The Treasury sold $22 billion of 30-year bonds at a high yield of 5.618%, with bids worth 2.54 times the amount offered, TreasuryDirect data show.
Traders expect the Fed to hold rates this month and see a 69.2% chance of a December hike, Reuters reported, citing CME FedWatch. Fed Governor Christopher Waller said more increases will probably be needed but the timing is "flexible," Reuters said.
The dollar, gold and bitcoin
The U.S. dollar index slipped about 0.1% to about 102.11 late in the day. Gold futures rose about 0.4% to about $4,158 an ounce, and bitcoin fell about 1.9% to about $81,700, Yahoo Finance data showed.
What's next for markets?
The University of Michigan releases its preliminary October consumer sentiment survey at 10 a.m. ET on Friday, Oct. 9. The final September reading was 48.1. The Labor Department publishes September consumer prices on Wednesday, Oct. 14. Earlier Thursday, our day-ahead preview covered weekly jobless claims, and the Europe Thursday recap covers the session overseas. The markets page tracks the latest numbers.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Reuters via Yahoo Finance, S&P 500, Nasdaq end lower as crude prices jump, chip stocks weigh
- Reuters via Central Oregon Daily, Oil rises 4% on revived Middle East worries, Hurricane Isaias supply disruption
- U.S. Treasury, Daily Treasury par yield curve rates
- TreasuryDirect, Auction results
- University of Michigan, Surveys of Consumers
- Bureau of Labor Statistics, October 2026 release schedule
- Yahoo Finance, S&P 500 chart data
- Yahoo Finance, Philadelphia Semiconductor Index chart data
- Yahoo Finance, U.S. dollar index chart data
- Yahoo Finance, Gold futures chart data
- Yahoo Finance, Bitcoin chart data