Nasdaq Tumbles 1.6% as Chip Sell-Off Deepens and Oil Holds Above $103
Updated
Updated · Yahoo Finance · Oct 8
Nasdaq Tumbles 1.6% as Chip Sell-Off Deepens and Oil Holds Above $103
3 articles · Updated · Yahoo Finance · Oct 8
Summary
US stocks retreated Thursday, with the Nasdaq down 1.6%, the S&P 500 off 0.7% and the Dow slipping 0.1% as tech shares led the decline.
A Financial Times report saying OpenAI's annualized revenue was $20 billion below prior estimates hit AI-linked chip names, sending the SOX index down as much as 4% and dragging Nvidia, Micron and Intel lower.
Oil also pressured sentiment: Brent stayed above $103 a barrel and WTI above $91 even after easing when President Trump said the US would not attack Iran before the midterm elections.
Bond markets added to the strain, with the 10-year Treasury yield near 5.29% and the 30-year at 5.67%, tightening financial conditions despite jobless claims dipping to 197,000.
Investors are now turning to third-quarter earnings, with FactSet estimating S&P 500 profit growth of 29.5%, which would mark a third straight quarter above 25%.