Tech-Led Selloff Drags Nasdaq 1.4% Lower as AI Stocks Stumble; Dow Ekes Out Gain
MarketsFN Team
AI Stock Rout Sinks Nasdaq While Oil Surges 3% on Supply Fears
The Nasdaq plunged 1.39% to 30,725.81 as AI-related stocks tumbled following OpenAI's revenue report, while crude oil rallied over 3% amid renewed supply concerns. The Dow Jones managed a 0.10% gain to 51,231.64 as defensive sectors offset tech weakness.
🇺🇸 US Session Overview
Tech stocks bore the brunt of today's selling pressure, with the Nasdaq 100 sinking 1.39% as AI leaders including Nvidia and Oracle stumbled after reports suggested OpenAI's revenue growth may be slowing. The S&P 500 declined 0.47% to 7,765.36, with information technology as the worst-performing sector. Meanwhile, the Dow Jones eked out a 0.10% gain as healthcare and consumer staples provided stability. Small caps showed resilience with the Russell 2000 essentially flat at 2,794.13 (+0.03%).
📅 Economic Calendar Highlights
Jobless claims came in slightly better than expected at 197K versus forecasts of 200K, while continuing claims rose to 1,716K. The 30-year bond auction saw yields spike to 5.618%, up sharply from the previous 5.308%, reflecting ongoing Treasury market pressure. The Atlanta Fed's GDPNow estimate for Q3 dipped slightly to 3.6% from 3.7%.
💱 FX & Commodities
The dollar index edged higher as major currencies weakened, with EUR/USD falling 0.31% to 1.1218 and GBP/USD down 0.27% to 1.3231. Gold gained 0.46% to $4,159.60 as a safe-haven bid emerged. Oil prices surged with WTI crude jumping 2.74% to $90.70 and Brent up 3.18% to $103.39 amid reports of tanker sanctions against Iran's "shadow fleet." Cryptocurrencies declined sharply, with Bitcoin down 1.84% to $81,741.76 and Ethereum plunging 4.16%.
Markets will watch Friday's nonfarm payrolls report for September, with traders particularly focused on wage growth figures. Asian markets open with Japan's machinery orders and China's inflation data on tap, while energy markets remain volatile amid geopolitical tensions.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,765.36 | ▼ -36.41 | ▼ -0.47% |
| Nasdaq 100 | 30,725.81 | ▼ -434.27 | ▼ -1.39% |
| Dow Jones | 51,231.64 | ▲ +51.77 | ▲ +0.10% |
| Russell 2000 | 2,794.13 | ▲ +0.93 | ▲ +0.03% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1218 | ▼ -0.31% |
| GBP/USD | 1.3231 | ▼ -0.27% |
| USD/JPY | 157.87 | ▼ -0.27% |
| AUD/USD | 0.6964 | ▼ -0.26% |
| USD/CHF | 0.8314 | ▼ -0.09% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,159.60 | ▲ +0.46% |
| Silver (XAG/USD) | 59.44 | ▼ -0.77% |
| Crude Oil (WTI) | 90.70 | ▲ +2.74% |
| Brent Oil | 103.39 | ▲ +3.18% |
| Natural Gas | 3.13 | ▼ -2.31% |
| Bitcoin | 81,741.76 | ▼ -1.84% |
| Ethereum | 2,466.50 | ▼ -4.16% |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 12:30 | USD | Initial Jobless Claims | 🔴🔴🔴 | 197K | 200K | 199K |
| 17:00 | USD | 30-Year Bond Auction | 🔴🔴🔴 | 5.618% | 5.308% | |
| 06:00 | EUR | German Trade Balance (Aug) | 🟡🟡 | 19.5B | 19.0B | 21.6B |
| 12:30 | USD | Continuing Jobless Claims | 🟡🟡 | 1,716K | 1,710K | 1,699K |
| 15:10 | USD | Atlanta Fed GDPNow (Q3) | 🟡🟡 | 3.6% | 3.7% | 3.7% |
| 08:30 | GBP | BOE Credit Conditions Survey | 🟡🟡 | — | ||
| 08:30 | USD | Fed Waller Speaks | 🟡🟡 | — | ||
| 10:00 | EUR | ECB's Lane Speaks | 🟡🟡 | — | ||
| 10:00 | EUR | Eurogroup Meetings | 🟡🟡 | — | ||
| 10:30 | GBP | BoE MPC Member Pill Speaks | 🟡🟡 | — | ||
| 11:30 | EUR | ECB Publishes Account of Monetary Policy Meeting | 🟡🟡 | — | ||
| 12:15 | GBP | BoE Gov Bailey Speaks | 🟡🟡 | — | ||
| 15:00 | MXN | Monetary Policy Meeting Minutes | 🟡🟡 | — | ||
| 20:30 | USD | Fed's Balance Sheet | 🟡🟡 | — | 6,743B | |
| 23:30 | JPY | Household Spending (YoY) (Aug) | 🟡🟡 | — | -3.5% | -3.6% |
| 23:30 | JPY | Household Spending (MoM) (Aug) | 🟡🟡 | — | 0.5% | 0.5% |
Report published: October 08, 2026 — 22:20 CET
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