S&P 500 Drops 0.6% as Tech Slides and Brent Oil Jumps to $104
Updated
Updated · CNBC · Oct 8
S&P 500 Drops 0.6% as Tech Slides and Brent Oil Jumps to $104
3 articles · Updated · CNBC · Oct 8
Summary
The broad index fell 0.6% Thursday, while the Nasdaq lost 1.2% and the Dow slipped 67 points as selling hit technology shares.
Oracle sank more than 5%, Nvidia fell 2% and AMD 3% after the Financial Times reported OpenAI's annualized revenue was about $20 billion below earlier signals.
Brent crude rose about 4% to $104 and WTI to $91 after Trump said he did not want an Iran deal to end the war, though prices eased from session highs after he said the U.S. would not attack before next month's midterms.
Treasury yields stayed near 24-year highs despite a solid 30-year auction, with the 10-year at 5.244% and the 30-year at 5.621%, reinforcing fears that energy-driven inflation could keep the Fed in a higher-for-longer stance.
Palantir bucked the selloff with a 2% gain after a Goldman Sachs upgrade, but the broader market pullback showed how quickly fresh record highs can give way when oil and yields rise together.