Nasdaq Composite Falls 0.59% to 27,044.49 as Chip Stocks Extend Losses; Dow and S&P 500 Open Lower

Mumbai, 14 October 2026: US equities began Wednesday’s session under pressure as the Nasdaq Composite traded at 27,044.49, down 159.89 points or 0.59%, at 9:31:30 AM EDT. The Dow Jones Industrial Average stood at 51,650.37, down 19.73 points or 0.04%, at 9:32:04 AM EDT, while the S&P 500 slipped to 7,774.46, down 30.99 points or 0.40%, at 9:32:22 AM EDT.

The Russell 2000 was at 2,783.37, down 11.11 points or 0.40%. The opening weakness followed a lower close on Tuesday and came as hotter-than-expected inflation data, mixed bank earnings and a fresh leg down in semiconductor shares shaped the early mood.

Nasdaq Opens at 27,044.49 After Tuesday Close of 27,204.38

The Nasdaq Composite’s previous close was 27,204.38, while its opening print was 27,031.64. Volume stood at 788,159,250, with a day’s range of 27,026.19 to 27,042.85. The 52-week range was 20,690.25 to 27,722.75, and average volume was 8,040,365,156. The Dow’s previous close was 51,670.10, opening at 51,684.75, with volume of 17,105,175 and a day’s range of 51,556.11 to 51,684.75. Its 52-week range was 45,057.28 to 54,744.33, with average volume of 452,725,468.

The S&P 500’s previous close was 7,805.45, opening at 7,774.18, with volume of 107,508,033 and a day’s range of 7,767.53 to 7,776.63. Its 52-week range was 6,316.91 to 7,844.52, and average volume was 5,048,836,093. The Russell 2000’s previous close was 2,794.48, opening at 2,793.50, with a day’s range of 2,774.46 to 2,801.98. Its 52-week range was 2,303.46 to 3,069.71, and average volume was 5,048,836,093.

Across the Nasdaq 100 heatmap, Nvidia fell 2.94%, Microsoft declined 1.35%, Broadcom dropped 4.35%, Micron lost 4.79%, AMD slipped 3.90%, ASML fell 1.95%, Intel declined 5.34%, Arm plunged 6.48%, Marvell Technology dropped 3.52%, Seagate Technology lost 4.05% and Western Digital fell 2.99%. Apple gained 1.11%, Palantir rose 2.40%, ADP advanced 2.55%, Adobe added 3.56%, Intuit gained 2.71%, Netflix rose 2.68%, T-Mobile US advanced 2.18%, Booking Holdings gained 2.63%, Walmart rose 2.22%, Costco added 0.60% and PepsiCo advanced 3.73%. Constellation Energy fell 4.85%, Amazon declined 2.25%, Tesla slipped 0.74% and Alphabet Class A and Class C shares fell 0.63% and 0.72%, respectively.

The Dow heatmap showed gains for IBM (2.77%), Salesforce (1.44%), Home Depot (3.39%), McDonald’s (2.61%), Nike (1.11%), JPMorgan Chase (0.56%), Visa (0.81%), American Express (1.27%), Travelers (2.68%), Coca-Cola (2.27%), Procter & Gamble (1.87%), Chevron (3.12%) and 3M (0.90%). Johnson & Johnson fell 0.76%, Merck declined 0.29%, UnitedHealth dropped 1.34%, Caterpillar lost 2.17%, Boeing slipped 0.30% and Honeywell fell 0.73%.

Hot CPI at 3.7% Lifts 10-Year Treasury Yield to 5.293%

September’s Consumer Price Index rose 3.7% year-on-year, higher than the 3.6% expected by economists, while month-on-month prices increased 0.6%, in line with estimates. Core CPI, which strips out food and energy, rose 2.6% year-on-year, above the 2.5% consensus estimate, and 0.3% month-on-month. The annual headline rate was the highest since May, driven partly by fuel prices, with gasoline up 34.2% over 12 months.

The average gasoline price was $4.34 a gallon, compared with $3.08 a year earlier. Treasury yields jumped after the report, with the 10-year yield up more than 7 basis points at 5.293% and the 30-year yield up more than 4 basis points at 5.609%. The 10-year had earlier touched 5.32%, up from 5.19% before the reading, and was later down 2.51 basis points at 5.219% in intraday moves. The 2-year yield stood at 4.77%. Market-implied odds of a Federal Reserve rate hike in two weeks rose to 44% from 22% before the data, while the likelihood of at least a quarter-point increase at the December meeting rose to 96% from 88%.

The dollar index rose 0.5% to 102.65, after earlier slipping 0.25% to 102.27 and then falling 0.36% to 102.17. Spot gold fell 0.3% to $4,157.90 an ounce, while US gold futures for December settled down 0.3% at $4,177.30 an ounce. Gold futures later pulled back 1.2% to $4,125 an ounce. Bitcoin traded around $82,800, down modestly over 24 hours, after earlier rising 0.75% to $83,727. Oil prices remained elevated, with West Texas Intermediate up 1% at around $95 a barrel and later gaining 1.7% to $95.75. Brent crude futures held above $105 a barrel, with December Brent rising 0.61% to $106.33 and front-month Brent advancing 0.4% to $106.10.

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Bank of America Sinks 7% on $1.2 Billion Penalty

Bank of America reported third-quarter net income of $6.93 billion, or $0.91 per share, compared with analysts’ expectations of $1.10 per share. Excluding a $1.2 billion regulatory penalty, the bank said it earned $8.1 billion, or $1.08 per share, with adjusted earnings per share increasing 4% year over year. Revenue rose 3% to $30 billion, falling short of expectations of approximately $30.6 billion. The penalty followed allegations that the bank failed to report more than $5 billion in suspicious transactions. Its shares fell 7% at the opening bell, with subsequent updates reporting declines of 7.5% and more than 3% in premarket trading.

Morgan Stanley reported third-quarter earnings of $3.03 per share on revenue of $20.34 billion, exceeding analysts’ expectations of $2.91 per share and $19.95 billion in revenue. The bank’s equities trading division generated $5.79 billion in revenue, surpassing estimates by more than $900 million. Despite the stronger-than-expected results, its shares came under pressure, with reported declines of nearly 1%, nearly 2% and 3.5% at the opening bell.

BlackRock reported third-quarter profit of $1.66 billion, or $10.57 per share, compared with $1.32 billion, or $8.43 per share, in the same period a year earlier. The increase reflected stronger earnings, while assets under management climbed to $15.49 trillion from $13.46 trillion, highlighting the growth in assets overseen by the investment management firm. BlackRock also outlined its longer-term revenue ambitions, planning to generate more than $35 billion in annual revenue by the end of 2030. Its shares gained 1%, with subsequent updates reporting advances of 2% and 4.9%.

Memory Stocks Slide Third Day as CXMT Breakthrough Hits Micron

US chip stocks extended their decline, with memory-related companies leading losses as reports of technological advances by China’s ChangXin Memory Technologies (CXMT) intensified competition concerns and added to uncertainty surrounding artificial intelligence (AI) spending. CXMT said it planned to release a more powerful chip by the end of the year, raising concerns about increased competition in the memory market.

South Korea’s Kospi benchmark fell 5.5%, reaching its lowest level since July 31, after dropping more than 7% intraday. The index later advanced 0.82% on Wednesday, following a 12% decline over five days. The weakness in Asian semiconductor stocks reflected mounting pressure across the memory industry as investors assessed the potential impact of Chinese technological developments.

Micron Technology slipped 4.5% to its lowest level since September 16, marking its fourth consecutive daily decline, before later falling another 1%. Sandisk declined 4.3% in one update, followed by losses of 0.3% and 2%. Seagate Technology dropped 5.9% before subsequently losing almost 1%, while Western Digital fell 5.8% and later declined another 1.6%. South Korea’s SK hynix also slipped 3%.

Exchange-traded funds tracking the semiconductor industry reflected the broader weakness. The Roundhill Memory ETF dropped more than 3% before being reported down 2.5%, while the broader iShares Semiconductor ETF declined roughly 2%. In premarket trading, Intel fell 1.6%, Micron lost 1.1% and Nvidia slipped 0.6%. AMD dropped 3%, while Intel and Sandisk each recorded losses of 2% in another update.

Meanwhile, ASML reported third-quarter net profit of €4.96 billion, beating consensus forecasts of €4.1 billion. Net sales reached €11.66 billion, slightly below analysts’ estimates of €11.72 billion. Its shares initially rose 2.6% in early trading before slipping 1%. The semiconductor equipment manufacturer said some customers were expressing interest in placing orders extending into 2029 and 2030, offering insight into longer-term expectations for AI-related demand.

Attention is also turning to Taiwan Semiconductor Manufacturing Company (TSMC), which is scheduled to report earnings before Thursday’s opening bell. Options pricing indicates that its shares could move by as much as 4% by the end of the week. TSMC’s US-listed shares have gained close to 50% since the beginning of the year, reflecting strong investor interest in semiconductor demand linked to AI.

Separately, SpaceX stock fell 3.71% after Elon Musk commented on memory prices. Musk said Micron had been reasonable regarding future memory prices, while describing other suppliers’ pricing as extortionate. His remarks added another dimension to the debate over memory costs as semiconductor companies navigate growing demand, competitive pressures and investor concerns over AI spending.

Apple Gains 1% on HomeView; Netflix and PepsiCo Advance

Apple shares gained 1% after the company unveiled its HomeView smart home hub, alongside the HomePod Mini 2 and Apple TV 4K. The HomeView device uses Apple Intelligence and Siri AI, with facial recognition designed to identify household members and display relevant information for each person. The announcement followed Apple’s achievement of an intraday share price record a day earlier.

Meta Platforms climbed more than 2%, extending its gains for a second consecutive session following the rollout of its Muse Wonder artificial intelligence model. Analysts also raised a price target on the company’s shares to $1,000 from $763, reflecting optimism surrounding its AI development and potential commercial applications.

Other consumer, technology and services stocks also advanced. Netflix rose 2.68%, T-Mobile US gained 2.18%, Booking Holdings added 2.63%, Walmart climbed 2.22% and PepsiCo advanced 3.73%. Costco rose 0.60%, while O’Reilly Automotive gained 1.65%. Palantir increased 2.40%, ADP advanced 2.55%, Adobe added 3.56% and Intuit rose 2.71%. Datadog gained 0.91%, while Comcast advanced 1.29%.

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Energy Stocks Rise Up to 4.77% as Tech Sell-Off Hits Oracle, Corning and Chipmakers

The S&P 500 heatmap showed strength across several industrial, energy, financial and consumer-related companies. Accenture jumped 5.96%, Uber rose 2.62% and ServiceNow gained 1.36%. Tobacco stocks also advanced, with Philip Morris rising 4.05% and Altria gaining 2.94%. Energy shares recorded broad gains as Exxon Mobil climbed 2.71%, Chevron added 3.12% and ConocoPhillips advanced 3.35%. Marathon Petroleum surged 4.77%, while Valero Energy gained 4.65%. Welltower rose 0.87%, and Berkshire Hathaway added 0.95%. Among financial stocks, Wells Fargo gained 2.21%, Citigroup rose 0.60%, Charles Schwab advanced 1.35%, Chubb climbed 2.71%, Progressive added 2.15% and Capital One gained 1.78%.

S&P Global rose 1.91%. However, technology stocks remained under pressure, with Oracle falling 5.48%, Corning dropping 6.38%, Nvidia losing 2.94%, Broadcom declining 4.35%, Micron falling 4.79%, AMD losing 3.90% and Intel dropping 5.34%. Salesforce moved in the opposite direction, gaining 1.44%.

Flutter Rises 7.55% as AXT Plunges 10.19%, with Chip and AI Stocks Leading Losses

Among the top gainers, Flutter Entertainment rose 7.55%, Regencell Bioscience gained 7.31%, Okeanis Eco Tankers advanced 7.27%, Zillow Group Class C added 6.93% and Class A gained 6.90%. PBF Energy climbed 6.76%, while Sasol advanced 6.62%. Some stocks with substantial annual gains nevertheless recorded modest declines. Haemonetics traded at $121.54, down $0.08, or 0.08%, despite a 52-week gain of 102.81%. Veradermics fell $0.87, or 0.75%, to $115.34, while its 52-week gain stood at 193.91%. Erasca declined $0.07, or 0.47%, to $14.71, despite a 476.33% gain over the previous 52 weeks. Accenture traded at $216.26, up $2.72, or 1.27%, in another reported price update.

Among the top losers, AXT plunged 10.19%, Coherent dropped 9.63%, Astera Labs fell 9.21% and Riot Platforms lost 9.17%. Silicon Motion Technology declined 8.36%, TTM Technologies fell 8.35%, CECO Environmental dropped 7.88% and Tower Semiconductor lost 7.85%. CoreWeave declined 7.77%, CleanSpark fell 7.73% and IREN lost 7.70%. Nebius Group dropped 8.33%, while Cipher Digital fell 5.56%. Hut 8 declined 6.78%, MaxLinear dropped 5.49% and Applied Optoelectronics fell 4.26%. Bitdeer Technologies lost 4.57%, Vicor declined 3.07%, RUM Group fell 2.98%, Arm dropped 3.33% and Corning lost 1.99% in a separate update.

Oil Above $105 as IEA Warns Diesel Squeeze Into 2027

Brent crude futures remained above $105 per barrel as Houthi attacks on Saudi Arabian energy facilities heightened concerns over supply disruptions. An administrative building belonging to Saudi Aramco was also struck, adding to uncertainty surrounding energy infrastructure in the region. The International Energy Agency warned that constraints in the diesel market could persist well into 2027, with supplies expected to remain tight into the second half of the year.

Diesel markets faced additional pressure from declining inventories and reduced exports. A counter-seasonal tightening in gasoil markets during the third quarter, combined with heavier-than-usual inventory drawdowns over the preceding three months, left global markets with limited stock cover ahead of peak winter demand. Global diesel exports fell by 700,000 barrels per day year-on-year. A combined reduction of 1.3 million barrels per day in supplies from Russia and the Middle East was only partially offset by increased exports from other regions, intensifying concerns over the availability of diesel during the coming winter.

In the United States, Hurricane Isaias disrupted offshore energy production in the Gulf of Mexico. Approximately 16.13% of current daily oil production and 16.59% of daily natural gas production were shut in response to the storm. Personnel were evacuated from five production platforms, representing 1.35% of the Gulf’s 371 manned platforms. The production interruptions added another source of uncertainty for energy markets already monitoring geopolitical risks and tight fuel supplies.

Meanwhile, US existing home sales unexpectedly increased 1.5% in September to a seasonally adjusted annual rate of 3.99 million units, exceeding forecasts of 3.95 million. However, higher mortgage rates continued to cloud the housing market outlook, potentially limiting the sustainability of the recovery. The International Monetary Fund chief also warned that US economic growth alone would not resolve the country’s mounting debt and fiscal deficit problems quickly enough, indicating that additional measures would be necessary to address the financial challenges.

In corporate developments, Denmark’s Orsted fell 3.12% after the US Department of Justice sought a review of the approval of a key offshore wind farm project, raising uncertainty over the development’s regulatory outlook. Separately, Japan plans to invest up to $21 billion in two semiconductor manufacturing facilities in the United States to be operated by GlobalFoundries. The proposed investment highlights continued efforts to expand US chip manufacturing capacity and strengthen semiconductor supply chains.

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Fed Officials See One More Hike Possible

Federal Reserve Bank of New York President John Williams said he still sees one more interest-rate hike as appropriate this year, but at the moment does not believe it will be necessary for the central bank to increase rates again in 2027. Federal Reserve Governor Christopher Waller attributed the rise in Treasury yields to stronger economic growth and large-scale AI investment rather than higher inflation expectations. Boston Fed President Susan Collins said it would be appropriate to raise rates a bit further before year-end to return inflation to the Fed’s 2% target, while adding that her view will depend on incoming data. The chief investment officer of a large bond manager said US Treasury yields may have further room to rise, with the Federal Reserve likely to deliver one or two more rate increases before the current tightening cycle ends. The 10-year Treasury yield was around 5.20%, the 2-year yield was 4.77%, the dollar index was 0.02% lower at 102.1566, gold spot fell 0.09% to around $4,151.25 an ounce, and Bitcoin was 0.75% higher at $83,727.

Attention remains on the September CPI follow-through, bank earnings, chip-sector competition, Treasury yields, oil above $105 and upcoming TSMC results. Market participants will also track Fed commentary, memory-chip pricing, the Beige Book, PPI data and moves in the dollar, gold and Bitcoin as the session unfolds.