Nasdaq Tumbles 345 Points as Oil Surge and Chip Selloff Drive US Markets Lower

Mumbai, 9 October 2026: US equities closed mixed on Thursday as a sharp surge in crude oil prices and renewed selling pressure in semiconductor shares shaped trading across the major indices.

The Dow Jones Industrial Average gained 51.77 points, or 0.10%, to close at 51,231.64, while the S&P 500 fell 36.41 points, or 0.47%, to 7,765.36. The Nasdaq Composite led declines, losing 345.35 points, or 1.25%, to end at 27,193.34.

Broader market performance reflected a 3.39% drop in the Philadelphia Semiconductor Index and a 3.48% rise in Brent crude, with movements across energy, technology and defensive sectors influencing the session.

Dow Jones Gains 52 Points as Energy Strength Offsets Technology Weakness

The Dow Jones Industrial Average opened at 51,105.04 and closed at 51,231.64, gaining 51.77 points, or 0.10%. The index reached an intraday high of 51,245.28 and a low of 50,939.00, producing a 306.28-point trading range as investors weighed surging oil prices against weakness in technology shares.

Home Depot led the Dow’s gainers, rising 3.40%, followed by Chevron at 3.14%, IBM at 2.75%, Travelers at 2.69%, McDonald’s at 2.57%, and Coca-Cola at 2.32%. Walmart gained 2.21%, while Procter & Gamble advanced 1.88%. Visa rose 0.87%, and JPMorgan Chase gained 0.57%.

Technology and industrial stocks weighed on the index. Nvidia fell 2.94%, making it the worst-performing Dow component, while Amazon declined 2.27%, Caterpillar dropped 2.17%, and Cisco fell 2.13%. Microsoft lost 1.33%, while UnitedHealth declined 1.45%.

The session was shaped by higher oil prices amid Middle East supply concerns. Strength in energy, consumer and financial stocks offset technology and industrial weakness, allowing the Dow to finish higher despite broad pressure across several major constituents.

S&P 500 Falls 36 Points as Chip Stock Rout Drives Broader Market Decline

The S&P 500 opened at 7,778.45 and closed at 7,765.36, losing 36.41 points, or 0.47%. The index reached an intraday high of 7,797.79 and a low of 7,731.26, creating a 66.53-point trading range as investors balanced rising oil prices against technology weakness.

Sector performance was mixed, with Energy gaining 2.77% and Consumer Staples rising 1.94%, while Information Technology fell 2.00% and Health Care declined 1.80%. Strong energy and defensive-sector gains were insufficient to offset technology and semiconductor losses.

Among notable gainers, Chipotle Mexican Grill rose 6.10%, Accenture gained 6.06%, and Marathon Petroleum advanced 4.79%. Valero Energy climbed 4.67%, Philip Morris gained 4.25%, and PepsiCo rose 3.79%. Other notable advances included ConocoPhillips at 3.42%, Chevron at 3.14%, and Exxon Mobil at 2.74%.

On the downside, Applied Optoelectronics plunged 13.58%, while Coherent fell 9.62%, Corning declined 6.40%, Oracle dropped 5.79%, and Micron Technology lost 4.77%. Broadcom fell 4.35%, while Advanced Micro Devices declined 3.87%.

The selloff followed a Financial Times report on OpenAI’s lower-than-estimated annualized revenue, pressuring AI-linked and semiconductor stocks. Meanwhile, rising crude oil prices supported energy constituents and helped limit the broader index decline.

Nasdaq Composite Sinks 345 Points as OpenAI Revenue Report Hits Technology Stocks

The Nasdaq Composite opened at 27,416.03 and closed at 27,193.34, marking a loss of 345.35 points or 1.25%. Its intraday high stood at 27,491.89, while the low was 27,066.76, representing a trading range of 425.13 points. The index closed 1.91% below its 52-week high of 27,722.75, reflecting the pressure on technology and growth-oriented shares. Technology and growth-oriented shares including Nvidia (NVDA) falling 2.94%, Broadcom (AVGO) dropping 4.35%, Micron Technology (MU) declining 4.77%, Advanced Micro Devices (AMD) falling 3.87%, Marvell Technology (MRVL) dropping 3.52%, and Intel (INTC) declining 5.27% contributed to the index’s daily underperformance.

Among the Nasdaq 100’s top gainers, PepsiCo (PEP) rose 3.79%, Adobe (ADBE) gained 3.58%, Intuit (INTU) advanced 2.71%, Netflix (NFLX) rose 2.67%, Booking Holdings (BKNG) gained 2.63%, Automatic Data Processing (ADP) advanced 2.55%, Palantir Technologies (PLTR) rose 2.40%, T-Mobile US (TMUS) gained 2.08%, Costco (COST) advanced 0.60%, O’Reilly Automotive (ORLY) rose 1.64%, and Apple (AAPL) gained 1.07%. On the losing side, Arm Holdings (ARM) fell 6.48%, Intel dropped 5.27%, Micron declined 4.77%, Broadcom fell 4.35%, AMD dropped 3.87%, Marvell Technology declined 3.52%, Nvidia fell 2.94%, Amazon (AMZN) dropped 2.27%, Microsoft (MSFT) declined 1.33%, Alphabet (GOOGL) fell 0.65%, Meta Platforms (META) dropped 0.10%, and Tesla (TSLA) declined 0.77%.

The technology-heavy benchmark responded to a Financial Times report indicating that OpenAI’s annualised revenue was $20 billion lower than previously signalled, which triggered a broad selloff across semiconductor and AI-related names. The report cited financial documents shared with investors, describing the gap as “a massive gap likely to damp optimism about the growth of AI demand.” The Nasdaq’s decline extended losses from the previous session, when the index had pulled back from record highs.

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Russell 2000 Ends Flat at 2,793 as Smaller Stocks Show Resilience

The Russell 2000 opened at 2,784.30 and closed at 2,792.82, losing 0.38 points or 0.01%. It recorded an intraday high of 2,794.20 and a low of 2,762.58, establishing a trading range of 31.62 points. Movements among smaller-cap companies were mixed, with Haemonetics (HAE) surging 17.64%, Veradermics (MANE) gaining 14.02%, Securitize (SECZ) rising 10.92%, Erasca (ERAS) advancing 9.49%, The Vita Coco Company (COCO) gaining 10.52%, CoStar Group (CSGP) rising 8.01%, Flutter Entertainment (FLUT) advancing 7.57%, and Okeanis Eco Tankers (ECO) gaining 7.26%.

Among the Russell 2000’s top gainers, Haemonetics led with a 17.64% advance, followed by Veradermics at 14.02% and Securitize at 10.92%. On the losing side, Applied Optoelectronics (AAOI) fell 13.58%, MaxLinear (MXL) dropped 12.72%, Hut 8 (HUT) declined 10.87%, AXT (AXTI) fell 10.19%, Coherent (COHR) dropped 9.62%, Astera Labs (ALAB) declined 9.21%, Riot Platforms (RIOT) fell 9.17%, Silicon Motion Technology (SIMO) dropped 8.36%, TTM Technologies (TTMI) declined 8.35%, and CECO Environmental (CECO) fell 7.88%. The benchmark’s flat close came as oil price gains and elevated Treasury yields influenced broader trading, though defensive and healthcare names provided support.

S&P 100 Drops 30 Points as Large-Cap Technology Shares Retreat

The S&P 100 opened at 3,890.60 and closed at 3,872.36, losing 29.70 points, or 0.76%. The index reached 3,896.77 intraday and fell to 3,857.37, creating a 39.40-point trading range as investors assessed weakness in large-cap technology stocks alongside higher oil prices.

Major technology constituents pressured the index, with Nvidia falling 2.94%, Microsoft declining 1.33%, Amazon dropping 2.27%, and Broadcom falling 4.35%. Oracle was among the weakest performers, declining 5.79%.

Several large-cap stocks advanced, limiting the index’s losses. PepsiCo gained 3.79%, while Home Depot rose 3.40%, Chevron advanced 3.14%, IBM climbed 2.75%, Netflix gained 2.67%, and McDonald’s increased 2.57%.

The S&P 100’s decline reflected pressure from an AI revenue report, which weighed on technology and growth shares. At the same time, rising oil prices supported energy stocks, while gains in consumer staples helped partially offset weakness across major technology constituents.

Dow Composite Gains 62 Points as Transport Surge Offsets Utility Decline

The Dow Jones Composite Average opened at 15,954.08 and closed at 16,038.29, gaining 61.54 points or 0.39%, after moving between 16,045.58 and 15,921.04. The Dow Jones Transportation Average ended at 19,809.07, compared with an opening level of 19,494.32, representing a 1.43% move and a gain of 279.77 points.

The Dow Jones Utility Average closed at 1,047.87, changing -0.17% from its opening level of 1,049.29, a decline of 1.77 points. Movements in relevant constituents reflected the session’s broader trend, with transportation stocks benefiting from Uber (UBER) gaining 2.70% and CSX (CSX) advancing 0.78%, while utility names faced pressure from rising yields.

The transportation average’s strong performance contrasted with the utility average’s modest decline, reflecting the divergent impact of energy prices and interest rates on different sectors of the economy.

Philadelphia Semiconductor Index Plunges 442 Points as Chip Stocks Sell Off

The Philadelphia Semiconductor Index (SOX) opened at 12,842.79 and closed at 12,623.72, losing 442.43 points, or 3.39%. The index reached an intraday high of 12,997.48 and a low of 12,483.95, producing a 513.53-point trading range as semiconductor stocks faced broad selling pressure.

Major constituents declined sharply, led by Arm Holdings, which fell 6.48%, while Intel dropped 5.27% and Micron Technology declined 4.77%. Broadcom fell 4.35%, AMD dropped 3.87%, Marvell Technology declined 3.52%, and Nvidia fell 2.94%. Lam Research lost 2.64%, Applied Materials declined 2.14%, and ASML Holding fell 1.95%.

Among the relatively stronger performers, KLA Corporation slipped just 0.05%, while Texas Instruments declined 0.27% and Qorvo fell 0.59%.

The selloff followed an OpenAI revenue report that raised concerns about AI demand growth, triggering widespread weakness across semiconductor and AI-linked shares. The SOX finished 13.87% below its 52-week high of 14,655.29, highlighting the sector’s significant retreat from its recent peak.

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NYSE Composite Rises 78 Points as Broader Shares Track Mixed Market Drivers

The NYSE Composite Index opened at 23,632.70 and closed at 23,780.12, recording a gain of 78.20 points or 0.33%. The index traded between 23,803.41 and 23,598.96 during the session, establishing a trading range of 204.45 points. Movements across energy, financial and consumer staple segments contributed to its performance, with Chevron (CVX) gaining 3.14%, Exxon Mobil (XOM) rising 2.74%, JPMorgan Chase (JPM) advancing 0.57%, Visa (V) gaining 0.87%, and Walmart (WMT) rising 2.21%. Among the NYSE Composite’s top gainers, Chevron led with a 3.14% advance, followed by Home Depot (HD) at 3.40% and McDonald’s (MCD) at 2.57%.

On the losing side, Nvidia (NVDA) fell 2.94%, Caterpillar (CAT) declined 2.17%, UnitedHealth (UNH) dropped 1.45%, and Microsoft (MSFT) fell 1.33%. The index’s advance came as a surge in oil prices and positive earnings from PepsiCo supported broader market sentiment, while technology and semiconductor shares faced selling pressure.

S&P MidCap 400 Gains 13 Points as SmallCap 600 Rises 4 Points

The S&P MidCap 400 opened at 3,628.69 and closed at 3,650.02, moving 12.62 points or 0.35%, with an intraday range of 3,653.93–3,615.93. The S&P SmallCap 600 opened at 1,662.91 and ended at 1,670.59, gaining 3.71 points or 0.22%, after trading between 1,671.62 and 1,651.35.

The two benchmarks reflected movements among mid- and small-cap shares as the broader market navigated mixed sector performance and elevated Treasury yields. The mid-cap index’s gain was supported by energy and industrial constituents, while the small-cap index benefited from healthcare and consumer discretionary names.

VIX Rises 3.25% to 15.57 as Market Volatility Indicator Moves

The CBOE Volatility Index (VIX) changed 3.25% to 15.57, compared with its previous close of 15.08. The index measures expected volatility in the S&P 500 over the coming 30 days. Its intraday high stood at 16.46, while the low was 15.15.

Its movement during the session coincided with the semiconductor selloff and oil price surge, which contributed to increased hedging activity. The VIX remained 55.89% below its 52-week high of 35.30, reflecting that volatility levels remain historically contained despite the day’s technology-led declines.

Energy Gains 2.77% as Oil Surge Offsets Technology’s 2.00% Sector Decline

Performance across the 11 S&P 500 sectors was mixed, with Energy posting the strongest gain at 2.77%, while Information Technology fell 2.00%. Consumer Staples rose 1.94%, followed by Communication Services at 0.65%, Consumer Discretionary at 0.50%, Financials at 0.45%, and Real Estate at 0.10%. On the downside, Industrials declined 0.30%, Materials fell 0.50%, Utilities dropped 0.80%, and Health Care declined 1.80%.

The sector divergence reflected the sharp rise in oil prices, which supported energy stocks, while an AI revenue report weighed on technology shares. Defensive sectors also moved unevenly. Consumer Staples benefited from PepsiCo’s earnings beat, while Utilities remained under pressure from elevated interest rates.

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Nvidia Falls 2.94% as Six Magnificent Seven Stocks Decline and Pressure Benchmarks

The Magnificent Seven delivered mostly negative performances during the session. Apple (AAPL) gained 1.07%, while Microsoft (MSFT) fell 1.33% and Nvidia (NVDA) declined 2.94%. Amazon (AMZN) dropped 2.27%, Alphabet (GOOGL) fell 0.65%, Meta Platforms (META) declined 0.10%, and Tesla (TSLA) lost 0.77%.

The group’s broad weakness weighed on the Nasdaq Composite and S&P 500, while the Dow Jones Industrial Average was relatively less affected because of its lower exposure to these major technology companies.

Semiconductor Index Drops 3.39% While Energy Stocks Gain Up to 4.79%

Semiconductor stocks came under significant pressure, with the Philadelphia Semiconductor Index falling 3.39%. The weakness followed renewed concerns surrounding AI-related growth and revenue expectations, contributing to pressure across technology-heavy benchmarks.

Financial stocks, meanwhile, recorded modest gains. JPMorgan Chase (JPM) rose 0.57%, Visa (V) gained 0.87%, Mastercard (MA) advanced 0.80%, Wells Fargo (WFC) climbed 2.22%, and Charles Schwab (SCHW) increased 1.35%.

Energy stocks moved sharply higher alongside crude oil prices. Chevron (CVX) gained 3.14%, Exxon Mobil (XOM) rose 2.74%, ConocoPhillips (COP) advanced 3.42%, Marathon Petroleum (MPC) climbed 4.79%, and Valero Energy (VLO) increased 4.67%.

AI and growth stocks remained under pressure, while Bitcoin miners recorded some of the steepest declines. Hut 8 (HUT) fell 10.87%, Riot Platforms (RIOT) dropped 9.17%, Cipher Digital (CIFR) declined 7.28%, and CleanSpark (CLSK) fell 7.73%.

Jobless Claims Fall 2,000 to 197,000 as Labor Market Conditions Remain Stable

Initial jobless claims totaled 197,000 for the week ended October 3, down 2,000 from 199,000 in the previous week and below the 200,000 Dow Jones consensus estimate.

Continuing claims increased by 17,000 to 1.71 million for the week ended September 26. Meanwhile, the four-week moving average declined to 198,000 from 200,500.

The latest figures indicated that layoffs remained historically low despite a sharp slowdown in September job growth. Weekly jobless claims have remained close to 57-year lows for four consecutive weeks, pointing to continued labor-market stability.

Treasury Auction Yield Hits 5.618% as Fed Officials Signal Further Rate Increases

Federal Reserve policy remained central to market sentiment as investors assessed comments from policymakers. St. Louis Fed President Alberto Musalem said that more monetary policy firming would be required to return inflation to the 2% target.

Fed Governor Christopher Waller also indicated that additional rate hikes could be necessary, although he emphasized flexibility over their timing and said increases would not necessarily occur at consecutive meetings.

The 30-year Treasury auction stopped at a high yield of 5.618%, up 31 basis points from the September auction’s 5.308% result. Treasury yields remained elevated, with the 2-year yield at 4.793%, the 5-year yield at 5.10%, the 10-year yield at 5.244%, and the 30-year yield at 5.621%.

The yield curve flattened as long-term yields retreated following a solid 30-year Treasury auction. Earlier in the week, the 10-year yield reached its highest level since 2002 before pulling back.

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Brent Crude Jumps 3.48% as Gulf Shipping Attacks Raise Supply Concerns

Brent crude traded at $103.69, gaining 3.48%, while WTI crude stood at $91.06, up 3.15%. The sharp increase followed reports of increased attacks on shipping in the Gulf and Strait of Hormuz, raising concerns about potential disruptions to global energy supplies.

Oil prices surged earlier in the session before paring some gains after President Trump’s comments indicating that the United States would not attack Iran before the midterm elections.

Other commodities moved unevenly. Gold traded at $4,126.78, up 0.40%, while silver declined 2.00% to $59.11. Copper fell 0.50% to $4.50, while natural gas gained 2.30% to $3.277 per million British thermal units.

Natural gas futures reached a two-week high as falling output supported prices, with energy companies reducing flows through offshore Gulf of Mexico pipelines ahead of Hurricane Isaias.

Dollar Holds at 102.26 as Rate Expectations Offset Mixed Currency Signals

The US Dollar Index (DXY) was little changed, rising 0.02% to 102.26. EUR/USD stood at 1.119, USD/JPY traded at 158.149, and GBP/USD was at 1.345.

Currency markets responded to a combination of economic data and expectations surrounding Federal Reserve policy. The dollar remained broadly stable as investors assessed competing signals from interest rates, economic conditions, and European bond yields.

The dollar faced some pressure as rising eurozone bond yields cooled, although expectations surrounding the Federal Reserve’s interest-rate path remained largely intact.