Oil and interest-rate pressure weigh on technology
U.S. benchmarks diverged on October 8. The S&P 500 fell, the Nasdaq 100 performed worse and the Dow edged higher. The session is best read as pressure on highly valued technology shares rather than a uniform retreat across the market.
AP News reported higher oil prices and losses in Nvidia and other technology shares. More expensive energy increases business costs and inflation concerns, while interest-rate pressure makes distant earnings less attractive. A Reuters report published at 12:13 p.m. Eastern also described oil as a driver of higher Treasury yields.
A midday slide followed by an uneven recovery
The site’s charts show choppy morning trading followed by a sharper decline in the S&P 500 and Nasdaq 100 around noon to 1 p.m. Eastern. The Nasdaq 100 dropped by more than roughly 0.5% during the abrupt move. Its subsequent rebound stalled, and a late recovery still left it well below the previous close. Dip buying failed to absorb the technology selling.
The Dow, by contrast, recovered from its morning low and held near the previous close through the afternoon. That resilience suggests buyers were still finding opportunities despite interest-rate pressure. The later portion of the 24-hour USD/JPY chart shows a sharp decline followed by a partial recovery.
AP News reported that oil reversed after President Trump’s comments on Iran. Hopes of easing tensions offered support for a recovery in equities, but without a verified time for the remarks, they cannot be assigned to the midday selloff. The Nasdaq 100’s weak recovery, more than the final bounce, defined the session.
Closing levels are from AP News and Nasdaq.
Major Index Closes
- S&P 5007,765.36 -0.47%
- NASDAQ 10030,725.81 -1.39%
- Dow Jones 3051,231.64 +0.10%
