Chips slide as oil and rates stay in charge
After the close, Thursday October 8: what moved, why, and what to watch next.
Dusk Ledger · Thursday, October 8, 2026 · 6:00 PM ET
The close
| Index | Close | Day |
|---|---|---|
| S&P 500 | 7,765.36 | -0.47% |
| Dow Jones Industrial Average | 51,231.64 | +0.10% |
| Nasdaq Composite | 27,193.34 | -1.25% |
The S&P 500 and Nasdaq both fell for a second day. Most S&P 500 stocks rose, but declines in technology outweighed them, so the headline index slipped.
What moved, and why
Chips led the drop. Chip stocks sold off after the Financial Times reported that OpenAI's annualised revenue is about $20 billion below what had been signalled earlier. Oracle fell more than 5%. Read our story on the OpenAI report.
Oil jumped. Brent crude topped $104 a barrel at its high and settled roughly 4% higher. Reports pointed to attacks on shipping near the Strait of Hormuz and hurricane-related production shutdowns in the US Gulf of Mexico. Energy was the best-performing sector in the S&P 500. Read our oil story.
Rates stayed in focus. Treasury yields jumped in the morning, then fell back in the afternoon. Fed Governor Christopher Waller said he expects more rate hikes if the data come in as he expects, with flexibility on timing. Read our story on his comments.
Single stocks. Chipotle Mexican Grill shares jumped on reports that Starbucks is exploring a purchase, and Starbucks shares fell. PepsiCo beat third-quarter revenue estimates but cut its annual profit forecast and said it would pursue more cost cuts.
What to watch next
- Bank earnings. JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo report Tuesday, October 13. Morgan Stanley and Bank of America report Wednesday, October 14. Investors want to see how higher rates are affecting dealmaking, lending and funding costs.
- The Fed. The next policy meeting is Tuesday-Wednesday, October 27-28.
- Oil and the Gulf. Whether tanker attacks near Hormuz continue, and how quickly Gulf of Mexico production returns after the hurricane shutdowns.
- AI spending. Whether more reporting questions the revenue behind the AI buildout, as it did today.