Today's Top Stories
5 stories
Policy
Trump pledges no U.S. strikes on Iran prior to midterm elections, cooling crude spike
President Donald Trump posted on Truth Social that the U.S. will not attack Iran before the Nov. 3 midterms, reversing earlier comments where he signaled readiness to strike Tehran before the vote. The diplomatic shift eased oil prices from session peaks, though Brent still settled above $104 per barrel as tanker transit disruptions through the Strait of Hormuz persist.
CNBC ↗
Central Banks
Treasury yields drop from 24-year peaks following strong 30-year bond auction
Benchmark borrowing costs receded, with the 10-year yield dropping 5 basis points to 5.23% and the 30-year yield easing 4 basis points. Solid investor demand at the Treasury's long-bond auction provided relief to fixed-income markets after days of intense selling driven by inflation and energy fears.
CNBC ↗
Energy
Crude settles higher on Strait of Hormuz delays and approaching Gulf hurricane
Despite midday political de-escalation, oil futures finished solidly higher, with WTI settling up 3.30% to $91.19 as Hurricane Isaias forced production shut-ins along the U.S. Gulf Coast. Compounding supply concerns, shipping flows through the Strait of Hormuz have dropped sharply following recent tanker attacks.
WSJ ↗Tech
U.S. government suspends Microsoft and Adobe from green card labor program
The Trump administration froze green card applications for Microsoft, Adobe, and Infosys over allegations of program fraud. The action marks an escalating federal crackdown on foreign worker programs across major technology employers.
Reuters ↗
Policy
Levi Strauss cuts net sales forecast despite tariff-refund profit boost
The apparel maker raised its full-year earnings guidance to between $1.54 and $1.56 per share on the back of tariff refunds, but shares fell nearly 4% as it trimmed its net revenue growth forecast to the low end of expectations. Direct-to-consumer weakness in North America and Europe offset the margin improvements.
CNBC ↗Markets at a Glance
vs. previous closeLevels as of 4:06 PM EDT. Source: Yahoo Finance; may be delayed.
The Market Today
U.S. equities were mixed on Thursday as a pullback in mega-cap technology and chipmakers weighed heavily on the Nasdaq, while the Dow Jones managed modest gains. Risk sentiment was heavily pressured by reports that OpenAI's annualized revenue trailed prior indications, which sparked broad declines across the artificial intelligence sector. Energy markets remained volatile amid ongoing Middle East tensions and hurricane threats in the Gulf of Mexico, while Treasury yields fell from multi-decade highs following a solid 30-year bond auction.
Since the Open
vs. this morning's brief- Nasdaq losses steepened: The tech-heavy benchmark fell 1.25% from morning levels to 27,193.34 as sentiment around the artificial intelligence trade deteriorated throughout the session.
- Dow Jones reversed into positive territory: The Dow rebounded from its morning loss of 0.36% to gain +0.47% since the open, finishing up 0.10% on the day at 51,231.64.
- Treasury yields retreated: The 10-Year Treasury yield fell 7 basis points from its morning level of 5.30% down to 5.23%, easing off 24-year highs following a solid 30-year Treasury auction.
- Crude oil moderated from morning highs: WTI crude eased slightly from $91.68 to $91.19 (-0.53% since the open) after President Trump stated the U.S. would not attack Iran ahead of the midterm election, though it remained up 3.30% compared to Wednesday's close.
Your Watchlist
vs. previous close- Apple (AAPL): Shares gained 1.11% today as the company named a new M&A chief amid leadership shifts under CEO John Ternus, outperforming broader big-tech peers. Bloomberg
- Microsoft (MSFT): Stock fell 1.35% today after the U.S. government suspended the company from a federal green card labor program over alleged fraud. Reuters
- Nvidia (NVDA): Shares slid 2.94% today amid broad weakness in semiconductor and AI names following OpenAI's lower-than-anticipated annualized revenue disclosures. CNBC
- Amazon (AMZN): Shares dropped 2.25% today as the retailer revamped its hardware portfolio, phasing out budget Fire devices to introduce higher-priced Alexa tablets competing with Apple's premium line. CNBC
- Alphabet (GOOGL): Stock fell 0.63% today as Google Cloud announced new Gemini AI agents for business workspace customers amid heightened competition across enterprise software. CNBC
- Meta (META): Shares finished essentially flat (-0.06% today) following filings showing Donald Trump purchased up to $25 million in Meta stock in August. CNBC
- JPMorgan Chase (JPM): Stock rose 0.57% today amid a broader rotation toward financial names as the bank appointed Eleni Skoura as head of Chase Germany. Reuters
- Exxon Mobil (XOM): Shares gained 2.75% today, tracking strong crude prices and after SEC warnings against climate activists engaging the oil giant. Bloomberg
Tomorrow's Calendar
Friday, October 9 · times ETEconomic data & events
Earnings
High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.
Sectors & Movers
- Semiconductors & AI Hardware: Heavy losses swept across the complex; Oracle dropped over 5%, Advanced Micro Devices fell 5%, Broadcom fell 5%, and CoreWeave tumbled 8% following OpenAI's revenue details.
- Energy: Oil equities advanced alongside physical crude, supported by shut-ins ahead of Hurricane Isaias and ongoing shipping frictions in the Persian Gulf.
- Wolfspeed (WOLF): Shares jumped more than 15% after securing a conditional $1.5 billion, 30-year loan commitment from the U.S. Department of Defense to fund domestic chip production.
- Palantir Technologies (PLTR): Rose over 2%, bucking tech declines after Goldman Sachs upgraded the stock to Buy, citing expanding demand for sovereign AI applications.
- Natural Gas: Futures fell 1.1% to settle at $3.168 per mmBtu following the Energy Information Administration's storage report.
Macro & Policy
- Federal Reserve Rate Path: St. Louis Fed President Alberto Musalem warned of persistent inflation risks, noting interest rates may need to rise over the next six to nine months. Markets are pricing an 82% probability of a rate hike at the December meeting.
- Treasury Commentary: David Zervos, counselor to Treasury Secretary Scott Bessent, stated that historically elevated real yields have room to decline once geopolitical energy shocks subside.
- Mortgage Rates: Benchmark U.S. mortgage rates advanced for a seventh consecutive week, touching their highest levels since 2023 under pressure from recent yield increases.
- European Sovereign Debt: Eurozone finance ministers pushed France to pass its 2027 budget to reassure market participants following recent volatility in French government bonds.
What to Watch
- Delta Air Lines (DAL) Earnings: Reports Q3 financial results before the opening bell on Friday, with consensus EPS expected at $1.93.
- U.S. Consumer Sentiment (10:00 AM ET): Preliminary University of Michigan consumer sentiment for October is scheduled for release, with consensus forecasting a dip to 47.5 from 47.8.
- Inflation Expectations (10:00 AM ET): The preliminary University of Michigan inflation expectations print will be monitored after previous readings sat at 4.6%.
- Gulf of Mexico Energy Disruptions: Ongoing impact and potential damage from Hurricane Isaias on regional offshore oil and gas output.
Sources
52 articles- CNBCTrump says U.S. will not attack Iran before midterm election
- CNBCNasdaq falls 1% as AI trade stumbles following OpenAI revenue setback: Live updates
- BloombergWhy China Generates Too Much Power
- WSJ‘Musk’ Review: Alex Gibney’s Portrait of a Tech Titan
- WSJOil Finishes Higher Despite Trump Truth Social Post
- ReutersThousands of Spaniards march to mark death of octogenarian at heart of housing protests - Reuters
- CNBCNvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report
- MarketWatchFlorida is voting on whether to slash property taxes. Here’s who it would benefit — and hurt.
- WSJComex Gold Settles 0.44% Higher at $4131.80
- BloombergExpected Split Congress A Positive for Bonds: Khurana
- CNBCTreasury yields are 'really, really high,' but can come down soon, Bessent's new adviser says
- WSJLondon’s Private Markets Exchange Completes Another Auction
- BloombergSt. Louis Fed’s Musalem: Why Rates May Need To Rise Again
- BloombergA Scary Implication of OpenAI’s Math Breakthroughs
- WSJNatural Gas Settles Lower After EIA Report
- ReutersEuro zone ministers tell France to pass 2027 budget to calm markets - Reuters
- Financial TimesOil prices jump on tanker attacks and slowing flows through Strait of Hormuz
- MarketWatchThe options market is reminding investors there’s a cure for rising bond yields — higher yields
- ReutersDeloitte fined £6.05 million in UK over audits of transport operator Go-Ahead Group - Reuters
- ReutersWall St turns lower as crude spikes, chip stocks weigh - Reuters
- MarketWatchBond yields fall as the Treasury market passes a crucial test of investor confidence
- MarketWatchKen Paxton is right. Tax cuts will mean Social Security and Medicare cuts.
- WSJBeyond Hopes New Meat-Free Brands Will Power a Turnaround
- WSJTaylor Farms to Curb Lettuce Sales From Mexico After Massive Cyclospora Outbreak
- Financial TimesUS mortgage rates rise for seventh straight week to hit highest since 2023
- WSJHealth Care Roundup: Market Talk
- Financial TimesFrench bond sell-off prompts ‘bottom fishing’ across Europe
- CNBCLevi Strauss hikes profit guidance after tariff refunds, but its sales outlook is less optimistic
- Financial TimesRepeated US Treasury interventions risk an erosion of credibility
- CNBCStocks making the biggest moves premarket: Haemonetics, Broadcom, Lululemon, Palantir, Wolfspeed & more
- BloombergAmazon Overhauls Tablet Line By Going After Apple’s High-End iPads
- BloombergApple Names New M&A Chief in Latest Shake-Up Under CEO John Ternus
- BloombergApple’s New Watches Don’t Do Enough to Beat Out Oura and Whoop
- APThe Trump administration is suspending Microsoft from a green card program, alleging fraud
- ReutersUS freezes Microsoft, Adobe, Infosys green-card applications over alleged fraud
- CNBCU.S. suspends Microsoft, Adobe from green card labor program in foreign worker crackdown
- Barron'sNvidia Stock Drops, but a Big Options Trade Bet Suggests It Could Go Higher
- ReutersTrump discloses Nvidia stock trades as he prepares to honor CEO Huang
- Barron'sMicrosoft and Nvidia Detail PC Laptop with RTX Spark Chip and On-Device AI
- WSJAmazon Introduces New Lineup of Pricier Tablets
- CNBCAmazon overhauls aging devices lineup with higher-priced Alexa tablet, dumping the budget Fire
- The New York TimesIt’s Prime Day (Again). Here Are the Best Deals From Amazon’s Prime Big Deal Days.
- CNBCGoogle Cloud introduces Gemini agent for work as AI race heats up
- APOne Tech Tip: Lake America backlash fuels interest in Google Maps alternatives
- Barron'sGoogle Workspace Gets AI Agents. What It Means for Alphabet Stock.
- CNBCTrump bought up to $25 million in Meta and millions in SpaceX debt in August
- CNBCAI startup Manus raises $500 million in first funding round since Meta breakup
- ReutersManus raises more than $500 million after Meta exit
- BloombergWatch Higher Yields Let Bond Investors Be Choosy: JPM's Herr
- ReutersJPMorgan appoints Eleni Skoura as Chase Germany head, memo says
- BloombergWatch JPMorgan's Gehl on Tech & AI Fundraising, Capex, IPO
- BloombergSEC Warns Activist Investors After Climate Push at Exxon Mobil
This brief was written by AI (Google Gemini) from the articles listed above and may contain errors. It is for information only and is not investment advice. Check the original reporting before making decisions.