US stocks: S&P 500, Nasdaq end lower as crude prices jump, chip stocks weigh
Chips drop after FT report that OpenAI overstated revenues
On Thursday (Oct 8), US stocks dipped as crude prices surged due to tensions in the Middle East and reduced US oil output, causing concerns about inflation and potential rate hikes. The Nasdaq experienced the most significant drop, closing lower than the S&P 500 and the Dow Jones Industrial Average, which saw a slight gain. Chip stocks, which had risen by more than 80% in 2026, underperformed, falling 3.4% after a Financial Times report stated that OpenAI's annualized revenues were $20 billion lower than previously reported.
Oil prices rose due to attacks on shipping in the Strait of Hormuz and US output cuts caused by hurricanes. The Federal Reserve's decision to raise interest rates in September, for the first time since July 2023, added to the market's uncertainty. As the third-quarter earnings season approaches, investors are cautious, with equity prices currently favoring an upward trend.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 4 other outlets
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