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S&P 500 Falls Over 1%, Nasdaq Slides About 2%
The S&P 500 fell over 1% and the Nasdaq slid about 2%, pressured by higher Treasury yields as well as the hotter-than-expected September inflation report. Headline CPI rose 0.6% month-over-month and 3.7% year-over-year, compared with expectations for 0.6% and 3.6%, respectively. Core CPI, which excludes food and energy, increased 0.3% monthly and 2.6% annually, topping forecasts of 0.2% and 2.5%.Meanwhile, oil prices headed higher as attacks on vessels in the Strait of Hormuz added to concerns about disruptions to global energy supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Bank of Americareported lower-than-expected Q3 results a day after the Treasury Department fined the bank $1.2B over money laundering violationsMorgan Stanleyreported upbeat Q3 results, with the company saying banking pipelines "remain high"Netflixis laying off 6% of its staff, WSJ reportsBerkshire Hathawayis investing an additional $330M in Bending SpoonsASMLreported better-than-expected Q3 results and narrowed its FY26 revenue outlook2. WALL STREET CALLS:Brinkerupgraded to Buy at JefferiesJefferies also upgraded Texas Roadhouseto BuyLockheed Martinupgraded to Buy at Vertical Research following selloffAlbertsonsdowngraded to Underperform at BofABarclays downgraded HP Enterprise, Delland NetAppto Equal Weight3. AROUND THE WEB:Defense technology startup Anduril is in talks to sell insider shares at a $90B valuation, Bloomberg reportsPalantirand London Mayor Sadiq Khan's policing office have agreed to drop legal proceedings over a blocked GBP 50M Met Police AI and data analytics contract, Politico reportsThe FBI worked with CrowdStriketo dismantle more than 40 laptop farms and seize nearly 200 computer devices across Texas used to help North Koreans get remote U.S. tech jobs under stolen identities, NY Times saysGeneral Atlantic is planning to go public as early as spring 2027 and its IPO could be valued at up to $10B, FT reportsNvidia'scontrol of China's market for AI chips fell to 34% in 1H of 2026, mainly due to strict U.S. export controls and domestic rivals gaining ground, Reuters says4. MOVERS:Liquidiagained after announcing a global settlement agreement with United TherapeuticsVerastemincreased after appointing Michel Bailey as CEOGlobalFoundrieswas higher after receiving up to $21B in funding for two new semiconductor manufacturing facilitiesCoreWeaveslipped as the company's bonds drop into levels typically associated with distressInniofell in New York after Morgan Stanley lowered its price target on the stock to $405. EARNINGS/GUIDANCE:Camtekprovided guidance for Q3, Q4, and FY27MaxCytereported preliminary Q3 results and raised its outlook for FY26AZZreported Q2 results and increased its guidance for FY27Fastenalreported Q3 results, with EPS and revenue beating consensusSono-Tekreported Q2 results, with CEO Steve Harshbarger commenting FY27 is "progressing well"INDEXES:The Dow fell 48.62, or 0.09%, to 51,621.48, the Nasdaq lost 511.51, or 1.88%, to 26,692.87, and the S&P 500 declined 86.51, or 1.11%, to 7,718.94.
Major U.S. Averages Decline as CPI Rises
The major averages were lower near noon, pressured by higher Treasury yields as well as the September CPI report, which came in hotter than expected. Headline CPI rose 0.6% month-over-month and 3.7% year-over-year, compared with expectations for 0.6% and 3.6%, respectively. Core CPI, which excludes food and energy, increased 0.3% monthly and 2.6% annually, topping forecasts of 0.2% and 2.5%.Meanwhile, oil prices are surging over 1% once again as attacks on vessels in the Strait of Hormuz heighten concerns about disruptions to global energy supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Bank of Americareported lower-than-expected Q3 results a day after the Treasury Department fined the bank $1.2B over money laundering violationsMorgan Stanleyreported upbeat Q3 results, with the company saying banking pipelines "remain high"Netflixis laying off 6% of its staff, WSJ reportsBerkshire Hathawayis investing an additional $330M in Bending SpoonsASMLreported better-than-expected Q3 results and narrowed its FY26 revenue outlook2. WALL STREET CALLS:Brinkerupgraded to Buy at JefferiesJefferies also upgraded Texas Roadhouseto BuyLockheed Martinupgraded to Buy at Vertical Research following selloffAlbertsonsdowngraded to Underperform at BofABarclays downgraded HP Enterprise, Delland NetAppto Equal Weight3. AROUND THE WEB:Palantirand London Mayor Sadiq Khan's policing office have agreed to drop legal proceedings over a blocked GBP 50M Met Police AI and data analytics contract, Politico reportsThree people were seriously injured in an explosion at Intel'smanufacturing facility in Israel, Calcalist reportsThe FBI worked with CrowdStriketo dismantle more than 40 laptop farms and seize nearly 200 computer devices across Texas used to help North Koreans get remote U.S. tech jobs under stolen identities, NY Times saysGeneral Atlantic is planning to go public as early as spring 2027 and its IPO could be valued at up to $10B, FT reportsNvidia'scontrol of China's market for AI chips fell to 34% in 1H of 2026, mainly due to strict U.S. export controls and domestic rivals gaining ground, Reuters says4. MOVERS:Liquidiagains after announcing a global settlement agreement with United TherapeuticsVerastemincreases after appointing Michel Bailey as CEOGlobalFoundrieshigher after receiving up to $21B in funding for two new semiconductor manufacturing facilitiesStrivelower after announcing a 5M share offering of SATS preferred stockInniofalls in New York after Morgan Stanley lowered its price target on the stock to $405. EARNINGS/GUIDANCE:Camtekprovided guidance for Q3, Q4, and FY27MaxCytereported preliminary Q3 results and raised its outlook for FY26AZZreported Q2 results and increased its guidance for FY27Fastenalreported Q3 results, with EPS and revenue beating consensusSono-Tekreported Q2 results, with CEO Steve Harshbarger commenting FY27 is "progressing well"INDEXES:Near midday, the Dow was down 46.41, or 0.09%, to 51,623.69, the Nasdaq was down 369.46, or 1.36%, to 26,834.93, and the S&P 500 was down 71.44, or 0.92%, to 7,734.01.
U.S. Treasury Imposes $1.21B Penalty on Bank of America
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.LAUNDERING VIOLATIONS:The Department of the Treasury announced enforcement actions imposing more than $1.21B penalties against Bank of Americafor violations of anti-money laundering and sanctions laws. These actions include the third-largest penalty in Treasury history and the largest in the Office of the Comptroller of the Currency history, the agency said in a statement. he The Financial Crimes Enforcement Network assessed a $1.2B penalty for the bank's "failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border." The The Office of the Comptroller of the Currency assessed a $750M civil money penalty for Bank of America's "deficient and ineffective BSA/AML (anti-money laundering) compliance program." The Office of Foreign Assets Control announced an $11.6M settlement agreement with the bank over apparent violations "of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism."U.S.-JAPAN INITIATIVE:GlobalFoundriesannounced it has been selected as the technology provider and operator for two new semiconductor manufacturing facilities at its Malta, New York, site under a U.S.-Japan initiative providing up to $21B in funding. Enabled by President Donald Trump's trade and investment agreement with Japan, the initiative will accelerate trusted semiconductor manufacturing in the United States, strengthen supply chains and support growing demand across automotive, industrial and connected infrastructure markets. Japan will provide the investment, while GF will contribute its differentiated technologies, manufacturing expertise and proven operational capabilities as technology provider and operator. An initial investment of approximately $10B will accelerate construction of a new 300mm semiconductor fab, which is expected to come online in 2029. An additional investment of approximately $10B would fund a second fab. Together, the two fabs will add significant new U.S. manufacturing capacity and reinforce GF's ability to support customers worldwide.The first fab is expected to add approximately 900,000 300mm wafers of annual U.S. manufacturing capacity when fully operational. A second fab would add approximately the same amount. The project is expected to create about 27,000 construction and ecosystem jobs and more than 1,000 high-skilled manufacturing jobs in New York's Capital Region. GlobalFoundries has also agreed with the U.S. Department of Commerce to amend its existing CHIPS and Science Act award to reallocate $955M and accelerate the company's investments in silicon photonics, silicon-germanium, or SiGe, and advanced packaging at its facilities in Malta, New York, and Burlington, Vermont. These investments will expand domestic manufacturing capacity for technologies increasingly critical to communications infrastructure and data centers. In a separate agreement, the U.S. Department of Commerce will receive equity in GlobalFoundries of approximately 4%. GF expects to break ground on the first fab at its Malta site later this year. The site is permitted and shovel-ready, using existing Malta infrastructure to speed construction. Details of a groundbreaking event will be announced separately.NAVY PROGRAM: Sypris Electronics, a subsidiary of Sypris Solutions, announced that it has received a follow-on award to manufacture and test electronic power supplies for a large, mission-critical U.S. Navy program. Under the new order, Sypris will produce modules for additional systems to be delivered to a U.S. Department of Defense contractor, with deliveries scheduled to begin in 2027. Terms of the award were not disclosed.
U.S. September CPI Exceeds Expectations, Stock Futures Decline
Stock futures are lower after the September CPI report came in hotter than expected on an annual basis, with both headline and core inflation exceeding forecasts. Headline CPI rose 0.6% month-over-month and 3.7% year-over-year, compared with expectations for 0.6% and 3.6%, respectively. Core CPI, which excludes food and energy, increased 0.3% monthly and 2.6% annually, topping forecasts of 0.2% and 2.5%.In addition, oil prices are climbing again, with Brent crude above $106 a barrel and U.S. crude approaching $96, as attacks on vessels in the Strait of Hormuz heighten concerns about disruptions to global energy supplies.Bank earnings also remain in focus. Bank of America shares are under pressure after the lender disclosed a $1.21B regulatory fine and reported weaker quarterly profits, while Morgan Stanley shares are edging lower despite mixed results.In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 0.61% and Dow futures fell 0.20%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Liquidiaup 36% after the company and United Therapeuticsreached a global settlement agreement that resolves all pending litigation between the companiesEnovixup 5% after announcing a purchase order from a multinational provider of dual-use drone systems for 100,000 battery unitsUP AFTER EARNINGS -BlackRockup 2%DOWN AFTER EARNINGS -Bank of Americadown 7%State Streetdown 8%Morgan Stanleydown 3%Fastenaldown 4%ASMLdown 1%
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