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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.
Verastem Trading Halted Due to Volatility
Verastem trading halted, volatility trading pause
Verastem Oncology Updates Positive Clinical Data for VS-7375
Verastem Oncology announced positive initial efficacy and updated safety and tolerability data in first multi-tumor clinical data update from the ongoing TARGET-D 101 Phase 1/2 clinical trial evaluating VS-7375, an investigational and potential best-in-class oral KRAS G12D inhibitor, in patients with advanced KRAS G12D-mutated solid tumors. The data demonstrate robust clinical activity with a favorable safety and tolerability profile across multiple dose levels and tumor types, including metastatic pancreatic ductal adenocarcinoma, or mPDAC, metastatic colorectal cancer (mCRC), and advanced non-small cell lung cancer, or NSCLC. The data will be presented during an investor event and webcast today. The TARGET-D 101 Phase 1/2 trial is a multi-center, open-label, dose-escalation and dose-expansion study evaluating the safety and efficacy of VS-7375, both as monotherapy and in combination, in patients with advanced KRAS G12D-mutatedsolid tumors. The study has enrolled more than 200 patients, and patient follow-up is ongoing, with data continuing to mature across both monotherapy and combination cohorts. Initial data demonstrated compelling clinical antitumor activity in patients with previously treated mPDAC treated with 900 mg QD monotherapy of VS-7375. Efficacy was assessed in the modified intent-to-treat, or mITT, population, defined as any patient that received at least one dose of VS-7375 and started therapy on or before July 22, 2026. A total of 22 patients that met the mITT criteria were included in the efficacy analysis and were treated with VS-7375 900 mg QD monotherapy with a median follow-up of 6.4 months. Patients received a median of two prior lines of therapy, including standard-of-care, or SoC, chemotherapy. As of the data cutoff date of October 7 patients receiving 900 mg VS-7375 daily demonstrated a confirmed objective response rate, or ORR, of 50% in second line PDAC, a 41% confirmed ORR in the 2L+ setting, including two complete responses, one confirmed and one unconfirmed, and a 36% confirmed ORR in the 3L/4L setting. Compared with 600 mg QD monotherapy, the 900 mg dose produced deeper tumor reductions and a higher response rate. At 600 mg, eight patients achieved objective responses, including four confirmed responses, and 11 of 27 patients remain on treatment. Verastem believes these data demonstrate a clear dose response and coupled with generally similar adverse event profiles at the two doses, establish 900 mg orally QD as the superior dose. In updated pharmacokinetic data, the 900 mg QD monotherapy dose evaluated across KRAS G12D-driven tumors continues to achieve target plasma levels of VS-7375 with optimal drug exposure to the majority of patients and provides clear separation from the 600 mg QD monotherapy dose. Verastem has reached alignment with the FDA on the Phase 3 study design to evaluate VS-7375 in the first-line mPDAC setting. The three-arm study will evaluate a chemotherapy-free regimen of VS-7375 900 mg QD in combination with anti-EGFR, VS-7375 at 900 mg QD in combination with conventional three weeks on and one week off gemcitabine/nab-paclitaxel, or GnP, and investigator choice of SoC chemotherapy PFS and ORR will serve as dual-primary endpoints, with OS as the secondary endpoint. The Company plans to open the trial by year-end 2026. Initial data demonstrated encouraging antitumor activity in patients with mCRC in the 3L treatment setting. Efficacy was assessed in the mITT population, defined as any patient that received at least one dose of VS-7375 and started therapy on or before July 22. A total of six patients met the mITT criteria, with one patient not evaluable for efficacy due to withdrawing consent prior to first disease assessment. Patients had received a median of two prior lines of SoC therapy. The initial data demonstrated robust confirmed responses of VS-7375 600 mg QD in patients with NSCLC being treated in the 2L+ setting. Efficacy was assessed in the mITT population, defined as any patient that received at least one dose of VS-7375 and started therapy on or before July 22, 2026. A total of 23 patients met the mITT criteria and were included in the efficacy analysis. Patients received a median of one prior line of therapy with SoC chemotherapy and immunotherapy. Among five evaluable patients with KRAS G12D-mutant advanced NSCLC who received VS-7375 600 mg monotherapy in the second or later line setting and had detectable KRAS G12D ctDNA at baseline, all patients achieved complete clearance of detectable KRAS G12D ctDNA. This shows KRAS G12D VAF can be cleared even at the 600 mg dose. VS-7375 demonstrated consistent tolerability across combination regimens. Plan to report mature data from the TARGET-D 101 mCRC 900 mg combination with anti-EGFR cohort and initial data from the 600 mg VS-7375 plus cetuximab combination cohort in mPDAC by year-end 2026.
Verastem Stock Rises 20% to $8.94 After TARGET-D 101 Trial Results and CEO Change
Verastem up 20% to $8.94 after results from TARGET-D 101 trial, CEO change
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