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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.
Gilead and Others Notable Gainers in Liquid Options This Morning
Notable gainers among liquid option names this morning include Gilead (GILD) $148.10 +3.88, NetApp (NTAP) $234.28 +5.83, Amgen (AMGN) $412.67 +10.07, Marathon Petroleum (MPC) $443.15 +10.79, and Kroger (KR) $59.70 +1.29.
Major Averages Decline as 30-Year Bond Yield Hits Highest Level Since 2002
The major averages edged downward as borrowing costs continued to climb. The 30-year bond yield hit the highest level since 2002 and while some of stock weakness is being mitigated by a dip in oil prices, the commodity continues to trade at elevated levels with tensions between the U.S. and Iran unresolved.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:OpenAI has scrapped the launch of its upcoming GPT-6.1 model amid security concerns, WSJ reportsMetaannounced Muse for Small BusinessOura said it is postponing its IPO due to "uncertainty" in the IPO marketCarMaxreported upbeat Q2 earnings and revenue and said it plans to resume share repurchases in Q3Carnivalreported better-than-expected Q3 results and provided upbeat FY26 guidance2. WALL STREET CALLS:Deutsche Bank upgraded Netflix, sees attractive entry point after selloffPepsiCowas downgraded for a second straight day, with JPMorgan citing a stalled U.S. turnaroundMizuho upgraded Stitch Fixto Neutral with short case played outMonday.comdowngraded to Neutral at JPMorganGoosehead Insuranceupgraded to Buy at Texas Capital after Muse-driven selloff3. AROUND THE WEB:OpenAI is targeting $30B in new funds at a $1.4T valuation, Bloomberg reportsKalshi is in talks with Tiger Global and Dragoneer to raise $1B in funding, Reuters reportsDisneyis laying off several hundred staff across multiple departments, Variety saysAI research leaders at OpenAI, Anthropic, Microsoft, and Metaare calling for oversight into automated AI research, WSJ reportsAnthropic plans to spend $518B on cloud/infrastructure obligations, Reuters says4. MOVERS:Iovance Biotherapeuticsgained after raising its outlook for FY26Perella Weinbergincreased after the Wall Street Journal reported that Piper Sandleris in talks to acquire the companyOraclewas higher after announcing a new storage service for cloud with NetAppuniQurefell in New York after announcing additional data from its studies of ifezuntirgene inilparvovecXeriswas lower after Bloomberg reported that Lundbeck has expressed interest in acquiring Xeris5. EARNINGS/GUIDANCE:AAR Corp.reported Q1 results and provided guidance for Q2 and FY27IDT Corp.reported Q4 results, with EPS higher year-over-yearBWX Technologiesprovided guidance for FY26 and FY30SmartStop Self Storageraised its outlook for FY26Jefferies Financialreported Q3 results, with EPS and revenue beating consensusINDEXES:The Dow fell 131.59, or 0.26%, to 51,349.92, the Nasdaq lost 22.84, or 0.09%, to 26,797.54, and the S&P 500 declined 12.85, or 0.17%, to 7,670.84.
NetApp Partners with Supermicro to Deliver AI Infrastructure Solutions
NetApp (NTAP) announced a strategic collaboration with Supermicro (SMCI) to deliver jointly validated AI infrastructure solutions spanning large-scale AI factories, enterprise deployments, neoclouds, and sovereign AI initiatives. By combining Supermicro's AI-optimized compute and rack-scale systems with the NetApp Platform, the companies will help customers accelerate deployment, improve GPU utilization, strengthen data governance, and reduce operational complexity. NetApp and Supermicro are creating a full-stack foundation for AI that extends beyond high-performance storage. The collaboration brings together Supermicro's rack-scale compute, networking, power, and liquid-cooling expertise with the NetApp Platform's unified data management, cyber resilience, hybrid-cloud leadership, and disaggregated scale.
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