A broad sell-off in tech stocks pushed Wall Street lower, with the S&P 500 down 1.1% and the Nasdaq down 2.1%, marking the market's worst week since late June. Chipmakers including Micron, AMD, Broadcom and Intel fell as investors questioned how long the AI spending boom could last, while Netflix dropped 2.9% after a management change. The 10-year Treasury yield eased to 5.09% from 5.10%, after touching its highest level since 2002 earlier this month, and traders put the odds of a Fed rate hike in December at 74.3%. Brent crude jumped 3.7% to $US109.86 a barrel amid the Iran war and Strait of Hormuz supply concerns. The ASX was set to open slightly lower.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on theage.com.au ↗
Keywords
Open a keyword to see other news on the same topic.
Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 709.82 |
| Change that session | -2.50% |
NVDA
▼ Likely negativeNvidia
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.2T |
| Close on 10/16/2026 | 214.14 |
| Change that session | -1.42% |
AAPL
▼ Likely negativeApple Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.0T |
| Close on 10/16/2026 | 343.47 |
| Change that session | +0.43% |
AMZN
▼ Likely negativeAmazon
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/16/2026 | 249.94 |
| Change that session | -1.89% |
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.3T |
| Close on 10/16/2026 | 340.59 |
| Change that session | -2.47% |
META
▼ Likely negativeMeta Platforms
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.9T |
| Close on 10/16/2026 | 709.34 |
| Change that session | -3.72% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Markets today : Wall Street hit by tech slump , ASX set to edge lower
A broad sell-off in technology stocks pushed Wall Street lower, with the S&P 500 down 1.1% and the Nasdaq down 2.1%, leaving the S&P 500 about 2% lower for the week and erasing last week's record gains. Chipmakers including Micron, AMD, Broadcom and Intel led the declines amid doubts about how long the AI spending boom can last, as tech giants that rely on debt may struggle to keep borrowing while bond yields climb. The 10-year Treasury yield eased to 5.09% but had topped 5.30% earlier this month, its highest since 2002, and traders now see a 74.3% chance of a Fed rate hike in December, up from 50.2% a month ago. Brent crude jumped 3.7% to $109.86 a barrel as the Iran war continues without a U.S.-Iran deal. The Australian sharemarket was set to edge lower, with futures pointing to a loss of 11 points (0.1%).
- Stock Futures Rebound as Tech Claws Back Losses
- Asian stocks start week on back foot, tracking tech-led Wall St losses
- 'Just another scare': Wall Street sees the AI trade strong despite tech's latest rout
Technology stocks fell this week as financing concerns mounted, pulling the S&P 500 and Nasdaq into negative territory. CoreWeave (CRWV) and Nebius (NBIS) each closed the week down more than 25%, and Baird's Ted Mortonson placed Oracle (ORCL) near the bottom of tech on free cash flow, citing a higher cost of capital and scrutiny of circular finance. Nvidia CEO Jensen Huang voiced optimism about CoreWeave, in which Nvidia holds roughly a 10% stake. Patrick Moorhead (Moor Insights & Strategy) called the sell-off another scare, while Dan Ives (Wedbush Securities) pointed to CoreWeave's revenue backlog of roughly $104 billion at the end of the second quarter. UBS described the volatility as a recalibration of expectations rather than a fundamental break, urging investors to watch whether AI spending turns into sustainable earnings growth.
- Dow Futures Rise Despite 'Black Monday' Calls: Market Commentator Says Selloff Worries Are 'Overdone'
U.S. stock futures rose late Sunday after Friday's slide in the Nasdaq Composite, even as calls for a 'Black Monday' crash trended. The Kobeissi Letter called selloff fears 'overdone,' noting the S&P 500 has climbed from about 5,500 to around 7,650 since May 2025, though it argues the market is in a 'stealth' bear market, with 84% of stocks at least 10% below record highs. S&P 500 futures rose 0.72% to 7,760, Nasdaq 100 futures gained 1.2%, and Dow futures added 0.44% to 52,446, after the S&P 500 closed 1.09% lower on Friday. Memory stocks came under pressure last week as investors balanced strong AI demand against rising interest rates, Chinese competition and uncertain supply. Polymarket traders priced a 7% chance of a U.S. recession by the end of 2026, while David Rosenberg of Rosenberg Research sees better-than-even odds of one within a year.
- Wall Street AI rally faces pressure ahead of Meta, Tesla and major chipmaker earnings reports
Wall Street's AI rally faces a test as investors await earnings from Meta, Tesla, chipmakers Lam Research and Texas Instruments, and SpaceX. Recent declines in AI, chip and hardware stocks such as Dell Technologies have raised doubts about whether the rally can continue. LSEG IBES data show S&P 500 earnings are expected to rise more than 30% in the third quarter, but investors want proof that heavy AI spending will pay off. Goldman Sachs expects five hyperscalers to lift combined capital spending to around $1.2 trillion next year. The S&P 500 posted its biggest weekly fall since June but remained only about 2% below its record high.
Related markets
Latest news
- JPMorgan's JPM Coin, representing dollar deposits, is coming to Ethereum: Bloomberg
JPMorgan will make JPM Coin, a token representing its dollar deposits, available to institutional clients on Ethereum, according to Bloomberg. The bank says Ethereum's liquidity makes it attractive to crypto companies seeking blockchain payments and to financial firms settling trades or backing tokenized assets. The move extends JPMorgan's blockchain work beyond Base and its private Kinexys network, which processes more than $7 billion daily. The bank did not say when the token will go live on Ethereum. Meanwhile, JPMorgan is among US banks planning a shared tokenized deposit network, but it was not on Swift's list of 17 banks preparing live transactions on its blockchain ledger in July.
- Cerrado Gold Reports 21% Year-Over-Year Increase in Q3 2026 Production Results at Minera Don Nicolas
Cerrado Gold reported Q3 2026 production of 16,685 GEO at the Minera Don Nicolas (MDN) mine in Santa Cruz Province, Argentina, up 21% from 13,832 GEO in Q3 2025. Year-to-date output reached 44,942 GEO, up 23% from 36,432 GEO in the comparable 2025 period. Heap leach output held steady at 9,649 GEO, while CIL output rose to 7,036 GEO as higher-grade Calandrias material, generally above 2.5 g/t gold, was routed to the Martinetas mill. Laboratory tests on selected material showed gold recoveries of up to 95%, versus about 60% expected from heap leaching, and the company now expects full-year 2026 production at the upper end of its 50,000 to 60,000 GEO guidance while targeting a new PEA by late Q1 2027.
- Is Visa Stock Still a Buy After Gaining 14% This Year?
Visa shares hit an all-time high of $401, up about 12% over the past two weeks from $359 at the end of September and up 14% year to date. Key catalysts include approval from the People's Bank of China to set up a bankcard clearing institution in China and the move of Visa Direct's stablecoin to commercial deployment on Oct. 15. Baird and BMO Capital both raised their price targets. Visa reports fiscal fourth-quarter earnings on Oct. 27 and has raised its dividend every year since 2009, last year by 14% to $0.67 per share. The author still considers the stock a buy ahead of earnings, citing a forward P/E of 24.
- Five things to watch in markets in the week ahead
Markets start the week with AI stocks under pressure after hotter-than-expected September inflation raised expectations of higher US rates and fed worries about debt-funded AI spending. Last week the Philadelphia semiconductor index fell 11.41% and the Nasdaq Composite lost 4.48%, with CoreWeave shedding about a quarter of its value and Oracle down 9.31%. Earnings are in focus, with SpaceX and Netflix reporting on Tuesday and Meta and Tesla on Wednesday after the close. Netflix reportedly plans to cut around 6% of its workforce, roughly 1,000 roles, its biggest reduction since 2022. SpaceX has also agreed to buy spectrum licenses from Grain Management for about $8 billion, a move into the wireless market.
- eMemory/PUFsecurity Showcases OCP S.A.F.E.-Approved PUFrt at OCP Global Summit, Strengthening AI Data Center Security with Caliptra
PUFsecurity, a subsidiary of eMemory Technology, was featured at Microsoft's Caliptra Workshop on Oct. 12, the opening day of the 2026 OCP Global Summit, which drew nearly 400 attendees. Its PUFrt received OCP S.A.F.E. Scope 3 approval after an independent assessment of its resistance to physical attacks such as fault injection and side-channel attacks, and is now listed on the OCP Marketplace. PUFrt provides the physical security foundation for Caliptra, an open-source hardware Root-of-Trust architecture, from key generation to chip mass-production testing. It has already been integrated into Caliptra products from ASPEED and security systems from several memory makers and networking chip vendors. The company says the milestone advances hardware security for cloud and AI infrastructure.
- Crypto vault deposits top $10 billion as lending risks draw regulatory scrutiny
Deposits into crypto lending vaults have risen from $4 billion at the start of last year to more than $10 billion, according to the Financial Times. Each vault is run by a 'curator' who selects lending strategies through smart contracts on DeFi platforms, sets risk limits and collects fees, with typical returns of 3% to 10% and riskier strategies reaching 20% or more. Risks include illiquid or hard-to-sell collateral, automatic liquidations, hacks and coding errors, while investors may focus on headline yields. Fintechs, digital asset treasury firms and hedge funds are among the main depositors, and Bitcoin lender Two Prime launched a vault on Pareto targeting 1.5% to 2% yields, with a minimum deposit of 5 WBTC and about $10 million of its own capital absorbing initial losses. U.S. and European regulators are examining whether existing rules should apply, and the SEC has questioned vaults that hold securities.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.