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Bitcoin rose 1.5% to just under $83,900 on Wednesday Asian morning after New York Fed President John Williams said no further rate hikes were needed in 2027, weakening the dollar and lifting Asian stocks. Zcash led major cryptocurrencies with a gain of nearly 7% to about $1,270, while Solana and Dogecoin each rose 2.5% and Ether added 2% to about $2,520. Williams said one more hike this year may still be appropriate, and his comments helped the S&P 500 pare its losses. Thursday's U.S. inflation report is the next test: a cool reading could give bitcoin room to retest $85,000. Brent crude rose 0.7% to about $106 a barrel as Middle East attacks raised doubts over energy shipments from the Persian Gulf.
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The Federal Reserve's 2025 Survey of Consumer Finances, released on 9 October 2026, found that a record 37% of US families lacked a good idea of their income for the following year, up since the 2019 survey. Even so, the share of families reporting unusually high or low income fell from 28% in 2022 to 23% in 2025, and real median family income rose 7% from 2021 to 2024, to $82,200. Over the same period, the unemployment rate rose from 3.7% to 4.2%, and the share of families with overdue loan payments climbed from about 12% to almost 20%. Meanwhile, the University of Michigan's preliminary consumer sentiment index fell to 46.3 in October 2026, and the report does not establish why families became more uncertain or whether they were unemployed or facing income losses.
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- Nvidia Stock Falls Again as AI Chip Sell - Off Deepens Despite TSMC Record Profit and Robust Demand Outlook
Nvidia shares fell for a second straight day, down 2.3% to $216.16 by mid-morning Eastern time and about 11% below their 52-week high of $243.37. The sell-off has spread across AI and semiconductor stocks, with 20 of the sector's most valuable companies losing more than $1 trillion in market value this week, and South Korea's Kospi plunging more than 7%. TSMC reported a sixth straight quarter of record profit, with net income up nearly 69% and revenue up 51%, and forecast fourth-quarter sales of as much as $54.3 billion, yet its shares fell about 4% as gross margin slipped to 66.4%. Cited factors include higher rate expectations after the 3.7% inflation reading, financing concerns for AI infrastructure (CoreWeave's bond yields spiked toward 15%), and fears of memory-chip oversupply.
- Taiwan Semiconductor Falls 3% Despite Record Quarterly Profit; Intel Drops 4%, AMD Slides 3%
Taiwan Semiconductor (TSM) fell 3% to $418.90 even after reporting a sixth straight quarter of record profit, with revenue and net income both sharply higher year over year. Gross margin narrowed from the prior quarter, which management attributed mainly to dilution from the initial ramp of its newest process node, with overseas fab costs adding pressure. CEO C.C. Wei said AI demand remains extremely strong and above supply, while skeptics argue the shares had already run up before the report. Intel (INTC) dropped 4% to $94.33, Advanced Micro Devices (AMD) slid 3% to $552.98, and the iShares Semiconductor ETF (SOXX) fell 3%, more than the 1% decline in Invesco QQQ Trust (QQQ).
- TSMC stock sinks despite record profit amid 'extremely robust demand' for AI chips
TSMC (TSM) shares fell 4% even though the contract chipmaker posted a sixth straight quarter of record profit, with profit up nearly 69% and revenue up 51%, amid a deepening sector-wide sell-off. Sales for the current quarter are expected to reach as much as $54.3 billion, above analyst estimates. Third-quarter gross margin was 66.4%, down from 67.7% in the second quarter, and the company guides 65% to 67% for the fourth quarter. CEO C.C. Wei said demand for leading-edge technologies remains extremely robust, while CFO Wendell Huang reiterated a 2026 capital budget of $60 billion to $64 billion and said capex from 2026 to 2028 will be significantly higher than in the past three years. The stock is up more than 41% year to date and hit record highs earlier this month after Elon Musk acknowledged early talks on a possible collaboration on his Terafab chip initiative in Texas, which TSMC confirmed it is exploring alongside its Arizona expansion.
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