S&P 500 and Nasdaq close sharply lower as AI selloff drags down stock market
Wall Street is pulling back from chipmakers and other tech companies amid concerns about the debt incurred to build out AI.
Top News
U.S. budget deficit swells to almost $2 trillion for fiscal 2026, up 12% in a single year
AnalysisFinancial TimesOct 16 at 2:48 PM PDT
Opinion: US companies wanted a president who would cut taxes and rules.
U.S. yields fall for the week as AI debt jitters drive traders to safe-haven bonds
Separate development
Nasdaq sinks more than 2% as investors raise questions about AI debt
More: The Motley Foolopen
India
Rupee rallies for 6th straight session; ends 10 paise higher at 94.89 against US dollar
India's exports up 23% to $44.4 billion in Sep; trade deficit narrows to $30.21 billion
India's GDP to grow 7.1-7.3% in FY27 as private investment gains momentum: Deloitte
TSMC’s Profit Surpasses Expectations After AI Orders Rush In
More: CNBCopen, Anadolu Agencyopen, Seoul Economic Dailyopen, Focus Taiwan (CNA)open, CNBC TV18open, Euronewsopen, SiliconANGLEopen
United States
Seoul stocks extend losses as AI, US inflation concerns persist
US weekly jobless claims rise marginally amid low layoffs
More: FXStreet, Anadolu Agency, Investing.com
Allianz CIO Sees up to 75 Bps of Fed Rate Hikes After Midterms
More: The Business Times, Semaforopen, Euronewsopen, Reutersopen
Meta releases open-weight Muse Spark model for coding, agentic tasks
More: Axios, SiliconANGLE, Hugging Face, TechCrunch, The Verge
Oil Tops $110 for First Time Since May as Supply Risk Grows
Prediction markets:
PolymarketStrait of Hormuz traffic returns to normal by December 31
12% · Closes · Quote captured
More: Reutersopen, Rigzoneopen, CNBCopen, Financial Times
Separate development
Oil prices edge lower on improving supplies; WTI set for strong week
More: Reuters, The New York Times
Israeli settlers torch cars and trees in West Bank villages, disrupting Palestinians' olive harvest
ECB clears UniCredit to take control of Commerzbank, advancing cross-border bank consolidation
More: Bloomberg, Anadolu Agency, Daily Sabah, Euronews
Euro Snaps Five-Week Losing Streak With Warsh Remarks
AnalysisinvestingLiveOct 14 at 7:27 PM PDT
ECB’s Santos Pereira says euro zone inflation is not spreading beyond energy
The comments support the view that the ECB can hold its nerve on an energy-led price shock, which should limit pressure for tighter policy in the near term and leave the euro without a fresh rate-driven boost. His attribution of higher yields to fiscal issues rather than inflation is notable for bond traders, since it suggests the ECB sees the selloff as a matter for governments rather than for monetary policy. That points to limited appetite to lean against yields through policy. Natural gas is the swing factor, and a cold start to winter would quickly test his relaxed stance and could revive hawkish pricing. Álvaro Santos Pereira is the governor of the Banco de Portugal, Portugal’s central bank. That makes him a member of the ECB’s Governing Council. The ECB can live with an energy shock as long as it stays an energy shock, and so far, says Santos Pereira, it has. Summary: ECB policyma
More: investingLiveopen
Weekend Reading
Federal Reserve Bank of New York · Oct 15 at 4:00 AM PDT
Econbrowser · Oct 16 at 11:26 AM PDT
Foreign Affairs · Oct 16 at 1:00 AM PDT
The Motley Fool · Oct 16 at 2:23 PM PDT
More News
Bloomberg · Oct 15 at 11:50 PM PDT
Financial Times · Oct 16 at 4:51 AM PDT
FXStreet · Oct 14 at 8:14 PM PDT
Anadolu Agency · Oct 16 at 3:27 AM PDT
South China Morning Post · Oct 15 at 11:13 PM PDT
Earlier
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