Nasdaq Slides on OpenAI Revenue Miss, Crude Pares Spike
As of 2026-10-09 07:00 SGT
Key points
- Wall Street finished mixed on Oct 8 after a report that OpenAI's annualised revenue runs roughly $20 billion below the widely cited $70 billion figure, triggering a fresh sell-off in AI-linked names (Nvidia, Oracle, CoreWeave).
- The Nasdaq led the slide, down more than 1%, while the Dow and Russell 2000 edged higher as falling Treasury yields failed to cushion the afternoon tech rout.
- The 10-year Treasury yield eased to 5.231% (-4.6bp) as the latest 30-year auction drew decent demand, even as rising yields and oil continued to weigh on risk appetite more broadly.
- Trump said the US will not strike Iran before the Nov 3 midterms, helping crude pare an intraday spike of more than 5%; WTI settled near $91.50 before easing to $91.11 (-0.42%) in early Asia trade.
- Nikkei 225 closed at 69,042 (-1.42%) and the Hang Seng at 23,786 (-2.04%), both pressured by the US tech sell-off; futures point to a soft Tokyo open.
Market snapshot
| Instrument | Level | Change |
|---|---|---|
| USD/JPY | 157.90 | -0.09% |
| EUR/USD | 1.1216 | +0.15% |
| Nikkei 225 (close) | 69,042 | -1.42% |
| Hang Seng (close) | 23,786 | -2.04% |
| Dow futures | 51,539 | +0.09% |
| S&P 500 futures | 7,826.00 | +0.12% |
| Nasdaq 100 futures | 31,029 | +0.19% |
| Gold futures | 4,165.10 | +0.19% |
| WTI crude | 91.11 | -0.42% |
| Bitcoin | 81,820 | -1.75% |
| US 10-yr yield | 5.231% | -4.6bp |
Foreign exchange — Range-bound
The dollar softened against the yen overnight as Treasury yields fell, before paring that move into the close. USD/JPY now sits at 157.90 (-0.09%), comfortably within the prior session's 158.35-157.60 band. Tokyo's open today should keep the pair confined to the high-157s as traders look past the yen leg toward tonight's Canada jobs report and Michigan sentiment.
Equities — Mixed, AI trade stumbles
The Nasdaq led the Oct 8 slide as the OpenAI revenue report hammered AI infrastructure names, while the Dow and Russell 2000 managed modest gains and the S&P 500 extended its retreat. In Asia, the Nikkei 225 closed at 69,042 (-1.42%) and the Hang Seng at 23,786 (-2.04%), both dragged lower by the spillover from the US tech sell-off. Futures point to a soft Tokyo open today, with the AI-and-semiconductor drawdown likely to set the early tone.
Macro — Yields ease on solid auction
The 10-year Treasury yield slipped to 5.231% (-4.6bp) after the latest 30-year auction drew decent demand, a modest relief after yields had pushed toward multi-year highs earlier this week. A New York Fed study found that tariffs accounted for the entirety of the inflation seen in many everyday goods, adding to the debate over how much further the Fed needs to tighten. Tonight's Canada jobs report and the preliminary Michigan sentiment print are the next catalysts for the rates and dollar complex.
Commodities — Crude pares a sharp spike
WTI jumped more than 5% intraday on Iran strike fears and Hurricane Isaias, which has shut in roughly 63% of Gulf of Mexico output; crude settled near $91.50 (+3.64%) and Brent near $104.28 (+4.07%) before Trump's remarks ruling out a pre-midterm Iran strike pulled the current level back to $91.11 (-0.42%). Gold firmed to $4,165.10 (+0.19%) on inflation-hedge demand tied to the oil spike. The pullback in crude looks more like profit-taking than a reversal, with the floor under prices still firm.
Geopolitics — Strike risk pushed past the midterms, not off the table
Trump said the US will not attack Iran before the Nov 3 midterm election, calling the latest talks "productive," but the Pentagon has drawn up options for a short, intense three-day campaign against Iran's energy sites and missiles, the New York Times reported, after Trump vetoed five strike proposals in recent months. US commanders are reportedly ready to act within days if he gives the order. The Treasury separately sanctioned 17 more tankers linked to Iran's "shadow fleet" oil exports. A near-term strike looks off the table, but the standing military options and fresh sanctions should keep oil markets on edge.
Upcoming events
| Time (SGT) | Region | Event | Focus |
|---|---|---|---|
| 10/09 20:30 | CA | Employment Change (forecast 6.1K) | Canadian labour data, near-term driver for CAD |
| 10/09 20:30 | CA | Unemployment Rate (forecast 6.5%) | Gauge of labour market health |
| 10/09 22:00 | US | UoM Consumer Sentiment (forecast 47.5) | How far consumer mood has deteriorated |
| 10/09 22:00 | US | UoM Inflation Expectations | Watched for signs of rising inflation expectations |