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S&P 500 and Nasdaq End Lower as Crude Jumps and Chip Stocks Weigh

By Freedom251 Team · · 2 min read

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The S&P 500 and Nasdaq Composite closed lower on Thursday, October 8, 2026, while the Dow Jones Industrial Average edged higher. Reuters-reported closing figures show the Nasdaq had the steepest decline, as crude oil’s sharp rise revived inflation concerns and technology shares—especially semiconductor stocks—underperformed.

How the major US indexes closed

Reuters reported the following closing figures for the October 8 session:

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Index Close Change
S&P 500 7,765.36 Down 36.41 points (0.47%)
Nasdaq Composite 27,193.34 Down 345.35 points (1.25%)
Dow Jones Industrial Average 51,231.64 Up 51.77 points (0.10%)

The figures are Reuters-reported closes, not preliminary updates. The session’s direction was mixed: the two indexes with greater technology exposure fell, while the Dow finished modestly higher.

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Why rising crude added to market pressure

Reuters linked the oil move to supply concerns after attacks on shipping in the Strait of Hormuz and hurricane-related reductions in US output. Higher oil can raise costs across the economy and add to inflation concerns, which in turn can feed worries about interest rates. Reuters described those concerns as part of the day’s market backdrop; the report does not establish oil as the sole cause of the stock declines.

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In its full-session report, Reuters said front-month WTI settled 3.6% higher and Brent settled 4.1% higher. These are settlement changes. In an earlier intraday report, Reuters put Brent futures up 4.2% and above $104 a barrel, and the 10-year Treasury yield at 5.29%, near its highest level since 2002. Those were observations from earlier in the session, not closing figures. Reuters’ intraday account, carried by StreetInsider, provides that context.

Chip stocks and technology shares led the declines

Technology was the weakest S&P 500 sector, and semiconductor shares fell 3.4% as a group, according to Reuters. Micron declined 4.8%; Broadcom fell 4.4%; and Oracle fell 5.5%.

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Reuters reported two company-related concerns weighing on sentiment. First, it said chip shares fell after the Financial Times reported that OpenAI’s annualized revenue was $20 billion below what the company had previously signaled. That revenue comparison is attributed to the Financial Times report as relayed by Reuters, rather than independently established here.

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Second, Reuters said the Wall Street Journal had reported that Broadcom was arranging $50 billion in financing for OpenAI, while Oracle was also seeking an unspecified amount. Reuters connected the reports to concern that large technology-company borrowing could compete for capital. These are attributed media reports, not figures independently confirmed in the Reuters account.

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What market breadth and volume showed

Declines outnumbered advances on both major US exchanges. Reuters reported that NYSE decliners outnumbered advancers 1.28 to 1, while Nasdaq decliners outnumbered advancers 1.33 to 1. US exchange volume totaled 18.81 billion shares, compared with a 20-session full-session average of 17.74 billion. Together, those measures indicate that selling was broader than a handful of individual stocks, although they do not identify a single cause.

Investors were also looking toward earnings

The session came as investors approached third-quarter earnings season. Terry Sandven, chief equity strategist at US Bank Wealth Management, told Reuters that markets were moving sideways in anticipation of earnings, while the conflict in Iran was pushing oil higher. That frames the close as a mix of near-term uncertainty and attention to upcoming company results—not as a definitive signal about what markets will do next.

Read the full-session Reuters report carried by Devdiscourse for the reported closing figures and company moves.

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