Tech stocks drag Nasdaq lower on report of OpenAI revenue fall, high yields
Higher bond yields pressured tech shares while energy stocks rose, with ExxonMobil and Chevron each up more than 2% and the S&P Energy sector up 3.8% this week.
- PepsiCo shares rose almost 4% on Thursday after reporting earnings despite reduced growth guidance. Jim Cramer praised CEO Ramon Laguarta, noting the company offers "real income" with a $5.92 annualized dividend.
- Surging oil prices drove energy stocks up 3.8% this week as Brent futures reached around $104 per barrel and West Texas Intermediate hit around $91. Marathon Petroleum and Valero led gains, each rising more than 9%.
- Delta Air Lines releases earnings Friday morning in the 6 a.m. hour ET, with CEO Bastian scheduled to join "Squawk Box" live in the 7 a.m. hour to discuss the airline's outlook.
- Tracking major companies like Total, Renault, and Carrefour, the EWQ fell 9% over the past month while the French 10-year yield traded around 4.8%. The iShares MSCI France ETF struggles amid broader market pressures.
- CNBC producers monitored the artificial intelligence trade on Thursday to prepare coverage for the next session as investors evaluate shifting treasury yields and energy sector momentum. Market focus remains on earnings catalysts and sector rotation.
32 Articles
32 Articles
OpenAI's Revenue Is Reportedly $20 Billion Lower Than Thought. Nvidia Just Lost $170 Billion
A $20 billion accounting gap in OpenAI's revenue figures sent shockwaves through chip stocks on October 8, wiping out billions in market value across Nvidia, CoreWeave, Oracle, and others. The twist is that no sales were actually lost.
The New York stock market closed mixed on the 8th (local time) amid a surge in international oil prices. On this day, the Dow Jones 30 Industrial Average closed at 51,231.64, up 51.77 points (0.10%) from the previous close. The S&P 500 index fell 36.41 points (0.47%) to 7,765.36, and the Nasdaq Composite index dropped 345.35 points (1.25%) to 27,193.34. The market fell from the opening.
The New York Stock Exchange closed low, influenced by the rise in crude oil and technology sales.The Dow Jones was the only one that rose slightly.Middle East concerns and doubts about OpenAI affected the market.Nvidia and other chip manufacturers fell noticeably.
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