CBN News, October 10, 2026, 07:11:40 - Listen to the news

Author: Fan Zhijing Editor-in-Chief: Qi Dezhi

*The three major stock indices closed higher on a weekly basis;

*Medium- to long-term U.S. Treasury yields are rising, with the 10-year Treasury yield at 5.261%;*

The healthcare sector performed exceptionally well, with Merck and Gilead Sciences both rising by over 2%.

U.S. stocks closed higher on Friday, driven by the technology sector. As of the close, the Dow Jones Industrial Average rose 423.31 points, or 0.83%, to 51,654.95 points; the Nasdaq Composite Index rose 0.64% to 27,366.17 points; and the S&P 500 Index rose 0.59% to 7,811.54 points. The Dow Jones Index gained 0.93% for the week, the Nasdaq Index rose 0.64%, and the S&P 500 Index rose 1.15% for the week.

Market Overview

The University of Michigan Consumer Confidence Index fell from 48.1 in September to 46.3 at the beginning of October, marking the third consecutive month of decline, and is now just a step away from the historical low set in May. The Current Economic Conditions Index has also dropped significantly to 44.7, reaching a new historical low. Expectations for inflation over the next year have risen slightly from 4.6% in September to 4.7%; long-term inflation expectations over the next five years have increased from 3.4% to 3.5%. Due to high prices and high borrowing costs, the environment for purchasing durable goods has significantly deteriorated.

After U.S. President Donald Trump announced that Russian President Vladimir Putin agreed to supply diesel to the U.S. and global markets, U.S. stocks soared to their intraday highs.

According to CCTV News, the Kremlin in Russia issued a statement on the 9th local time stating that during a telephone call with U.S. President Donald Trump on that day, both sides focused on discussing the prospects for resolving the Ukraine crisis. The conversation also covered the situation in Iran and various aspects of bilateral relations. When discussing the global energy market, Russia reiterated its willingness to supply oil and petroleum products to the United States and the global market. Putin emphasized that this will have a positive impact on the global economy.

Baird Investment Strategy Analyst Ross Mayfield stated, "The market is characterized by such repeated fluctuations, which are driven by a reversal in risk sentiment related to Iran. The messages from the White House and various parties in the Middle East are contradictory, making it difficult to identify a clear trading trend. This is also why the rebound in this round has been relatively weak."

The Nasdaq index fell more than 1% on Thursday, recording its largest single-day decline since mid-August, just as the index had recently set a new record high earlier this week. Adam Kressafly, an analyst at the news agency Vital Knowledge, said: "This selling spree reflects an extreme imbalance in market positions, and the adjustment is not yet over. Therefore, it is unlikely that the entire AI technology sector will see a clean and decisive V-shaped reversal." He added: "The core issue in the AI sector is not whether the annual revenue is calculated on a gross or net basis, but rather on two points: first, the commercial attractiveness of independent cutting-edge AI laboratories is declining; second, there are increasingly many signs that the market is beginning to resist the massive influx of equity and debt financing assets into the AI sector."

The third-quarter financial reports will officially kick off next week, with major U.S. banks such as Wells Fargo, Goldman Sachs, Citibank, JPMorgan Chase, Bank of America, and Morgan Stanley releasing their results one after another. According to data from Reuters, analysts expect the overall earnings of S&P 500 components to increase by 30.6% year-on-year from July to September; the energy sector is expected to see the highest year-on-year growth, at 123%, followed closely by the technology sector with a year-on-year increase of 66.5%.

Fund manager Michael Monahan, Founder ETF, remains optimistic about the stock market at the end of the year. He expects companies to report considerable growth, but he also believes that the conflict in the Middle East and its impact on oil prices will continue to suppress the market. Even though Trump indicated this week that there may be changes in the conflict by the beginning of next month, the risks still exist. "The Middle East conflict is a major obstacle that prevents the market from fully reflecting the strong underlying performance of companies' short-term profits. Currently, stock prices do not take into account the risks of further intensification of the war and an expansion of the battlefield."

Medium- and long-term U.S. Treasury yields rose, with the benchmark 10-year Treasury yield increasing by 2.8 basis points to 5.261%; earlier this week, that yield had reached a 24-year high. However, on a weekly basis, the 10-year yield fell by 3.5 basis points, marking the largest single-week decline in two months. The yield on U.S. 30-year long-term bonds also rose slightly to 5.608%, but fell by 2.9 basis points for the week.

Individual Stock Performance

The Philadelphia Semiconductor Index opened higher but closed lower, falling by 0.41%. ARM, ON Semiconductor, and Intel all fell by more than 2%.

Storage chip prices diverged: Sandisk fell by 1.72%, SK Hynix fell by 0.86%, Micron Technology fell by 0.66%, and Seagate Technology rose by 1.06%.

The optical communication sector performed well, with Lumentum rising by over 5%, and Coherent as well as Corning rising by over 2%.

Star tech stocks showed mixed gains and losses, with Amazon leading the way with a 3.29% increase, Microsoft and Tesla both rising by over 2%. Apple fell by 1.11%. Reports indicate that Apple has informed some suppliers to cut production of certain iPhone 18 Pro iPhone 18 Pro Max components. The soaring cost of memory chips has pushed up prices, suppressing consumer demand.

Space exploration company SpaceX rose by 1.25% after reaching a national spectrum asset acquisition deal. In contrast, the stock prices of American telecom operators AT &T, Verizon, and T-Mobile fell as investors worry that this deal will intensify industry competition.

The healthcare sector performed brightly, with Merck and Gilead Sciences both rising by more than 2%; boosted by related positive news, vaccine stocks such as Moderna also saw significant gains.

The NASDAQ China Golden Dragon Index rose by 2.69%, Alibaba increased by 5.36%, Pinduoduo rose by 3.95%, NetEase rose by 3.88%, Baidu rose by 1.68%, and JD.com rose by 0.67%.

Large-cap performance

International oil prices rose slightly, with the WTI crude oil near-month contract up 0.39% week-on-week to $91.85 per barrel, and the Brent crude oil near-month contract up 0.42% week-on-week to $104.72 per barrel.

The precious metals market saw a significant rise, with the COMEX gold futures for October delivery on the New York Mercantile Exchange rising by 1.43% to $4,191.00 per ounce, and the COMEX silver futures rising by 2.72% to $60.67 per ounce.

Article Author

Nasdaq and S&P both closed lower; OpenAI had a negative impact, causing chip stocks to plummet. Crude oil prices soared. Trump stated that he would not attack Iran before the mid-term elections.

The Philadelphia Semiconductor Index fell by more than 3.3%.

SpaceX Starship makes its debut in orbit: Performs "extreme reversal" after engines shut down prematurely

The starship's mission to enter Earth's orbit this time is regarded as a "milestone."

Crude oil prices soared by 3%, hitting European and American markets hard; the Dow Jones index fell by over 400 points. Apple's first foldable phone iPhone Duo was unveiled.

Meta launches its first personal avatar, and the stock price soars.

U.S. stocks end a three-day decline; chip stocks recover with NVIDIA up more than 3%, Dell soars 15.8%; Trump issues another threat, crude oil sees a V-shaped reversal

Upgraded earnings guidance, Dell Technologies soared nearly 16%.

"In five years, AI will account for 99% of the value of SpaceX," Musk re-emphasizes the narrative of AI

AI's revenue is expected to exceed that of all other revenues of SpaceX in September this year.