US Stocks Pull Back from Records

2026-10-07 13:36 By Andre Joaquim 1 min. read

US stock indices eased from record highs as higher bond yields rebounded and hampered the earnings projections on debt-sensitive sectors.

The S&P 500 and the Nasdaq 100 fell 0.5% and 0.7%, respectively, from their records, and the Dow dropped 1%.

Iranian strikes on vessels crossing the Strait of Hormuz worsened soaring shipping premiums faced by tankers in the region and raised the outlook for energy inflation.

Long-dated borrowing costs also remained supported by widening federal budget deficits.

AI infrastructure stocks erased their gains from earlier this week amid the increasing impact of high yields and credit spreads on their orders, with Micron, AMD, Oracle, Lam Research, and Applied Materials dropping 2%.

This was despite positive news for the sector, with SpaceX set to borrow $40 billion to buy Nvidia chips.

Nvidia was 1% down and SpaceX fell 3%.

Meanwhile, pharmaceuticals and consumer staple companies were higher.



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2026-10-07
US Stocks Pull Back from Records
US stock indices eased from record highs as higher bond yields rebounded and hampered the earnings projections on debt-sensitive sectors. The S&P 500 and the Nasdaq 100 fell 0.5% and 0.7%, respectively, from their records, and the Dow dropped 1%. Iranian strikes on vessels crossing the Strait of Hormuz worsened soaring shipping premiums faced by tankers in the region and raised the outlook for energy inflation. Long-dated borrowing costs also remained supported by widening federal budget deficits. AI infrastructure stocks erased their gains from earlier this week amid the increasing impact of high yields and credit spreads on their orders, with Micron, AMD, Oracle, Lam Research, and Applied Materials dropping 2%. This was despite positive news for the sector, with SpaceX set to borrow $40 billion to buy Nvidia chips. Nvidia was 1% down and SpaceX fell 3%. Meanwhile, pharmaceuticals and consumer staple companies were higher.
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