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Business News›Markets›US Stocks›Wall St Guide›Dow Jones| Nasdaq | US Stock Market Today | Live: S&P 500, Nasdaq close lower as oil surges and chip stocks drag LIVE BLOG Synopsis Dow Jones Today | Nasdaq | S&P 500 Live Updates: US stocks dipped on Thursday as crude prices surged on a spike in Middle East tensions and a cut in US output that fed inflation and rate-hike fears, while semiconductor stocks slumped. The S&P 500 lost 36.07 points, or 0.46%, to end at 7,765.70 points, while the Nasdaq Composite lost 341.59 points, or 1.24%, to 27,197.10. The Dow Jones Industrial Average rose 45.68 points, or 0.09%, to 51,225.48. 1 New Update The S&P 500 lost 36.07 points, or 0.46%, to end at 7,765.70 points, while the Nasdaq Composite lost 341.59 points, or 1.24%, to 27,197.10. The Dow Jones Industrial Average rose 45.68 points, or 0.09%, to 51,225.48. (Read) St. Louis Federal Reserve President Alberto Musalem said on Thursday the US central bank will need to hike interest rates again to bring inflation back to its 2% target, although he declined to say what policymakers should do at their meeting later this month. "To bring inflation back to target in a timely manner, more monetary policy firming will be required," Musalem said at an event held by Bloomberg in New York. "If a timely manner is something like 18 months, that kind of suggests that rates ought to be going up further in an appropriate period of time in the next six to nine months," he said. The four leaders of US President Donald Trump's AI task force are slated to meet on Thursday, task force vice chair Scott Kupor told Reuters, adding that he expects the full committee to convene next week as pressure builds on Washington to take action on AI. The task force is expected to help shape the administration's approach to AI at a pivotal moment for the technology. Gold prices edged up on Thursday, after hitting a two-month low in the previous session, as investors weighed the Federal Reserve's uncertain interest-rate path against growing concerns over high levels of US debt. Spot gold rose 0.4% to $4,126.78 per ounce by 2:16 p.m. EDT (1816 GMT), having touched its lowest level since August 5 on Wednesday as a firmer dollar and higher US Treasury yields weighed. Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%. The average rate is now the highest it’s been since Nov. 16, 2023, when it was at 7.44%. Federal Reserve Chairman Kevin Warsh will speak at the International Monetary Fund's annual meetings in Bangkok on October 16, according to the IMF agenda, in what is the last day for public pronouncements on monetary policy from US central bankers ahead of their late-October rate-setting meeting. Financial markets are betting the Fed will skip a rate hike at its October 27-28 meeting and wait to deliver a second 2026 interest-rate increase at its December meeting. US President Donald Trump said on Thursday the United States is having productive discussions with Iran and will not launch an attack on the country before US midterm congressional elections in November. USA Today Co and several newspapers it owns sued OpenAI in Manhattan federal court on Thursday for allegedly infringing their copyrights by using their content to train its large language models. * The lawsuit said that OpenAI copied hundreds of thousands of the outlets' articles and other materials and used them without permission to train the system behind its popular chatbot ChatGPT Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%. The average rate is now the highest it’s been since Nov. 16, 2023, when it was at 7.44%. The housing market has been stuck in a rut this year in large part because of rising mortgage rates, which can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power and prompting many to put off buying a home. American Depository Receipts (ADRs) of Indian IT services companies Infosys and Wipro fell nearly 3% in US trading on Thursday, weighed by fresh concerns about the sector's outlook after Tata Consultancy Services reported its September-quarter earnings and the US government widened its crackdown on employment-based immigration programmes. (Read) The dollar declined on Thursday as a rise in euro zone bond yields cooled, while expectations for the path of interest rates from the Federal Reserve this year remained largely intact. Euro zone government bond yields rose sharply again as a surge in oil prices intensified inflation concerns, with investors continuing to sell bonds of heavily indebted countries such as France and Italy. President Donald Trump bought as much as $1.6 million and sold as much as $1 million in Nvidia stock in August, according to his latest financial disclosure, which was released on Thursday as he prepared to award Nvidia CEO Jensen Huang the nation's highest honor for scientific achievement. The trust that holds US President Donald Trump's assets bought millions of dollars' worth of Meta and SpaceX securities in August, according to a document released Thursday. The trust also took smaller stakes in three data center operators: CoreWeave, American Tower and Cogent Communications. The largest of those was in American Tower, at between $51,000 and $115,000. PepsiCo said on Thursday it would pursue additional cost cuts after lowering its annual core profit forecast due to sluggish demand for its snacks and beverages in North America and rising input costs. Consumer packaged goods makers such as PepsiCo, General Mills, McCormick and Conagra Brands are navigating a tricky environment where surging input costs are straining margins, while cautious spending amid rising gas prices is hurting demand. Alphabet's self-driving unit Waymo on Thursday said it has closed a $5 billion term loan, marking the company's first debt financing as it looks to expand its autonomous ride-hailing service across the US and the world. Starbucks has explored a potential takeover of Chipotle Mexican Grill, the Financial Times reported, sending Chipotle shares up about 4% while Starbucks fell 3%. The number of Americans filing new claims for unemployment benefits fell last week, pointing to continued labor market stability despite a sharp slowdown in job growth in September. Weekly jobless claims have now remained near 57-year lows for four straight weeks, the report from the Labor Department showed on Thursday, amid historically low layoffs. US natural gas futures climbed about 2% to a two-week high on Thursday on a drop in output in recent days as energy firms reduced flows on offshore Gulf of Mexico pipelines ahead of Hurricane Isaias, and on forecasts for more demand this week than previously expected. Front-month gas futures for November delivery on the New York Mercantile Exchange rose 7.4 cents, or 2.3%, to $3.277 per million British thermal units (mmBtu), putting the contract on track for its highest close since September 24 for a second day in a row. Butterfly Effect, the parent company of AI startup Manus, said on Thursday it had completed a more than $500 million funding round as the firm resumed independent operations after unwinding Meta's $2 billion-plus acquisition. The round was co-led by Boyu Capital and IDG Capital, with existing investors Tencent, HSG, and ZhenFund also participating. The Dow Jones Industrial Average fell 178.5 points, or 0.35%, at the open to 51,001.38. The S&P 500 fell 28.9 points, or 0.37%, at the open to 7,772.87, while the Nasdaq Composite fell 135.05 points, or 0.49%, to 27,403.64 at the opening bell. Goldman Sachs Group's top executives are set to receive special equity awards worth more than $500 million, Bloomberg News reported on Wednesday. The special awards were granted in October 2021, and Goldman disclosed details in various filings starting in late 2021 and early 2022, a source familiar with the matter told Reuters. Amazon on Thursday unveiled a slate of higher-end tablets that for the first time feature its Alexa+ voice assistant and run on Google's Android operating system, a bet that consumers will pay more for premium devices after years of focusing on the budget end of the market. Seattle-based Amazon had been working on the tablets under the code name Kittyhawk, as Reuters reported exclusively last year, to transition away from its more limited homegrown Fire OS operating system software, after years of gripes from consumers and app developers. Fire OS is a “forked” version of Android, with modifications to make it work like a unique operating system. Wolfspeed soared 14.5% after the chipmaker received a $1.5 billion conditional loan commitment from the US Department of Defense. US Federal Reserve Governor Christopher Waller hinted at a possible pause at the central bank's upcoming meeting. Additional rate hikes would likely be needed to lower inflation to the Fed's 2% target, but there was "flexibility" about the pace of increases, he said earlier in the day. Traders widely expect the Fed to hold rates steady at its October meeting, but a December hike remains on the cards, according to CME FedWatch. Brent crude futures jumped 4.8% to more than $105 a barrel on persistent worries about supply from the Middle East after increasing attacks on shipping in the Gulf and the Strait of Hormuz. The Wall Street Journal reported on Wednesday that Broadcom is lining up $50 billion of financing for OpenAI, with Oracle also seeking an unspecified sum, spurring fears that massive debt issuance by technology companies could intensify the competition for capital. US stock index futures fell on Thursday as oil prices soared and Treasury yields hovered near multi-year highs, fueling inflation concerns ahead of an earnings season that will test whether corporate profits can sustain the momentum. At 07:24 a.m. ET, Dow E-minis fell 462 points, or 0.9%, S&P 500 E-minis eased 39.5 points, or 0.5%, and Nasdaq 100 E-minis lost 231.75 points, or 0.73%.
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