By William Collins, consultant in stock markets – Eurasia Business News, October 8, 2026. Article no 3202
U.S. stocks retreated on Thursday, October 8, as a fresh tanker attack in the Persian Gulf sent oil prices sharply higher and revived concerns about inflation, interest rates and global economic growth. The Nasdaq Composite led the decline, falling 1.3%, while the S&P 500 slipped 0.5% for a second consecutive session. The Dow Jones Industrial Average edged 0.1% higher.
The selloff was concentrated in technology and semiconductor shares. Nvidia, Broadcom, Intel and Micron each fell at least 2.9% after a Financial Times report raised questions about whether OpenAI’s revenue growth has been overstated. The report said OpenAI was on track for annualized revenue of roughly $50 billion, below the nearly $70 billion run rate previously reported by some outlets.
AI Stocks Face New Doubts
The market reaction showed how sensitive technology valuations have become to developments in the artificial-intelligence industry. AI-linked stocks have driven much of the year’s equity gains, but investors are now questioning whether revenue growth can justify the enormous spending required for chips, data centers, energy and software.
The concern is not necessarily that OpenAI’s business is shrinking. Rather, investors are reassessing the speed of expansion and the amount of capital required to support it. A lower-than-expected revenue run rate could make it more difficult for companies financing the AI boom to defend aggressive investment plans.
Broadcom also faced pressure after reports that it was arranging as much as $50 billion in financing connected to OpenAI’s development of custom AI chips. Oracle was reportedly seeking additional funding as well. The prospect of large technology-related debt issuance raised fears that AI companies could compete with the U.S. government and other borrowers for scarce capital.
Oil Prices Jump on Tanker Attack
Brent crude futures climbed 4.1% to $104.28 a barrel, marking the highest closing price since September 28. West Texas Intermediate crude rose approximately 2.8% to around $90.78 a barrel. Reuters reported that Brent’s gain reached more than 4.2% during the session as attacks on shipping in the Strait of Hormuz intensified.
The tanker attack added to existing supply concerns. Oil production in the Gulf of Mexico was also reduced because of hurricane activity, creating another potential disruption for global energy markets.
Higher oil prices can affect stocks through several channels. They raise transportation and manufacturing costs, increase household expenses and put upward pressure on inflation. If inflation remains elevated, investors may expect the Federal Reserve to keep interest rates higher for longer, reducing the appeal of long-duration technology shares.
Oil prices nevertheless pulled back from their session highs after President Donald Trump posted that the United States was having “productive discussions” with Iran and would not attack the country before the midterm elections. The remarks reduced fears of an immediate escalation, although they did not eliminate the risk to commercial shipping in the Gulf.
Treasury Yields Ease
U.S. Treasury yields moved lower on Thursday as investors responded to the geopolitical developments and bought bonds after Wednesday’s strong 10-year note auction. The benchmark 10-year yield ended the session at approximately 5.232%, down from the recent multidecade highs above 5.3%.
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Lower yields offered some relief to equity markets, but the benefit was outweighed by the oil shock and technology-sector weakness. The bond market remains volatile, with investors weighing inflation risks, government borrowing needs and expectations for another Federal Reserve interest-rate increase later this year.
The combination of rising oil prices and elevated yields is particularly challenging for growth stocks. Higher borrowing costs reduce the present value of future earnings, while expensive energy can weaken corporate margins.
Stock Market Performance
| Index | Thursday’s move |
|---|---|
| Dow Jones Industrial Average | +0.1% |
| S&P 500 | -0.5% |
| Nasdaq Composite | -1.3% |
| Brent crude | +4.1% to $104.28 |
| 10-year U.S. Treasury yield | About 5.232% |
The Dow’s modest gain reflected relative strength in defensive and economically established companies. By contrast, the Nasdaq’s decline showed that investors were reducing exposure to the market’s most highly valued growth names.
Gold and Silver Prices
Gold prices rose on Thursday despite pressure from higher energy costs and a stronger dollar earlier in the week. Kitco quoted gold at approximately $4,132.50 per troy ounce, up $22.60, or 0.55%, with a session range of about $4,102.90 to $4,146.70. A separate Kitco snapshot showed gold near $4,132.20, up $22.30, or 0.54%.
The supplied Kitco image showed a later bid of $4,134.10 per ounce, up $1.60, or 0.04%, with an ask of $4,136.10. The difference reflects changing prices during the trading day.
Silver underperformed gold. Kitco listed silver at approximately $59.06 per ounce, down $0.61, or 1.02%, with a daily range of roughly $58.38 to $60.72. Silver’s weakness reflected concerns about industrial demand and the broader retreat in risk-sensitive assets.
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At those prices, gold was equivalent to about $132.91 per gram, while silver traded near $1.90 per gram. The gold-silver ratio stood near 70, meaning one ounce of gold was worth approximately 70 ounces of silver.
Market Outlook
Thursday’s session exposed the competing forces shaping markets: AI optimism, geopolitical risk, energy inflation and high Treasury yields. If tanker attacks continue, oil could remain above $100 and pressure both bonds and equities. If tensions ease, investors may return to technology shares—but the latest OpenAI revenue concerns suggest the AI trade will face increasing scrutiny during the upcoming earnings season.
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© Copyright 2026 – Eurasia Business News. Article no. 3202
