The S&P 500 index went in search of its eighth consecutive green day, but it appears poised to come up empty-handed. And it's not alone.
Approaching midday, all four U.S. stock benchmarks are in decline; the Russell 2000 (-0.69%) and Nasdaq (-0.43%) lead the losers, followed by the S&P 500 (-0.28%) and Dow industrials (-0.15%).
The drop follows the New York Federal Reserve's report that inflation expectations among consumers rose in September. Supporting that viewpoint, the World Trade Organization warned this morning that the impacts of the Trump administration's tariffs would arrive in 2026, with a significant slowdown in trade growth.
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Then, of course, there's gold. Last night the haven asset blew past $4,000 for the first time, amid optimism about interest-rate cuts and worries about inflation. Analysts now say that other precious metals, like silver and platinum, could follwo on, creating a catchup trade in key commodities.
And there's also jitters out of AI land today as a report from The Information says AI giant Oracle might have lost $100 million from renting new Nvidia Blackwell chips last quarter. It comes just a day after Advanced Micro Devices and ChatGPT creator OpenAI announced a partnership, which helped boost the market.
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-- Noah Weidner, Markets Reporter
