US Close 8 October 2026: Nasdaq -1.25% After Report Puts OpenAI Revenue $20 Billion Lower; AVGO.US -4.35%, HUM.US +15.96% After Hours
The S&P 500 closed at 7,765.36 on 8 October 2026, down 36.41 points or 0.47%, its second straight decline from Tuesday's record, after the Financial Times reported that OpenAI's annualized revenue is about $20 billion below earlier figures. AVGO.US fell 4.35%, MU.US 4.79% and NVDA.US 2.94%, and the Nasdaq Composite lost 1.25% while the Dow rose 0.10%. Brent crude rose 3.71% to $103.92 on Iranian tanker attacks and Hurricane Isaias shut-ins; the 10-year Treasury yield eased 4.6 bps to 5.231%.
At a glance
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,765.36 | -0.47% |
| Nasdaq Composite | 27,193.34 | -1.25% |
| Dow Jones Industrial Average | 51,231.64 | +0.10% |
| Russell 2000 | 2,794.13 | +0.03% |
| VIX | 15.41 | +2.19% |
US 10-year yield 5.231% at the close, down 4.6 bps, a day after touching 5.365%. US Dollar Index 102.10, down 0.13%. WTI crude $91.18, up 3.29%. Gold futures $4,158.30, up 0.43%. Bitcoin $81,618, down 1.79%.
What moved the index
The S&P 500 lost 47 bps on 8 October 2026; chip stocks and three large AI spenders account for most of it, while energy, staples, banks and AAPL.US offset part of the loss.
| Driver | Move | Approx. index weight | Contribution |
|---|---|---|---|
| NVDA.US, AVGO.US, MU.US, AMD.US, INTC.US | -2.94%, -4.35%, -4.79%, -3.90%, -5.34% | about 13% combined | about -47 bps |
| AMZN.US, MSFT.US, ORCL.US | -2.25%, -1.35%, -5.48% | about 9% combined | about -18 bps |
| GOOGL.US, TSLA.US, STX.US, WDC.US, ANET.US | -0.63%, -0.74%, -4.05%, -2.99%, -2.25% | about 8% combined | about -8 bps |
| Energy and staples (XLE.US, XLP.US) | +2.97%, +2.11% | about 8% combined | about +20 bps |
| AAPL.US and financials (XLF.US) | +1.11%, +0.89% | about 20% combined | about +19 bps |
- $50 billion is the annualized revenue OpenAI recently told investors it was approaching in September, against the $70 billion widely reported, per the Financial Times. The Philadelphia semiconductor index fell as much as 4% intraday, per Yahoo Finance, and SMH.US closed 2.84% lower. ARM.US fell 6.48% and MRVL.US 3.52%.
- ORCL.US -5.48% to $135.69 after reports that pipeline delays could force Oracle to truck natural gas to its 2.45 GW Project Jupiter campus in New Mexico, which Oracle is building to supply computing capacity to OpenAI, per TipRanks.
- XLE.US +2.97% as Brent rose on nine tanker attacks in and around the Strait of Hormuz in the past week and producers shut in 500,000 barrels a day of Gulf of Mexico output for Isaias, per CNBC. XOM.US rose 2.71%, CVX.US 3.12% and OXY.US 3.56%.
- PEP.US +3.73% to $128.34 led staples (XLP.US +2.11%) after third-quarter adjusted EPS of $2.34 beat a $2.29 estimate, though PepsiCo cut its 2026 core EPS growth forecast to 2.5% to 3%.
Together these drivers account for about 34 bps of the 47 bps decline; the residual reflects optical and networking suppliers outside the table (CIEN.US -4.60%, LITE.US -5.62%) and health care (XLV.US -0.39%).
Session highlights
President Trump posted on 8 October 2026 that the US "will not be attacking Iran at any time prior to the Midterm Elections" on 3 November, and Brent pared gains to about $103 from above $104, per Yahoo Finance.
- 7,737.78 was the S&P 500's intraday low on Yahoo's hourly series, 0.82% below Wednesday's close; the index did not trade above Wednesday's close on that series.
- 5.618% was the high yield at the $22 billion 30-year bond auction, with a bid-to-cover of 2.54 against a 2.41 average, per Helious. The 10-year yield fell 4.6 bps after the sale.
- AAOI.US -13.58%, COHR.US -9.63% and ALAB.US -9.21% as optical and connectivity suppliers fell; AAOI.US had gained 221% this year before the session, per 24/7 Wall St.
- HUT.US -10.87%, RIOT.US -9.17% and IREN.US -7.70% as bitcoin fell 1.79% to $81,618 and AI-hosting names sold off; COIN.US lost 3.61%.
- CMG.US +6.21% to $32.68 after the Financial Times reported that Starbucks had worked with advisers on a takeover proposal for Chipotle; SBUX.US closed 0.40% lower.
- WOLF.US closed 1.12% lower at $31.02, a day after trading at $40.22 after hours on its conditional Defense Department loan commitment.
Sector scorecard
- Best: Energy (XLE.US +2.97%)
- Worst: Technology (XLK.US -1.79%)
- Dispersion (best minus worst): 4.76 pts
- 8 of 11 sector funds closed higher; technology, health care (XLV.US -0.39%) and utilities (XLU.US -0.19%) fell. Russell 2000 +0.03% against Nasdaq -1.25%.
Top movers
Top movers among US stocks above $2 billion in market value on 8 October 2026, ranked by Yahoo closing change.
| Ticker | Move | Reason |
|---|---|---|
| HAE.US | +17.46% | CSL expects to deploy Haemonetics devices across its US plasma centers |
| MANE.US | +14.13% | Unannounced, likely flow-driven. |
| COCO.US | +10.52% | Unannounced, likely flow-driven. |
| ERAS.US | +9.49% | Unannounced, likely flow-driven. |
| CSGP.US | +8.01% | Unannounced, likely flow-driven. |
| AAOI.US | -13.58% | Optical suppliers fell as a group after a 221% gain this year |
| MXL.US | -12.72% | Fell after a rise of more than 45% over the past month, per TokenPost |
| ARGX.US | -11.83% | Stopped its Phase 3 UNITY study of Vyvgart in Sjögren's disease |
| EQPT.US | -11.43% | Unannounced, likely flow-driven. |
| HUT.US | -10.87% | Bitcoin -1.79%; RIOT.US -9.17% and IREN.US -7.70% fell with it |
PCRX.US rose 44.40% to $36.39 after Viatris agreed to buy Pacira BioSciences for $36.50 a share in cash; its $1.65 billion deal value sits below the table's $2 billion floor.
After-hours earnings
CMS published 2027 Medicare Advantage Star Ratings on 8 October 2026, and HUM.US and ALHC.US moved in opposite directions after hours, per Investing.com.
- HUM.US closed 2.37% lower at $387.12, then traded 15.96% higher after hours at $448.89, per StockAnalysis. CMS published 2027 Medicare Advantage Star Ratings in which Humana's largest contract recovered to 4 stars from 3.5, which restores eligibility for quality bonus payments in 2028, per Investing.com.
- ALHC.US closed at $8.71, then traded 20.78% lower after hours at $6.90, per StockAnalysis. CMS cut its largest California contract, about 81% of membership as of September 2025, to 3.5 stars from 4, per Investing.com.
Notable announcements
- Viatris agreed to buy PCRX.US for $36.50 a share in cash, a $1.65 billion equity value, per Reuters.
- CSL told HAE.US it expects to deploy Haemonetics plasma-collection devices throughout its US centers under their existing supply agreement.
- FLUT.US rose 7.55% after a Citi upgrade; PLTR.US rose 2.40% after a Goldman Sachs upgrade.
- ACN.US rose 5.96% after Accenture and Dell Technologies expanded their collaboration.
- AMZN.US confirmed it cut fewer than 1,000 roles, mainly in retail, per Yahoo Finance.
Next session catalysts (ET)
- Friday 9 October, before the open: DAL.US reports third-quarter results.
- Friday 9 October, 10:00am: University of Michigan consumer sentiment, preliminary October reading.
- Friday 9 October: MRNA.US rejoins the Nasdaq-100.
- Isaias: the hurricane is tracking toward the Alabama, Mississippi and Florida panhandle coasts with about 25% of Gulf of Mexico oil output shut in, per CNBC.
- Thursday 15 October: Medicare annual enrollment opens, with the 2027 star ratings shown on Medicare Plan Finder.
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