2 hrs ago
Dow Rebounds as Nasdaq Slides on OpenAI Revenue Concerns
Stocks had a mixed day on Wall Street.
The Dow started by falling sharply but later recovered and ended slightly higher.
The Nasdaq fell because many technology and chip companies lost value.
Investors were concerned after OpenAI reported revenue below an earlier figure reported in the news.
Nvidia, Oracle, and other chip-related companies also fell.
The Dow got support as bond yields cooled after investors showed strong demand for government bonds.
President Trump also said the United States was having productive discussions with Iran.
Oil prices stayed high as a hurricane disrupted oil production and the article reported attacks in Saudi Arabia.
The Dow Jones recovered from a loss of more than 300 points to finish up 50 points on Thursday, October 8.
The S&P 500 fell 0.5%, while the Nasdaq Composite declined 1.25% and the Nasdaq 100 fell 1.4%.
Technology and chip stocks dropped after OpenAI disclosed a $50 billion annualized revenue run-rate, below the $68 billion previously reported.
Trump said the United States was having productive discussions with Iran and would not attack Iran before the November 3 midterm elections.
Bond yields eased after strong demand at a $22 billion 30-year Treasury auction, while oil remained elevated amid hurricane-related production outages and reported attacks in Saudi Arabia.
- Who
- U.S. stock investors, with technology companies and the Dow Jones among the main focus.
- What
- The Dow Jones recovered from an intraday drop to gain 50 points, while the Nasdaq and S&P 500 fell.
- Where
- Wall Street, United States.
- When
- Thursday, October 8; the article does not specify the year.
- Why
- The Dow recovered amid easing bond yields and Trump's remarks about Iran; technology shares fell after OpenAI disclosed revenue below an earlier reported figure.
Key facts
- Dow Jones
- Finished up 50 points after falling more than 300 points at the day's lows.
- S&P 500
- Closed 0.5% lower.
- Nasdaq Composite
- Closed 1.25% lower.
- Nasdaq 100
- Closed 1.4% lower.
- OpenAI revenue run-rate
- $50 billion at the end of September, compared with $68 billion reported the previous month.
- 30-year Treasury auction
- The $22 billion sale drew a yield of 5.618%.
- Oil production outage
- About 1.3 million barrels per day of crude production was offline because of the storm.
Sources
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