Wall Street falls, Fed mulls December hike October 8 2026

1. US STOCKS PULL BACK FROM RECORD CLOSE
Wall Street declined on October 7. The Dow Jones Industrial Average fell 341.41 points, or 0.66%, to 51,179.87; the S&P 500 fell 17.16 points, or 0.22%, to 7,801.77; the Nasdaq Composite fell 61.20 points, or 0.22%, to 27,538.69. The Russell 2000 dropped 1.31% to 2,793, its lowest since May 20. Industrial and material sectors led losses; healthcare gained 1.06%. Caterpillar fell 5.75% and Deere fell 3.8% after the FTC and USDA opened a public inquiry into the agricultural-equipment market. Micron reversed from -2.7% to +4.0%; Amazon added 1.4%, Apple 0.9%. Rising yields and elevated valuations pressured sentiment.

2. EUROPE AND ASIA TRADE LOWER
Europe and Asia mostly fell. The Euro Stoxx 600 fell 1.0%; the DAX lost 1.35% to 25,104; the FTSE 100 fell 0.79% to 10,459; the S&P/TSX fell 1.70% to 35,042. In Asia, Hang Seng fell 0.62% to 24,130.5; Kospi fell about 1.1% to 6,862; Nikkei fell 0.75% to around 70,160. Mainland A-shares were closed for Golden Week and resumed trading on October 8. The pullback spread as global yields stayed elevated.

3. FOMC MINUTES LEAVE DECEMBER HIKE IN PLAY
FOMC minutes leave December hike in play. Minutes from the September Fed meeting showed most officials viewed another rate hike before year-end as likely appropriate; several said policy was barely restrictive or only mildly so. Markets priced a roughly 68.6%-70% chance of a December hike, with an October move effectively off the table. The 10-year Treasury yield hit an intraday high of 5.368%, highest since April 2002; the 30-year hit 5.735%, highest since May 2002, before easing to around 5.66%.

4. DOLLAR HITS HIGHEST SINCE APRIL 2025, OIL MIXED
Dollar hits highest since April 2025. The US dollar index rose 0.4%, up 3.5% since early September; the euro fell 0.6% on French fiscal worries, the yen was about flat, and USD/KRW stood at 1,339.5 won. WTI November futures fell 1.3% to $88.28/bbl; Brent December futures fell 0.4% to $100.20/bbl, then on October 8 morning rose about 0.35% to $100.93/bbl. European diesel futures jumped as much as 6.8% intraday on tight supply.

5. GOLD, SILVER AND BITCOIN DROP; COPPER UP
Gold, silver and Bitcoin fell; copper rose. Spot gold fell 1.3% to $4,108.97/oz; spot silver fell 2.6% to $59.7605/oz. LME copper rose 0.4% to $14,475.50/t after workers at Antofagasta's Centinela mine began a strike expected to hit output in about two weeks. Bitcoin fell about 2.7% to $83,319, slipping below $83,000 intraday, with roughly $696 million positions liquidated over 24 hours. A stronger dollar and elevated yields pressured risk assets.

6. STRAIT OF HORMUZ TENSION RISES
UKMTO reports at least nine Hormuz attacks. UKMTO reported at least nine attacks on ships in the Strait of Hormuz so far in October; Iran was accused of stepping up tanker attacks. Shell CEO Wael Sawan said Middle East oil flows have recovered to about 80% of pre-conflict levels. The Atlantic reported the White House asked the Pentagon for strike options against Iran, possibly before the US midterms; this has not been officially confirmed. Donald Trump said the Iran war will end "very soon" and oil prices will "drop like a rock" once it is over.

7. US INFLATION EXPECTATIONS UP, GERMAN OUTPUT SURGES
US one-year inflation expectations hit 3.9%. The New York Fed survey showed one-year-ahead US inflation expectations rose to 3.9%, highest since May 2023. German industrial production rose 2.0% month-on-month in August, the most in 17 months and well above the 0.5% estimate, helped by infrastructure and defence construction. France's finance ministry said it is not changing its bond-issuance strategy after WSJ reported Paris was weighing more short-dated debt. Higher inflation expectations may reinforce the case for the Fed to keep rates higher for longer.

8. SPACEX PLANS $40 BILLION DEBT RAISE FOR NVIDIA CHIPS
SpaceX plans $40 billion debt raise. Bloomberg reported SpaceX plans to raise $40 billion of new debt to buy Nvidia chips, including $10 billion bank loans and $30 billion investment-grade bonds led by Apollo; SpaceX shares slipped 1.3%. Constellation Brands beat estimates with net sales $2.63 billion and adjusted EPS $3.74, but shares fell as grocery and convenience-store sales declined. Anthropic released Claude Haiku 5.5. BofA's Savita Subramanian warned bonds have become a real competitor to stocks for the first time in decades.

Key watch today: China A-shares reopen after the Golden Week holiday, testing reaction to the global pullback and FOMC minutes.
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