The S&P 500 Index ($SPX) (SPY) is down by -0.15% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.57%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.82%. December E-mini S&P futures (ESZ26) are down -0.10%, and December E-mini Nasdaq futures (NQZ26) are down -0.69%.
Stock indexes are under pressure today from weakness in technology stocks. Chipmakers and AI-infrastructure stocks are leading the broader market lower today on negative carryover from a -3% slide in South Korea’s Kospi Index. Market sentiment is also being weighed down by a +1% rise in WTI crude oil prices to a 5-month high. However, a +5% jump in 3M Co and a rally in pharmaceutical stocks is lifting the Dow Jones Industrials.
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Today’s US housing news was mixed for stocks. Sep housing starts unexpectedly fell -5.2% m/m to a 4-month low of 1.221 million, weaker than expectations of 1.305 million. Conversely, Sep building permits, a proxy for future construction, fell -0.2% m/m to 1.400 million, stronger than expectations of 1.385 million.
Stocks have support from the prospect of solid quarterly earnings results. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 48 of the S&P 500 companies have reported results, with 79% beating estimates.
Nov WTI crude oil prices (CLX26) rose more than +1% today to a 5-month high amid escalating hostilities in the Middle East and the ongoing Russia-Ukraine war, which are disrupting global energy supplies. Iran said today that two oil tankers struck naval mines along the southern route of the Strait of Hormuz and caught fire. On Monday, Iran said it has “no choice” but to assert control over the Strait of Hormuz and that “the strait belongs to Iran, and the US is now the cause of the current situation and must pay the price.” In addition, fund short covering is supporting crude prices as the November WTI crude futures contract expires today.
Markets are discounting a 15% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell to a 4.25-month low and is down -0.90%. China's Shanghai Composite closed up +0.12%. Japan's Nikkei-225 Stock Average slid to a 1-month low and closed down -1.30%.
Interest Rates
December 10-year T-notes (ZNZ6) are up +5 ticks today. The 10-year T-note yield is down -3.3 bp to 5.106%. T-notes are moving higher today, supported by stock weakness that has boosted safe-haven demand for government debt. T-notes added to their gains after US Sep housing starts unexpectedly fell to a 4-month low. Gains in T-notes are limited after WTI crude oil prices rose +1% to a 5-month high, raising inflation expectations.
European government bond yields are mixed today. The 10-year German bund yield is down -3.7 bp to 3.419%. The 10-year UK gilt yield is up +0.5 bp to 5.437%.
The German Oct ZEW survey expectations of economic growth index fell -6.6 to 28.1, weaker than expectations of 30.0.
German Sep PPI rose +1.9% m/m and +6.7% y/y, stronger than expectations of +1.6% m/m and +6.3% y/y, with the +6.7% y/y gain being the largest annual increase in 3.5 years.
Markets are discounting a 6% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are under pressure today, weighing on the overall market. The iShares Semiconductor ETF (SOXX) is down more than -2% at a 2.5-month low. ARM Holdings Plc (ARM), Lam Research (LRCX), and Marvell Technology (MRVL) are down more than -3%. Also, Intel (INTC), Applied Materials (AMAT), KLA Corp (KLAC) are down more than -2%. In addition, Nvidia (NVDA) is down more than -1% to lead losers in the Dow Jones industrials, and Advanced Micro Devices (AMD), SanDisk (SNDK), Seagate Technology Holdings Plc (STX), Western Digital (WDC), and Micron Technology (MU) are down more than -1%.
Cloud infrastructure stocks are retreating today. CoreWeave (CRWV) is down more than -6% to lead losers in the Nasdaq 100 after BNP Paribas cut its price target on the stock to $117 from $169. Also, Lumentum Holdings (LITE) and Nebius Group NV (NBIS) are down more than -5%. In addition, Applied Digital (APLD) and Arista Networks (ANET) are down more than -1%..
Defensive pharmaceutical stocks are moving higher today with the weakness in the broader market. Eli Lilly (LLY) is up more than +4%, and Merck & Co (MRK) is up more than +3%. Also, Gilead Sciences (GILD), Amgen (AMGN), Biogen (BIIB), Pfizer (PFE), and Regeneron Pharmaceuticals (REGN) ar up more tha +2%. In addition, Alnylam Pharmaceuticals (ALNY), Vertex Pharmaceuticals (VRTX), Jazz Pharmaceuticals Plc (JAZZ), and Untragenyx Pharmaceutical (RARE) are up more than +1%.
General Motors (GM) is down more than -5% to lead losers in the S&P 500 after narrowing its 2026 adjusted earnings forecast to $14.5 billion to $15.5 billion from a July forecast of $14 billion to $16 billion.
Crown Holdings (CCK) is down more than -4% after forecasting Q4 adjusted EPS of $1.63 to $1.73, below the consensus of $1.80.
Steel Dynamics (STLD) is down more than -3% after reporting Q3 adjusted Ebitda of $1.19 billion, weaker than the consensus of $1.23 billion.
Equifax (EFX) is up more than +10% to lead gainers in the S&P 500 after reporting Q3 adjusted EPS of $2.26, better than the consensus of $2.20.
MSCI Inc (MSCI) is up more than +6% after reporting Q3 adjusted EPS of $5.11, stronger than the consensus of $5.03.
3M Co (MMM) is up more than +5% to lead gainers in the Dow Jones Industrials after reporting Q3 adjusted EPS of $2.50, above the consensus of $2.38, and raising its full-year adjusted EPS forecast to $9.10 to $9.15 from a previous forecast of $8.95.
Earnings Reports (10/20/2026)
3M Co (MMM), Capital One Financial Corp (COF), Chubb Ltd (CB), Equifax Inc (EFX), General Electric Co (GE), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Hasbro Inc (HAS), Intuitive Surgical Inc (ISRG), KeyCorp (KEY), MSCI Inc (MSCI), Netflix Inc (NFLX), Northrop Grumman Corp (NOC), RTX Corp (RTX), Synchrony Financial (SYF), United Airlines Holdings Inc (UAL).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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