MetraviseTech slide and oil swings pull the S&P 500 lower for a second day
In brief
- Tech drags: The S&P 500 fell -0.44% as tech losses outweighed gains in most members, a second decline after its record high.1
- Oil whipsaws: Oil spiked on Trump's Iran remarks, then came off its highs, leaving WTI at -0.91% as geopolitics keeps steering energy.2
- Fed leans hawkish: Fed minutes showed most officials saw another hike as likely by year-end, with yields still near multi-decade highs.3,4
What it means
Minutes from the Sept. 15-16 meeting showed many officials worried that lasting high energy prices could spread into broader price pressures.3 Governor Waller said he is not greatly concerned about a damaging slowdown, but he is concerned that faster inflation could lift inflation expectations.5 Futures are higher before the open, with S&P 500 futures at +0.21% and Nasdaq 100 futures at +0.32%.
The day in review and where money is flowing
The S&P 500 is still up +1.30% over five sessions and the Nasdaq 100 +0.75%, while the Metravise Portfolio fell -2.92% in the last session. Technology remains the leading sector over one month at +0.6 pts versus the S&P 500, with Semiconductor Equipment & Materials at +13.5 pts, Semiconductors at +11.4 pts and Electronics & Computer Distribution at +10.7 pts. Inside those groups, Micron settled its patent disputes with Netlist and gained a 5-year license, while TD SYNNEX agreed to acquire BlueStar.6,7
Chips: Terafab talks
Elon Musk confirmed talks with TSMC about his Terafab chip project but called them just discussions.8 Bank of America's Haas Liu said a deal is more likely to involve component purchases than TSMC licensing technology or running a fab. For the sector leading the market, such talks keep attention on who supplies the next wave of AI hardware.
Market mood
The VIX rose +3.25% to 15.57, still in its normal zone, while the equity put/call ratio stood at 0.62 against a 5-day average of 0.60. Together they suggest some caution at the edges, but no rush for protection.
What to watch today
Times are US Eastern (ET).
- 00:15US index futures (futures, not the session)Versus the prior close, S&P 500 futures are +0.21% and Nasdaq 100 futures +0.32%; these are futures prices, not the session. The US session opens at 9:30 ET.
Metravise Portfolio
- PortfolioThursday change−2.92%
- —No entries or exits in the last session.
Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.
Sources
- How major US stock indexes fared Thursday 10/8/2026 — The Washington Post · Oct 9
- Stock market news for Oct. 8, 2026 — CNBC · Oct 9
- Fed officials feared inflation pressures could spread, minutes show — Axios · Oct 8
- Stock market today: Live updates — CNBC · Oct 9
- The Signaling Value of the Summary of Economic Projections — Federal Reserve · Oct 8
- Netlist and Micron Enter Patent License and Settlement Agreements — PR Newswire · Oct 7
- TD SYNNEX Announces Entering Into a Definitive Agreement to Acquire BlueStar — Business Wire · Oct 8
- Wall Street says Elon Musk's Terafab talks with TSMC could spell bad news for Intel — CNBC · Oct 7