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Daily market wrap ·

Wall Street slides as Nasdaq-100 drops 2.58% on Friday

US stocks fell on Friday, led by Strategy, Palantir and AMD, while inflation readings rose and the calendar turns to the Fed on 28 October.

425 words · written at 21:01 BST after the US close · 8 headlines referenced

The wrap

US shares closed lower on Friday. The S&P 500 fell 1.21% to 7,650.65, and the Nasdaq-100 dropped 2.58% to 29,164. The S&P 500 ETF closed down 1.13% at $763.05. Strategy (MicroStrategy) was the heaviest faller, down 9.45% to $136.99, followed by Palantir, which lost 7.16% to $186.15, and AMD, down 6.14% to $527.73. ExxonMobil led the gainers with a rise of 2.39% to $178.86, and Coca-Cola added 1.62% to $93.50. In London, the FTSE 100 closed down 0.06% at 10,650 on Tuesday.

Crypto markets moved lower over the past 24 hours. Bitcoin slipped 1.14% to $81,422 and Ethereum fell 1.87% to $2,409.34, while Polkadot gained 2.24% to $1.160. The crypto Fear & Greed index stands at 63, which is labelled Greed. Gold closed down 0.17% at $4,164.29 on Friday, and the gold ETF eased 0.15% to $382.15. Oil moved in the other direction, with WTI crude up 1.05% to $99.00. Across the tracked assets, 25 are in an Uptrend, 20 are Sideways and 9 are in a Downtrend.

MarketWatch reports that AI investors have woken up to the bond market's warning signs, a headline that sits alongside its separate question on whether Microsoft's cheaper AI will reach shareholders. CNBC, meanwhile, has published a piece on the slow-moving crisis at CoreWeave, which it frames as a trade to approach with care. These pieces are commentary rather than explanations of Friday's prices, and the data does not link them to any specific move.

The rest of today's wrap

Inflation picked up on both sides of the Atlantic. US CPI rose to 3.74% in September from 3.4%, and core CPI moved up to 2.56% from 2.45%, according to the US Bureau of Labor Statistics. UK CPI reached 3.1% in August, up from 2.9%, according to the Office for National Statistics. US M2 money supply stood at $23,342.8bn in August, growing 5.66% year on year, according to the Federal Reserve H.6 release.

The Fed funds effective rate is 3.88%, inside its 3.75–4.00% target range, and the Bank of England Bank Rate is 3.75%. The US 2-year yield is 4.77% and the 10-year yield is 5.10%, down from 5.19%. CNBC Economy's analysis points to a $2 trillion deficit and 5% Treasury yields as America's biggest economic challenge.

Next on the calendar is the UK inflation release on 21 October, followed by the Federal Reserve rate decision on 28 October. The Bank of England decides on 5 November and US CPI is published on 10 November. CNBC Economy writes that everyone expects the Fed to hold rates in October, though Kevin Warsh could surprise the market.

Written by AI (Claude, claude-haiku-5-5) from the market data on this site at the time shown, and checked against that data before publishing. Prices at the time of writing; they will have moved since. Educational only, not financial advice.

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