Crude oil was up about 5% near midday, and that inflation shock kept stocks under pressure even as energy shares rallied.
CAMS Midday Market Check.
Thursday, October 8, 2026.
Good afternoon.
Crude oil was up about 5% near midday, and that inflation shock kept stocks under pressure even as energy shares rallied.
At eleven forty-eight Eastern, the S and P 500 was down 0.35%.
The Nasdaq Composite fell 0.61%, and the Dow fell 0.35%.
The Russell 2000 was down 1.05%, the weakest of the four major indexes in the snapshot.
West Texas Intermediate crude was near $93 a barrel, and Brent was near $106.
The energy fund gained 2.96%, while the semiconductor fund fell 1.23% and the technology fund fell 0.65%.
Eight of the eleven tracked sector funds were lower.
Energy, consumer staples, and communication services were the exceptions.
Health care was also lower.
The 10-year Treasury yield held near 5.29%.
Federal Reserve Governor Christopher Waller said most September projections anticipated at least one more rate increase in 2026, and he expects more hikes if the data evolve as expected.
PepsiCo rose 1.13% even after lowering its 2026 core earnings growth outlook to a range of 2.5% to 3.5%.
T S M C reported record third-quarter revenue, up 50% from a year earlier, but its United States shares fell 1.47%.
Shipping attacks and Gulf production shutdowns remained the immediate oil supply risk.
The next test is whether oil and yields stay elevated into the afternoon bond auction, which could keep pressure on growth stocks and small caps.
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