US stocks closed on October 9 with the Nasdaq falling over 1%, as AI trades came under pressure following a decline in OpenAI's revenue.

Among the top 20 US stocks by trading volume on October 9, Apple rose more than 1% and announced it will hold a product launch event in New York on October 13 called "Welcome Home."

Most popular Chinese concept stocks declined on October 9, with Pony.ai dropping over 5% and Alibaba falling more than 1%.

In commodities, oil prices posted their largest single-day gain in a month, copper prices fell, and gold rebounded from its lows.

European stocks fell for a second consecutive day, with bank shares touching a four-month low.

Macro

Trump stated that the United States will not attack Iran before the November midterm elections.

US mortgage rates rose for the seventh consecutive week, intensifying the housing affordability crisis.

The US estimated a total federal budget deficit of $2 trillion for fiscal year 2026.

The US Treasury's dealer survey is being viewed as a "risk event" for the bond market.

Several violent explosions occurred along the southern shipping route of the Strait of Hormuz.

The presidents of Iran and Russia met to discuss negotiations with the United States.

Russian officials announced that epidemic control measures in Irkutsk are being lifted.

The Russian president met with the Iranian president to discuss the situation in the Middle East.

The US Dragon spacecraft returned to Earth carrying four astronauts.

Companies

Apple plans to launch its first touchscreen MacBook and a new iPad mini by the end of October.

American Express was fined $350 million for deficiencies in its anti-money laundering systems.

SpaceX will acquire low-band spectrum for mobile communication services.

OpenAI's annualized revenue approached $50 billion, lower than previous estimates.

The US froze green card applications for Microsoft, Adobe, and Infosys over suspected fraud.

The US suspended Microsoft and Adobe from participating in green card labor programs as part of a crackdown on foreign workers.

Nvidia, Oracle, CoreWeave, and other AI stocks fell following OpenAI's revenue report.

Microsoft responded to immigration employment controversies, stating that 80% of its H-1B visa applications last year were not for hiring new employees.

Apple announced it will hold a smart home product launch event in New York on October 13.

Commentary

In the New York foreign exchange market, the dollar fluctuated as signals from the Iran situation were mixed.

October 9 overseas headlines: Trump said he will not attack Iran before the midterm elections, Apple will hold a smart home product launch event, and OpenAI's annualized revenue reached $50 billion.

US stock market: The Nasdaq 100 index posted its largest drop in seven weeks as AI bubble concerns resurfaced.

Crude oil: Oil prices posted their largest gain in a month.

US Treasuries: Long-end bonds led gains, with 30-year Treasury yields maintaining their advance after a solid auction.

The St. Louis Fed president hinted that interest rates could be raised in the next six to nine months.

The US CBO director questioned Bessent's theory, saying economic growth alone cannot solve the high debt problem.

Lagarde: The European Central Bank has tools to deal with market volatility that lacks justification.

Zelensky: Ukraine and the US will hold talks on Ukraine on the 9th.

European bond market: German government bonds fell, while Italian government bonds outperformed.

Dalio identified a possible trigger that could burst the AI bubble: billionaires selling off their assets.

Dimon said AI will cause job losses and warned it could lead to social unrest.

US Treasuries rose after Trump said he will not attack Iran before the midterm elections.

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