Applied Digital Corporation

Сильный индекс, значительно вырос. Быки резко укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls sharply strengthened confidence in their positions.

Слабый индекс, незначительно упал. Рынок на стороне быков.

Weak index, slightly down. The market is on the bulls' side.

Сильный индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Strong index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

Investors are growing concerned about Applied Digital's (NASDAQ: APLD) large cash needs.
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*Stock prices used were the afternoon prices of Oct. 15, 2026. The video was published on Oct. 17, 2026.
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Is Applied Digital Stock Stock an Undervalued AI Stock to Buy Right Now?

The S&P 500 Index ($SPX) (SPY) is up by +0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.52%. December E-mini S&P futures (ESZ26) are up +0.58%, and December E-mini Nasdaq futures (NQZ26) are up +1.51%.
Stock indexes are mostly higher today, with chipmakers and AI-infrastructure stocks leading the broader market higher after last week’s selloff. Earnings optimism is lifting stocks ahead of this week's earnings results from Meta Platforms, Tesla, and Netflix. Also, weaker crude oil prices today have improved market sentiment and are supportive of stocks.
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On the downside, homebuilders are under pressure after today’s US economic news showed the Oct NAHB housing market index fell 3 points to a 14-year low of 29, below expectations of 31.
Mostly better-than-expected Chinese economic news is positive for global growth prospects and stocks. China Q3 GDP rose +1.2% q/q and +4.5% y/y, stronger than expectations of +1.0% q/q and +4.4% y/y. Also, China's Sep industrial production rose +5.5% y/y, right on expectations and the largest increase in 6 months. In addition, China's Sep retail sales rose +1.1% y/y, stronger than expectations of +0.5% y/y and the largest increase in 6 months. Finally, China's Sep surveyed jobless rate unexpectedly fell -0.1 to 5.2%, below the expected 5.3% and signaling a stronger labor market. On the downside, China's Sep new home prices fell -0.14% m/m, the fortieth consecutive month of declines.
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, 45 of the S&P 500 companies have reported results, with 80% beating estimates.
Nov WTI crude oil prices (CLX26) are moving lower today on some profit-taking after last week's rally to a 5-week high. US Energy Secretary Wright said Persian Gulf oil flows have recovered to about 80% of their pre-war level, though refined-product shipments remain constrained. Crude oil prices have underlying support from concerns about disruptions to Middle Eastern energy supplies after Houthi rebels in Yemen targeted Yanbu in Saudi Arabia, a significant Red Sea port for Saudi oil exports that avoids the Strait of Hormuz, with missiles and drones. Also, the UK Maritime Trade Operations reported that two tankers were attacked in the Persian Gulf near Saudi Arabia's port city of Jubail over the weekend.
Markets are discounting a 17% 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 1-week low today and is down -1.18%. China's Shanghai Composite closed up +0.39%. Japan's Nikkei-225 Stock Average fell to a 1-month low and closed down -0.62%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks. The 10-year T-note yield is up +3.2 bp to 5.127%. Today’s stock rally has reduced safe-haven demand for government debt, weighing on T-notes. Losses in T-notes are limited amid some safe-haven buying due to the social unrest in France. Weaker WTI crude oil prices today are also lowering inflation expectations and supporting T-notes.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.6 bp to 3.462%. The 10-year UK gilt yield is up +5.7 bp to 5.430%.
The German Bundesbank said in a report today that "inflation risks in the Eurozone are clearly tilted to the upside."
Markets are discounting an 8% 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 moving higher today, recovering some of last week’s rout. The iShares Semiconductor ETF (SOXX) is up more than +2%. SanDisk (SNDK) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and Western Digital (WDC) is up more than +6%. Also, Marvell Technology (MRVL) is up more than +5%, and Intel (INTC), Seagate Technology Holdings Plc (STX), Lam Research (LRCX), and Micron Technology (MU) are up more than +4%. In addition, Advanced Micro Devices (AMD) and Applied Materials (AMAT) are up more than +3%, and Analog Devices (ADI), KLA Corp (KLAC), Broadcom (AVGO), and Qualcomm (QCOM) are up more than +2%.
The Magnificent Seven stocks, excluding Meta, are up today, supporting broader market gains. Amazon.com (AMZN) is up more than +4% to lead gainers in the Dow Jones Industrials, and Tesla (TSLA) is up more than +3%. Also, Nvidia (NVDA), Alphabet (GOOGL), and Microsoft (MSFT) are up more than +1%. In addition, Apple (AAPL) is up +0.14%. Conversely, Meta Platforms (META) is down -0.87%.
Cloud infrastructure stocks are climbing today. Applied Digital (APLD) is up more than +8%, and Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are up more than +3%. Also, CoreWeave (CRWV) and Arista Networks (ANET) aew up more than +2%, and Oracle (ORCL) is up more than +1%.
Home builders and building supplies are slipping today after the US Oct NAHB housing market index fell more than expected to a 14-year low. DR Horton (DHI) and Pulte Group (PHM) are down more than -2%, and Lennar (LEN), KB Home (KBH), Toll Brothers (TOL), and Builders Firstsource (BLDR) are down more than -1%.
Disc Medicine (IRON) is up more than +39% after announcing that its investigational drug bitopertin met all primary and secondary endpoints in a Phase 3 Apollo trial in adults and adolescents with erythropoietic protoporphyria.
Cleveland Cliffs (CLF) is up more than +13% after reporting Q3 adjusted Ebitda of $612 million, above the consensus of $591.5 million.
Datadog (DDOG) is up more than +5% after Bernstein upgraded the stock to outperform from market perform with a price target of $350.
NRG Energy (NRG) is down more than -5% to lead losers in the S&P 500 after Jeffries cut its price target on the stock to $131 from $160.
Ameriprise Financial (AMP) is down more than -3% after Bank of America Global Research double-downgraded the stock to underperform from buy with a price target of $445.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
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.

Strength in Chipmakers and AI-Infrastructure Stocks Lead the Broader Market Higher

The S&P 500 Index ($SPX) (SPY) closed down by -1.09% on Friday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.50%. December E-mini S&P futures (ESZ26) fell -1.14%, and December E-mini Nasdaq futures (NQZ26) fell -2.51%.
Stock indexes sold off sharply on Friday, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 1-month low. Selling in chipmakers and AI-infrastructure stocks led the market lower on Friday, driven by concerns about whether companies will see returns on their huge investments in the AI infrastructure buildout. Also, CoreWeave sank more than -11% to weigh on cloud infrastructure stocks as concerns about the company’s credit risk linger.
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Stock losses accelerated Friday afternoon as crude oil prices soared more than 3% to a 1-month high, raising inflation expectations and fueling fears the Fed will keep raising interest rates to contain inflation.
Higher bond yields undercut stocks after Fed Chair Warsh made no remarks on monetary policy or his outlook for the US economy late Thursday evening at the IMF annual meeting in Bangkok. The 10-year T-note yield rose +1 bp to 5.09%.
Friday’s US economic news was mixed for stocks. The Sep import price index ex-petroleum rose +0.8% m/m, stronger than expectations of +0.6% m/m, the largest increase in 5 months and a sign of price pressures. However, Sep manufacturing production rose +0.3% m/m, right on expectations.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” 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 Friday, 40 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) surged more than +3% on Friday to a 1-month high. Crude prices rallied on Friday amid a weaker dollar and concerns that escalating Middle East hostilities could disrupt regional energy supplies. Prices race to their highs Friday afternoon after US lawmakers introduced a bill to block President Trump’s deal with Russia to release several hundred million barrels of diesel fuel.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Friday. The Euro Stoxx 50 closed up +0.58%. China's Shanghai Composite closed up +0.24%. Japan's Nikkei-225 Stock Average closed up +1.39%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2.5 ticks on Friday. The 10-year T-note yield rose +2.7 bp to 5.085%. Dec T-notes were under pressure Friday after Fed Chair Warsh's lack of guidance at the annual IMF meeting in Bangkok weighed on T-notes. Also, Friday’s +3% surge in WTI crude oil to a 1-month high raised inflation expectations and weighed on T-notes. Friday’s stock plunge sparked safe-haven buying of government debt and limited T-note losses.
European government bond yields were mixed on Friday. The 10-year German bund yield rose +1.3 bp to 3.426%. The 10-year UK gilt yield fell -0.2 bp to 5.373%.
ECB Governing Council member and Bundesbank President Joachim Nagel said. "The ECB has raised interest rates twice, and if the situation remains as it is, we don't rule out the possibility that we may have to take further action."
Markets are discounting a 10% 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 continued their week-long slide on Friday, weighing on the broader market. Seagate Technology Holdings Plc (STX) closed down more than -7%, and Western Digital (WDC), SanDisk (SNDK), and ARM Holdings Plc (ARM) closed down more than -6%. Also, Advanced Micro Devices (AMD), Micron Technology (MU), Intel (INTC), and Marvell Technology (MRVL) closed down more than -5%, and Lam Research (LRCX), KLA Corp (KLAC), Applied Materials (AMAT), and Broadcom (AVGO) closed down more than -4%. In addition,
CoreWeave (CRWV) closed down more than -11% to weigh on cloud infrastructure stocks as debt concerns linger after swaps priced in more than a 50% chance the company will default on its debt within five years. Also, Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and Applied Digital (APLD) closed down more than -11%. In addition, Lumentum Holdings (LITE) closed down more than -5%, and Oracle (ORCL) and Arista Networks (ANET) closed down more than -4%.
The Magnificent Seven stocks, excluding Apple, fell on Friday and weighed on the overall market. Meta Platforms (META) closed down more than -3%, and Alphabet (GOOGL) closed down more than -2% to lead losers in the Dow Jones Industrials. Also, Tesla (TSLA) closed down more than -2%, and Amazon.com (AMZN), Microsoft (MSFT), and Nvidia (NVDA) closed down more than -1%. Apple (AAPL) bucked the trend and closed up +0.43%.
Cybersecurity stocks retreated on Friday. Okta (OKTA) closed down more than -10%, and SentinelOne (S), Fortinet (FTNT), Crowdstrike Holdings (CRWD), and Palo Alto Networks (PANW) closed down more than -7%. Also, Cloudflare (NET) closed down more than -6%, Zscaler (ZS) closed down more than -5%, and Gen Digital (GEN) closed down more than -2%.
Energy producers and service providers rallied on Friday after WTI crude oil rose more than +3% to a 1-month high. APA Corp (APA) closed up more than +4%, and Diamondback Energy (FANG) closed up more than +4% to lead gainers in the Nasdaq 100. Also, ConocoPhillips (COP) and Devon Energy (DVN) closed up more than +3%, and Chevron (CVX) closed up more than +2% to lead gainers in the Dow Jones industrials. In addition, Baker Hughes (BKR), ExxonMobil Holdings (XOM), Occidental Petroleum (OXY), and SLB Ltd (SLB) closed up more than +2%, and Halliburton (HAL) and Phillips 66 (PSX) closed up more than +1%.
Defense contractors rose on Friday as the companies are set to benefit from increased defense spending. Northrop Grumman (NOC) closed up more than +4%, and Lockheed Martin (LMT), RTX Corp (RTX), and L3Harris Technologies (LHX) closed up more than +3%. Also, General Dynamics (GD) closed up more than +2%, and Huntington Ingalls Industries (HII) closed up more than +1%.
Defensive food producers moved higher on Friday amid the slump in the broader market. Kraft Heinz Co (KHC), McCormick & Co (MKC), J M Smucker (SJM), Hershey Co (HSY), Hormel Foods (HRL), and Mondelez International (MDLZ) closed up more than +1%.
Omeros (OMER) closed down more than -14% after the European Medicines Agency issued a negative opinion on the company’s application for its narsoplimab therapy.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
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.

Stock Indexes Finish Sharply Lower as Tech Stocks Plunge

The S&P 500 Index ($SPX) (SPY) closed up by +0.33% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +1.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.05%. December E-mini S&P futures (ESZ26) rose +0.28%, and December E-mini Nasdaq futures (NQZ26) fell -0.14%.
Stock indexes settled mixed on Thursday, with the Nasdaq 100 dropping to a 3.5-week low. Stocks recovered from early losses on Thursday to trade mixed as bond yields fell and as investors rotated out of chip stocks into software and pharmaceutical companies.
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The Nasdaq 100 was under pressure on Thursday amid concerns about the sustainability of the artificial intelligence trade. This week’s rout in chipmakers and AI-infrastructure stocks spread globally, with South Korea’s Kospi Index sinking more than 7% and China’s Shanghai Composite falling to a 14-month low. Thursday’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Stocks were also pressured on Thursday on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news on Thursday was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, Thursday’s slump in global equity markets sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low on Thursday of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support Thursday after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” 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 Thursday’s close, 38 of the S&P 500 companies have reported results, with 82% beating estimates.
Nov WTI crude oil prices (CLX26) rallied more than +3% on Thursday to a 3-week high. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. Crude prices raced to their high Thursday after weekly EIA crude inventories unexpectedly fell by -8.56 million bbl.
Markets are discounting a 27% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled lower on Thursday. The Euro Stoxx 50 closed down -0.36%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +21 ticks on Thursday. The 10-year T-note yield fell -10.0 bp to 5.085%. Dec T-notes rallied to a 3-week high on Thursday, and the 10-year T-note yield fell to a 3-week low of 5.035%. Lower inflation expectations were supportive of T-notes after the 10-year breakeven inflation rate fell to a 1-week low of 2.320% on Thursday. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news on Thursday was bearish for T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell to a 5-week low of 3.353% and finished down -5.3 bp to 3.413%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and finished down -5.0 bp to 5.374%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting a 9% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks rallied on Thursday as investors rotate out of chip stocks into software. Intuit (INTU) and ServiceNow (NOW) closed up more than +6%, and Atlassian (TEAM) and Autodesk (ADSK) closed up more than +5%. Also, Workday (WDAY), Salesforce (CRM), and Adobe Systems (ADBE) closed up more than +4%, Oracle (ORCL) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Pharmaceutical stocks moved higher on Thursday amid stock rotation out of AI stocks. Alnylam Pharmaceuticals (ALNY) closed up more than +4%, and Eli Lilly (LLY) and Ionis Pharmaceuticals (IONS) closed up more than +3%. Also, Gilead Sciences (GILD), Vertex Pharmaceuticals (VRTX), Regeneron Pharmaceuticals (REGN), and Jazz Pharma Plc (JAZZ) closed up more than +2%. and Amgen (AMGN) and Biogen (BIIB) closed up more than +1%.
Cryptocurrency-exposed stocks rallied on Thursday after Bitcoin (^BTCUSD) rebounded from a 3.5-week low and moved higher. Circle Internet Group (CRCL) closed up more than +9%, and Coinbase Global (COIN) closed up more than +6%. Also, Strategy (MSTR) closed up more than +5%, and Bullish (BLSH) and BitMine Immersion Technologies (BMNR) closed up more than +4%. In addition, Riot Platforms (RIOT) and Robinhood Markets (HOOD) closed up more than +2%, and MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) closed up more than +1%.
Chipmakers and AI-infrastructure stocks fell on Thursday on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. Applied Materials (APLD), Lam Research (LRCX), and Seagate Technology Holdings Plc (STX) closed down more than -3%, and Intel (INTC), KLA Corp (KLAC) and Western Digital (WDC) closed down more than -2%. In addition, Nvidia (NVDA), Advanced Micro Devices (AMD), Marvell Technology (MRVL), and SanDisk (SNDK) closed down more than -1%.
Penske Automotive Group (PAG) closed up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) closed up more than +6% after the Financial Times reported that private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Kimberly-Clark (KMB) closed up more than +4% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
FMC Corp (FMC) closed down more than -30% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Hewlett Packard Enterprise (HPE) closed down more than -7% to lead losers in the S&P 500, adding to Wednesday’s -7 decline, and Dell Technologies (DELL) closed down more than -6%, adding to Wednesday’s 10% plunge after Barclays downgraded the stocks to equal weight from overweight.
Rocket Lab (RKLB) closed down more than -6% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Earnings Reports (10/16/2026)
Citizens Financial Group Inc (CFG), M&T Bank Corp (MTB), Regions Financial Corp (RF), Travelers Cos Inc/The (TRV), Truist Financial Corp (TFC).
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.

Stocks Settle Mixed as Broader Market Recovers from Chip Stock Rout

The S&P 500 Index ($SPX) (SPY) is down by -0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.71%. December E-mini S&P futures (ESZ26) are down -0.58%, and December E-mini Nasdaq futures (NQZ26) are down -1.54%.
Stock indexes are mostly lower today, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 3.5-week low. The broader market is under pressure today as the rout in chipmakers and AI-infrastructure stocks spreads globally, with South Korea’s Kospi Index sinking more than -7% and China’s Shanghai Composite falling to a 14-month low. Today’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks extended their losses today on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news today was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, the slump in global equity markets has sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low today of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%. Also, investors rotating out of chip stocks into software companies and defensive pharmaceuticals stocks are lifting the Dow Jones Industrials.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support today after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” 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, 32 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) are up +0.20% today. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. However, today’s selloff in global equity markets is curbing demand for risk assets, including crude.
Markets are discounting a 29% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.62%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +23 ticks today. The 10-year T-note yield is down -12.5 bp to 5.060%. Dec T-notes rallied to a 3-week high today, and the 10-year T-note yield fell to a 3-week low of 5.041%. Today’s selloff in global equity markets has boosted safe-haven demand for T-notes. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news is limiting gains in T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 5-week low of 3.353% and is down -10.7 bp to 3.359%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and is down -11.3 bp to 5.312%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting an 11% 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 falling today on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. The iShares Semiconductor ETF (SOXX) is down more than -3% at a 1-month low. SanDisk (SNDK) and Seagate Technology Holdings Plc (STX) are down more than -7%, and Intel (INTC), Lam Research (LRCX), and Western Digital (WDC) are down more than -6%. Also, Advanced Micro Devices (AMD), Applied Materials (APLD), and Marvell Technology (MRVL) are down more than -5%, and KLA Corp (KLAC) and Micron Technology (MU) are down more than -4%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than -2% at a 3.5-week low. Iren Ltd (IREN) is down more than -10%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -8%. Also, MARA Holdings (MARA) and BitMine Immersion Technologies (BMNR) are down more than -6%, and Robinhood Markets (HOOD) and Strategy (MSTR) are down more than -5%. In addition, Coinbase Global (COIN) is down more than -3%, and Circle Internet Group (CRCL) and Bullish (BLSH) are down more than -2%.
Cloud infrastructure stocks are under pressure today on debt concerns after credit-default swaps have priced in a more than 50% chance that CoreWeave could default on its debt within the next five years. Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are down more than -8%, and CoreWeave (CRWV) is down more than -6%. Also, Arista Networks (ANET) and Applied Digital (APLD) are down more than -5%.
Software stocks are climbing today as investors rotate out of chip stocks into software. Intuit (INTU) is up more than +5% to lead gainers in the Nasdaq 100, and Autodesk (ADSK) is up more than +4%. Also, Workday (WDAY) and Adobe Systems (ADBE) are up more than +3%, and Salesforce (CRM) and Thomson Reuters (TRI) are up more than +2%. In addition, IBM (IBM) and ServiceNow (NOW) are up more than +1%.
Defensive pharmaceutical stocks are climbing today amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), and Vertex Pharmaceuticals (VRTX) are up more than +3%, and Biogen (BIIB), Merck & Co (MRK), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) are up more than +2%. Also, Pfizer (PFE) is up more than +1%.
FMC Corp (FMC) is down more than -34% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Rocket Lab (RKLB) is down more than -13% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Penske Automotive Group (PAG) is up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) is up more than +5% to lead gainers in the S&P 500 after the Financial Times reported private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Walmart (WMT) is up more than +3% after Deutsche Bank upgraded the stock to buy from hold with a price target of $136.
Kimberly-Clark (KMB) is up more than +3% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
Commercial Metals (CMC) is up more than +2% after reporting Q4 net sales of $2.66 billion, better than the consensus of $2.54 billion.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
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.
More news from Barchart

Stocks Pressured as Chipmaker Selloff Deepens

Key Points
Applied Digital is rapidly scaling high-performance computing infrastructure with its flagship campuses fully contracted to major artificial intelligence players.
IREN is executing an aggressive pivot from cryptocurrency mining to high-value AI cloud services backed by multi-billion dollar hyperscale contracts.
Which of these high-growth data center infrastructure providers offers the best balance of risk and reward for your portfolio?
As the race for artificial intelligence infrastructure intensifies, investors are looking for the next big winner. Should you bet on Applied Digital (NASDAQ:APLD) or IREN (NASDAQ:IREN) for your portfolio?
Both companies are evolving from legacy crypto roots into powerhouse providers of high-performance computing and data center services. While they share a similar mission of powering the AI revolution, their contract structures and growth trajectories differ significantly. This comparison breaks down their financials and business models to help you decide which stock fits your strategy.
The case for Applied Digital
In its latest annual report, Applied Digital highlighted its design and operation of digital infrastructure for AI and cloud workloads, positioning it among tech stocks focused on North American data centers. The company primarily focuses on its AI Factory campuses, where the flagship Polaris Forge 1 site is fully contracted to CoreWeave (NASDAQ:CRWV). Customer concentration like this adds a layer of risk to the business, as a single entity drives a huge portion of revenue.
In FY 2026, revenue reached nearly $611.3 million, representing growth of roughly 183.7% compared to the previous year. This massive surge was driven by the expansion of its high-performance computing segments. The company reported a net loss of close to $244.0 million, resulting in a negative net margin of approximately 39.9%, a metric that shows what percentage of revenue remains as profit after all expenses.
As of its May 2026 balance sheet, the current ratio is 4.0x, indicating the company has four dollars in current assets for every one dollar in short-term liabilities. The debt-to-equity ratio, which compares total debt to shareholder equity, is roughly 2.9x. Note that stock-based compensation represented roughly 245.5% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.
The case for IREN
According to its latest annual report, IREN is building next-generation data centers and AI cloud infrastructure while transitioning from legacy Bitcoin (CRYPTO:BTC) mining. It recently secured a five-year, nearly $9.7 billion contract with Microsoft (NASDAQ:MSFT) for data center capacity. Additionally, IREN signed a five-year cloud services agreement worth roughly $3.4 billion with Nvidia (NASDAQ:NVDA) to support its ongoing expansion.
In FY 2026, revenue reached close to $707.0 million, which is an increase of roughly 41.1% over the prior year. The company reported a net loss of nearly $702.6 million, leading to a negative net margin of approximately 99.4%. This reflects the complex nature of transitioning between two energy-heavy business models and managing the associated growth costs.
According to its June 2026 balance sheet, the current ratio is approximately 3.6x, which suggests it has sufficient short-term assets to cover its immediate obligations. The debt-to-equity ratio is close to 1.9x, showing the company uses nearly two dollars of debt for every dollar of equity. Free cash flow for the year was roughly negative $2.2 billion as the company scales its future infrastructure offerings.
Risk profile comparison
Applied Digital faces significant customer concentration, making it highly dependent on a small number of partners. It requires intensive capital and relies on frequent debt or equity financing to fund its projects. Most operations are concentrated in North Dakota, exposing the business to localized infrastructure risks and potential asset obsolescence from rapid technological shifts.
IREN struggles with financial instability, evidenced by its significant net loss in FY 2026. The transition from legacy Bitcoin mining to AI Cloud Services carries operational strain and potential regulatory scrutiny regarding energy usage. High leverage with nearly $7.98 billion in total debt and reliance on hardware suppliers like NVIDIA, Dell Technologies (NYSE:DELL), and Supermicro add further layers of risk.
Valuation comparison
Applied Digital offers a lower P/S ratio based on sales over the past twelve months.
P/S ratio
13.1x
23.0x
Which stock would I buy in 2026?
I'd go with IREN, though Applied Digital is doing interesting things in its own right. Applied Digital beat revenue estimates in its most recent quarter, a contract with CoreWeave provides long-term revenue visibility, and the company is building AI data center capacity at a rapid pace. For investors comfortable with early-stage risk, it is worth watching.
But IREN's transformation from Bitcoin miner to AI cloud infrastructure company is one of the more striking pivots in the market right now. It reported $4 billion in contracted annual recurring revenue for its 2026 capacity and has Microsoft as a customer. Nvidia has officially certified IREN as a reference-quality cloud provider for its most advanced chips, essentially giving it a stamp of approval that the company knows how to operate AI infrastructure at the highest level.
Both companies are losing money and spending heavily to build out infrastructure, so this is not a space for the faint of heart. But for a patient investor willing to sit through the volatility, IREN's contracted revenue base and blue chip customer relationships are a more solid foundation to build on over time.
Should you buy stock in Applied Digital right now?
Before you buy stock in Applied Digital, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Applied Digital wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $384,839!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,657!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 24, 2026.
Sara Appino has positions in Bitcoin and Nvidia. The Motley Fool has positions in and recommends Bitcoin, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

Applied Digital vs. IREN: Which Technology Stock Is a Better Buy in 2026?

Fintel reports that on September 23, 2026, UBS initiated coverage of Applied Digital (NASDAQGS:APLD) (BIT:1APLD) with a Buy recommendation. This initiation follows other recent analyst activities, including Rothschild & Co initiating coverage with a Neutral rating on September 21, 2026, and Wells Fargo initiating coverage with an Overweight rating on September 17, 2026.
Prior to the rating action, the stock's pre-action close was $28.54 on September 22, 2026, which also represents its latest close. Applied Digital has seen a price change of +21.86% over one week, compared to a baseline close of $23.42 on September 15, 2026. Over a one-month timeframe, the stock has experienced a price change of +4.89% from a baseline close of $27.21 on August 21, 2026.
Separately from the individual rating by UBS, the broader consensus target mean for Applied Digital was $70.41 as of September 15, 2026, with a median target of $74.46. This mean target reflects an implied change of +146.72%. The prior consensus target mean was $70.63 as of August 28, 2026, marking a consensus target revision of -0.31%. In terms of overall analyst recommendations, the current period as of September 1, 2026, features 20 total recommendations: 4 strong buy, 14 buy, 2 hold, 0 sell, and 0 strong sell. This distribution is identical to the prior recommendation period as of August 1, 2026, which also had 4 strong buy, 14 buy, 2 hold, 0 sell, and 0 strong sell ratings. This represents 90.0% positive, 10.0% hold, and 0.0% negative recommendations across both periods.
In its most recent financial results reported on July 27, 2026, Applied Digital posted an actual EPS of -0.39, compared to the estimated EPS of -0.22. The company generated actual revenue of $258,748,000.00, compared to the estimated revenue of $96,733,189.00. The next upcoming earnings date for the company is scheduled for October 7, 2026.
Recent analyst actions
Recent analyst upgrades, downgrades, initiations, and maintained ratings
Date
Analyst
Prior
Latest recommendation
Action
September 23, 2026
UBS
Buy
initiated coverage
September 21, 2026
Rothschild & Co
Neutral
initiated coverage
September 17, 2026
Wells Fargo
Overweight
initiated coverage
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.

UBS Initiates Coverage of Applied Digital with Buy

Key Points
The sale involved 49,188 shares worth ~$1.3 million on September 12, 2026.
The transaction size represented 2% of the insider's direct equity stake held before the filing.
Activity was conducted entirely through direct ownership; no indirect holdings or entities were reported.
Applied Digital Corporation (NASDAQ:APLD) President and co-founder Jason Gechen Zhang reported a non-discretionary disposition of 49,188 shares of common stock on September 12, 2026, according to a recent SEC Form 4 filing.
Transaction summary
Transaction value
$1.3 million
Shares sold (directly held)
49,188
Post-transaction shares (directly held)
2,539,227
Post-transaction value
$62.41 million
Transaction value based on SEC Form 4 weighted average sale price ($26.42).
Key questions
What was the primary driver of this transaction?
The disposition was a non-discretionary tax withholding event triggered by the automatic vesting of restricted stock units (RSUs). This mechanical transaction was executed to meet tax liability requirements and was not an open-market sale.
What is the scale of the remaining equity position?
Following the filing, the insider retains ~2.5 million shares held directly, valued at $62.41 million as of the September 14, 2026 market close. This position represents approximately 0.88% of the company's shares.
How does this move relate to the insider's compensation structure?
The transaction was part of a broader vesting schedule for RSUs granted in August 2025 and February 2026. The insider also holds derivative securities in the form of unvested RSUs that are scheduled to vest in future periods through 2031, contingent on continued service.
Company Overview
Share Price (as of market close 2026-09-14)
$24.58
Market Capitalization
$7.2 billion
Revenue (TTM)
$611.3 million
Net Income (TTM)
-$249.2 million
Company Snapshot
Applied Digital Corporation designs, develops, and operates digital infrastructure solutions for high-performance computing and artificial intelligence industries, offering GPU computing solutions, data center hosting services, and infrastructure support for AI, machine learning, and critical HPC workloads.
The company generates revenue through two primary business segments: a Data Center Hosting Business that provides infrastructure services to cryptocurrency mining customers, and an HPC Hosting Business that delivers GPU computing solutions for enterprise and institutional AI and machine learning applications.
Applied Digital's primary customers include cryptocurrency mining operations, enterprise organizations requiring high-performance computing resources, and institutional clients pursuing advanced artificial intelligence and machine learning initiatives across North America.
Applied Digital Corporation operates as a specialized infrastructure provider serving the high-growth artificial intelligence and high-performance computing sectors, with a market cap of $7.2 billion. The company's competitive positioning is anchored in its purpose-built data center infrastructure optimized for GPU-intensive workloads, addressing the critical infrastructure requirements of the rapidly expanding AI and machine learning ecosystem.
With operations centered in Dallas, Applied Digital is positioned to capitalize on sustained demand for specialized computing infrastructure as enterprises accelerate AI adoption and deployment.
What this transaction means for investors
The September 12 disposition of Applied Digital stock by co-founder Jason Zhang is not a red flag for investors, since he did not sell the shares. The company withheld 49,188 shares to fulfill tax obligations in connection with the vesting of restricted stock units (RSUs).
An RSU is a form of compensation where a company grants an employee shares of stock at a future date. When that vesting date arrives, as was the case here, a "sell to cover" transaction occurs to pay the related taxes.
Zhang has a sizable equity stake in Applied Digital with 2.5 million directly held shares. About one million are RSUs that will vest over several years, ensuring his continued alignment with shareholder interests.
Applied Digital has amassed $5 billion in debt as it builds out data centers to house AI computing infrastructure, leading to shares falling from a 52-week high of $50.73 reached earlier this year. However, the company has signed lease agreements worth $36 billion over the next 15 years, setting up Applied Digital for long-term sales growth.
Should you buy stock in Applied Digital right now?
Before you buy stock in Applied Digital, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Applied Digital wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $406,141!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,347,745!*
Now, it’s worth noting Stock Advisor’s total average return is 940% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 18, 2026.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Applied Digital Co-Founder's Stake in the Company Drops by Nearly 50,000 Shares Worth $1.3 Million

Applied Digital (NASDAQ: APLD) is positioning itself as a powerhouse in artificial intelligence (AI) and high-performance data centers. With billions in long-term contracts and strong institutional backing, could this sleeping giant turn small investments into massive gains? Watch to see why Wall Street might be underestimating its potential.
*Stock prices used were the market prices of Aug. 18, 2025. The video was published on Aug. 23, 2025.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
Should you invest $1,000 in Applied Digital right now?
Before you buy stock in Applied Digital, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Applied Digital wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $649,657!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,090,993!*
Now, it’s worth noting Stock Advisor’s total average return is 1,057% — a market-crushing outperformance compared to 185% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of August 18, 2025
Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Is Applied Digital Stock a Buy?

The S&P 500 Index ($SPX) (SPY) closed down by -0.45% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -1.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.02%. E-mini S&P futures (ESU26) fell -0.42%, and September E-mini Nasdaq futures (NQU26) rose +0.05%.
Stock indexes gave up an early advance and settled mixed on Wednesday, with the S&P 500 falling to a 6-week low, and the Dow Jones Industrials sinking to a 3-month low. The broader market retreated on Wednesday after the FOMC voted unanimously to raise interest rates by +25 bp and signaled one more rate hike later this year to contain inflation.
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Stocks fell to their lows Wednesday afternoon when Fed Chair Warsh said the rate hike was meant to "remove a dose of accommodation." He added that inflation is too high and has been for too long, as too many inflation categories are still rising more than 3%. His comments fueled speculation that the Fed may embark on additional rate hikes.
The FOMC, as expected, voted 12-0 to raise the federal funds target range by +25 bp to 3.75%-4.00% and said the rate hike will support a "timelier" return to 2% inflation. The committee added that, "While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient, productivity growth is strong, and capital investment is robust."
The FOMC's dot plot of rate projections shows the median year-end projection for the federal funds rate at 4.125%, up from 3.750% in June, with 16 of 18 officials expecting to raise interest rates at least one more time by the end of the year.
The FOMC raised its 2026 GDP forecast to +2.3% from +2.2% in June, and raised its 2026 core inflation estimate to +3.4% for the end of 2026, up from June’s forecast of +3.3%.
Stocks initially moved higher on Wednesday as the broader market found support from a plunge in crude oil prices that lowered bond yields and improved market sentiment. Gains in chipmakers also supported modest gains in the Nasdaq 100 on Wednesday after Intel rose more than +3% on a report that said the company was in talks with South Korean chipmaker SK Hynix to produce memory chips in the US for the first time.
Wednesday’s US economic news was mixed for stocks as Aug retail sales rose more than expected, but the Sep NAHB housing market index fell more than expected, matching a 3.75-year low.
US MBA mortgage applications fell -4.1% in the week ended September 11, with the purchase mortgage sub-index down -0.8% and the refinancing mortgage sub-index down -8.8%. The average 30-year fixed-rate mortgage rose +12 bp to a 15-month high of 6.97% from 6.85% in the prior week.
US Aug retail sales rose +1.2% m/m, stronger than expectations of +0.8% m/m and the biggest increase in 5 months. Aug retail sales ex-autos rose +1.4% m/m, stronger than expectations of +0.6% m/m.
The US Aug import price index ex-petroleum rose +0.8% m/m, stronger than expectations of +0.3% m/m.
The US Sep NAHB housing market index fell -3 to match a 3.75-year low of 32, weaker than expectations of 34.
Oct WTI crude oil prices (CLV26) fell by more than -3% on Wednesday after US Energy Secretary Wright said 18 million bbl of crude oil and refined products went through the Strait of Hormuz on Tuesday, easing global supply concerns. Crude losses accelerated Wednesday when Saudi Arabia said it seeks to return about half the capacity of the East-West pipeline within days following a shutdown last week because of drone strikes.
Crude prices earlier surged to a 3.75-month high on Tuesday as disruptions to Middle East supplies persisted. Last Friday, Saudi Arabia closed a major pipeline following attacks, disrupting a key route that bypasses the Strait of Hormuz. The East-West pipeline, which carries 7 million bpd of crude, was closed after threats from Houthi rebels, and officials gave no indication of when it will reopen. The pipeline moves oil away from the Persian Gulf toward the Red Sea, where it can be loaded on tankers. Saudi Arabia told OPEC last Thursday that its crude production in August fell to 6.238 million bpd, the lowest since 1990.
Markets are discounting a 51% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Wednesday. The Euro Stoxx 50 closed up +0.48%. China's Shanghai Composite recovered from a 6-week low and closed up +0.71%. Japan's Nikkei-225 Stock Average closed up +0.69%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -4.5 ticks on Wednesday. The 10-year T-note yield rose +0.6 bp to 5.008%. T-notes gave up an early advance on Wednesday and settled lower after the FOMC raised interest rates by +25 bp and signaled another +25 bp rate hike later this year. T-notes also fell on hawkish comments from Fed Chair Warsh, who said that inflation was too high for too long and that Wednesday’s rate hike removes a “dose of accommodation,” fueling speculation the Fed may embark on a string of rate hikes to contain inflation.
T-notes initially moved higher on Wednesday after WT crude oil prices fell more than -3%, reducing inflation expectations. T-notes also found support after the Sep NAHB housing market index fell more than expected, matching a 3.75-year low.
European government bond yields moved lower on Wednesday. The 10-year German bund yield fell -3.0 bp to 3.507%. The 10-year UK gilt yield fell -9.1 bp to 5.2960%.
Eurozone July industrial production fell -0.1% m/m, a smaller decline than expectations of -0.2% m/m.
UK Aug CPI rose +3.1% y/y, right on expectations, and the largest increase in 5 months. Aug core CPI was unchanged from July at +2.6% y/y, in line with expectations.
Markets are discounting a 52% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
JB Hunt Transport Services (JBHT) closed down more than -13% to lead trucking companies lower and losers in the S&P 500 after saying it expects Q2 to Q3 earnings to drop -5% to -10%. Also, FedEx Freight Holding (FDXF) closed down more than -4%, and Knight-Swift Transportation Holdings (KNX), Old Dominion Freight Line (ODFL), ArcBest (ARCB), and United Parcel Service (UPS) closed down more than -3%. In addition, CH Robinson Worldwide (CHRW), Saia Inc (SAIA), and XPO Inc (XPO) closed down more than -2%, and Marten Transport Ltd (MRTN) closed down more than -1%.
Energy stocks and service providers retreated on Wednesday as WTI crude oil fell more than -3%. Diamondback Energy (FANG) closed down more than -8% to lead losers in the Nasdaq 100, and ConocoPhillips (COP) and Occidental Petroleum (OXY) closed down more than -6%. Also, APA Corp (APA) and Devon Energy (DVN) closed down more than -5%, and ExxonMobil Holdings (XOM), Halliburton (HAL), and SLB Limited (SLB) closed down more than -3%. In addition, Chevron (CVX) closed down more than -2%.
Chipmakers and AI stocks moved higher on Wednesday, led by a +4% jump in Intel (INTC) after a report that the company is in talks with South Korean chipmaker SK Hynix to produce memory chips in the US for the first time. Also, Marvell Technology (MRVL) closed up more than +3%, and Advanced Micro Devices (AMD), Seagate Technology Holdings Plc (STX), and Western Digital (WDC) closed up more than +1%.
Cloud infrastructure stocks rallied on Wednesday. Lumentum Holdings (LITE) closed up more than +7% to lead gainers in the S&P 500 and Nasdaq 100. Also, Applied Digital (APLD) closed up more than +4%, and CoreWeave (CRWV) closed up more than +3%. In addition, Arista Networks (ANET) and Oracle (ORCL) closed up more than +2%, and Nebius Group NV (NBIS) closed up +0.96%.
ON Semiconductor (ON) closed down more than -9% after announcing its long-term growth strategy and unveiling its Embedded Power Platform at its investor day conference.
Huntington Bancshares (HBAN) closed down more than -6% after cutting its 2027 EPS estimate to $1.75 to $1.83 from an April outlook of $1.90 to $1.93.
FTAI Aviation Ltd (FTAI) closed up more than +7% after announcing a $500 million stock repurchasing plan.
Brinker International (EAT) closed up more than +3% after Seaport Global Securities initiated coverage on the stock with a buy recommendation and a price target of $230.
Earnings Reports (9/17/2026)
American Resources Corp. (AREC).
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.