U.S. equity markets slipped by midday on Thursday, October 8, 2026, with the Nasdaq 100 underperforming. The Invesco QQQ Trust, Series 1 (NASDAQ: QQQ) declined 1.45% to $746.78.
The market decline was driven by a sharp rise in oil prices and climbing Treasury yields. Crude oil futures surged more than 5% following reports of new attacks on tankers in the Persian Gulf and news that the U.S. is preparing for potential large-scale strikes. West Texas Intermediate crude climbed to roughly $93 per barrel, while Brent crude rose to about $106.
Simultaneously, the 10-year Treasury yield increased about 5 basis points to 5.35%, nearing its highest level since 2002. The Federal Reserve’s September meeting minutes indicated that most policymakers expect another rate hike before year-end. The Atlanta Fed’s GDPNow model pegged third-quarter growth at 3.6%.
On the data front, initial jobless claims fell 2,000 to 197,000 for the week ended October 3, while continuing claims rose to 1.716 million.
Within the QQQ portfolio, chip stocks and AI infrastructure names faced pressure as higher yields weighed on the sector. TeraWulf Inc. fell 7.3%, Fermi Inc. slid 7.2%, and AST SpaceMobile Inc. dropped 7.1%. Conversely, energy stocks rallied; Marathon Petroleum Corp. climbed 5.0% and APA Corp. rose 4.8% as crude prices spiked.
