Market Pushes Back Fed Rate Hike Expectation to January Next Year

The Dow Jones closed down 0.66%, the Nasdaq fell 0.22%, and the S&P 500 declined 0.22%. Among the most actively traded stocks, Micron Technology rose 4.06%, Nvidia dropped 0.74%, SanDisk gained 1.92%, and SpaceX fell 2.51%.

According to a filing by the U.S. Securities and Exchange Commission, electric vehicle company Rivian (RIVN.US) received a 1 billion US dollars, 10-year term loan financing from Volkswagen Group on October 7, 2026.

The US Dollar Index, which measures the dollar against six major currencies, rose by 0.4% on the day, closing at 102.242 in the late New York forex market. By the close, 1 euro exchanged for 1.1199 US dollars, down from the previous session's 1.1261 US dollars; 1 British pound exchanged for 1.3219 US dollars, down from the previous session's 1.3277 US dollars. 1 US dollar exchanged for 157.96 Japanese yen, down from the previous session's 158.12 yen; 1 US dollar exchanged for 0.8330 Swiss francs, up from 0.8313 Swiss francs; 1 US dollar exchanged for 1.4256 Canadian dollars, up from 1.4209 Canadian dollars; and 1 US dollar exchanged for 9.9992 Swedish krona, up from 9.9861 Swedish krona in the previous session.

At the close of trading, the November delivery light crude oil futures price on the New York Mercantile Exchange fell by $1.16, settling at $88.28 per barrel, a decrease of 1.3%. The December delivery Brent crude oil futures price in London fell by $0.38, closing at $100.20 per barrel, a decrease of 0.38%.