What Happened Today, Thursday October 08, 2026, 5:00 PM ET close
Tech Leads Stocks Lower as Rate Hike Talk Returns
The Nasdaq 100 fell 1.21% and the S&P 500 lost 0.39% as high Treasury yields and a Fed official's call for more rate hikes kept investors cautious.
ES and NQ at the close
NQ, Nasdaq 100 futures
31,021.25
-1.21% on the day
Day range 30,792.00 to 31,466.00
ES, S&P 500 futures
7,822.50
-0.39% on the day
Day range 7,783.00 to 7,858.25
How did our Futures Trading Algo Do Today?
Trades
6
ES/NQ/RTY/BTC ยท live + forward-test
Result
-$53.8
net for the day
Discipline
A small net loss on a split day is a reminder that two good trades can be erased by one oversized loser, so keep every position sized the same.
The paper book took 6 trades and finished down $53.80, with 2 winners and 4 losers. The best result came from SH_STO_ES_LONDON_SESS_1h, a long that made about $79, and SH_FT_MZ_ES_all_5m added another $32. Those gains were more than offset by MZ_ES_asia_sess_5m, whose long lost about $121, and MZ_RTY_asia_kz_5m, which lost about $44.
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The story
US stocks closed lower on Thursday, and the damage was concentrated in technology. The Nasdaq 100 dropped 1.21% while the broader S&P 500 slipped 0.39%, which tells us growth names took most of the pressure. Investors were focused on interest rates after Fed official Waller said more hikes are needed, and Treasury yields stayed high ahead of a 30-year bond auction. Headlines about Iran and sanctions added to a cautious tone without producing a clear panic.
The MAG7 and the megacaps
We do not have individual share price moves for the biggest tech names today, so we will stick to what the index tells us. The Nasdaq 100 holds the largest US technology and growth companies, and its 1.21% drop was about three times the S&P 500's 0.39% decline. That gap suggests the market's heavyweight tech names were the main source of weakness. Higher yields tend to hit these companies hardest, because their earnings are valued far into the future.
After the bell
Fed's Waller says more hikes are needed
Comments from Fed official Waller that more rate hikes are needed pushed back against hopes for easier borrowing costs. The 10-year Treasury yield was little changed on the day, but the message kept pressure on stocks that are sensitive to interest rates.
Treasury yields stay elevated
Bessent's new adviser said yields are really, really high but could come down soon. Until that happens, high yields give investors a competitive alternative to stocks and weigh on tech valuations.
30-year bond auction ahead
Investors were waiting on the 30-year Treasury auction. Demand at that sale can move yields, which in turn can move stocks.
Iran sanctions and midterm timing
New US sanctions on Iran's shadow fleet kept energy and security concerns in view. Trump's statement that the US will not attack Iran before the November midterms offered some reassurance, and Asia's rush to stockpile oil shows how seriously the region is taking supply risk.
Crypto
Bitcoin also had a soft day, closing at $81,615.01, down 1.99%. It traded between a high of $83,427.12 and a low of $80,464.05, a range of roughly $3,000. Crypto moved in the same direction as tech stocks, which fits a day when investors pulled back from riskier assets.
Into the night
Overnight and early-day headlines were dominated by geopolitics and rates. The US announced fresh sanctions on Iran's shadow fleet of oil tankers, and President Trump said the US will not attack Iran before the November midterm elections. Reuters also reported that Asian countries are racing to stockpile oil and speed up renewable energy projects in response to the Iran war. Separately, Turkey said Russia and Ukraine are stepping up attacks in the Black Sea ahead of winter.
What is coming next
Nasdaq 100 support
30,792
Today's low and the first level buyers need to defend.
Nasdaq 100 resistance
31,466
Today's high, which the index will need to reclaim to repair the damage.
S&P 500 range
7,783 to 7,858.25
Today's low and high, with the close at 7,822.5 near the middle.
Bitcoin support
$80,464.05
Today's low, a break below it would extend the recent pullback.
The 30-year Treasury auction and any further Fed commentary on rate hikes are the next things to watch, since yields have been the main driver of tech weakness. These levels come from today's trading ranges and are for education only, not predictions. This recap is not financial advice.
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We send market moving news the moment it hits, straight to Telegram, Discord and X. Then this recap pulls the day together every evening: ES and NQ, the MAG7, crypto, and what is next.
Educational market recap, not financial advice. Futures and options trading carry substantial risk of loss. Prices reflect the 2026-10-08 session close; charts are live and interactive. Always verify before acting.