US stocks fell for a second day on Thursday, October 8, as worries about the AI boom hit tech shares. The Nasdaq (a tech-heavy index) dropped 1.25% to 27,193.34, its worst day since mid-August. The S&P 500 (an index of 500 large US companies) lost 0.47% to 7,765.36, while the Dow (an index of 30 big companies) edged up 0.10% to 51,231.64. The AI selloff began after the Financial Times reported that OpenAI told investors its annualized revenue, meaning recent sales projected over a full year, is about $50 billion, not the roughly $70 billion reported earlier. The gap appears to come from how the figure is counted rather than from lost sales, but Oracle fell about 5.5% and Nvidia about 3%. Oil jumped after tanker attacks and reports the US may strike Iran, and Treasury yields, the interest rates the US government pays to borrow, rose to near 24-year highs. Minutes of the Federal Reserve’s September meeting showed most officials still expect another rate hike this year. Stock moves below are as reported during the session.
Daily Digest ·
US stocks fell for a second day on Thursday, October 8, as worries about the…
What moved Wall Street and the PSEi, and what it means for your money, in plain language.
Today, in Two Lines
The day’s biggest story in each market.
US stocks fell for a second day on Thursday, October 8, as worries about the AI boom hit tech shares.
Philippine stocks dropped sharply on Thursday, October 8.
US & PH Markets at Last Close
Where each market finished its most recent trading session before this issue went out.
US markets
| S&P 500 | 7,765.36 -0.47% |
| Dow Jones | 51,231.64 +0.10% |
| Nasdaq | 27,193.34 -1.25% |
| 10-Yr Treasury Yield | 5.23% |
Philippine markets
| PSEi | 5,610.39 -2.20% |
| USD/PHP | 62.89 +0.38% |
| BSP Rate | 5.00% |
Winners & Losers
The stocks that moved most, and why.
USUnited States
- HAE Haemonetics+17.3%
Surged after a filing confirmed a major expansion of its supply agreement with CSL
- CMG Chipotle Mexican Grill+7.4%
Jumped after the Financial Times reported that Starbucks has explored buying the company
- ORCL Oracle-5.5%
Fell after the OpenAI revenue report raised doubts about demand tied to its large OpenAI cloud deal
- INTC Intel-5.3%
Dropped in the broad chip and AI selloff that followed the OpenAI report
- SBUX Starbucks-4.4%
Slipped after the report that it has explored a takeover of Chipotle
PHPhilippines
- SCC Semirara Mining and Power Corp.-13.4%
Said the government’s revised coal auction rules are unfair and unacceptable, as the rules would stop it from bidding for its mining contract
- SMC San Miguel Corp.+2.7%
Today’s Full Story
USUnited States
PHPhilippines
Philippine stocks dropped sharply on Thursday, October 8. The PSEi, the main index tracking the 30 largest listed companies, fell 2.20% (126.30 points) to close at 5,610.39, its lowest level since November 14, 2025. Every sector ended lower, led by the services group at -4.86% and mining and oil at -3.43%. Losing stocks outnumbered gainers 112 to 73, and foreign investors sold a net P1.18 billion more than they bought. Analysts pointed to fears of higher interest rates in both the US and the Philippines. Inflation, meaning prices rising faster, hit 7.2% in September, which raised expectations that the central bank, the Bangko Sentral ng Pilipinas (BSP), will raise rates again. Higher rates make borrowing costlier for companies and households. Oil near $104 a barrel and slower ship traffic through the Strait of Hormuz added to the worry. The peso also fell to a new record-low close of P62.90 per US dollar.
US–PHHow US news affects the Philippines
The US and the Philippines were hit from the same two directions on Thursday: interest rates and oil. Minutes of the Federal Reserve’s September meeting showed most officials still expect another rate hike before year-end, though they see it as insurance against stubborn inflation. US Treasury yields, what the US government pays to borrow, stayed near their highest since 2002, which keeps the dollar strong. The peso slid to a record-low close of P62.90, and foreign investors sold a net P1.18 billion of Philippine shares. Oil added pressure. Brent, the global benchmark, rose above $105 after tanker attacks, reports the US may strike Iran, and slower ship traffic through the Strait of Hormuz. A weaker peso and pricier oil make imports costlier, which can push Philippine inflation, already 7.2%, even higher. That raises the odds of another BSP rate hike on October 22, and higher rates tend to weigh on stocks. Wall Street had its own worry: the OpenAI revenue report hit AI stocks and added to a cautious global mood.
Sa Taglish
Pareho ang tumama sa US at Pilipinas nitong Thursday: interest rates at oil. Sa minutes ng Fed meeting noong September, karamihan sa mga opisyal ay umaasa pa rin ng isa pang rate hike bago matapos ang taon, pero tinitingnan nila itong insurance lang laban sa matigas na inflation. Nasa pinakamataas pa rin mula 2002 ang US Treasury yields, o yung tubo na binabayad ng gobyerno ng America kapag nanghihiram sila, kaya malakas pa rin ang dollar. Kaya bumagsak ang peso sa record-low na P62.90, tapos nagbenta pa ng net P1.18 billion na Philippine shares ang mga foreign investors. Dumagdag pa ang oil. Tumaas ng mahigit $105 ang Brent, yung global benchmark, dahil sa mga atake sa tanker, balitang baka mag-strike ang US sa Iran, at humina ang biyahe ng mga barko sa Strait of Hormuz. Kapag mahina ang peso at mahal ang oil, mas mahal ang imports, kaya baka tumaas pa ang inflation natin na nasa 7.2% na. Mas malamang tuloy na mag-hike ulit ang BSP sa October 22, at kadalasan bumabagsak ang mga stocks kapag tumataas ang rates. May sariling problema rin ang Wall Street: yung report tungkol sa OpenAI revenue ang tumama sa mga AI stocks.
USD/PHP
Biggest mover: Nasdaq -1.25%
What to Watch
- The BSP meets October 22, with investors expecting another rate hike after September inflation hit 7.2%.
- The Fed meets October 27-28; minutes show most officials still expect another hike this year, though they see it as insurance.
- Oil near $104 to $107 and tanker attacks near the Strait of Hormuz could keep pressure on Philippine fuel costs and the peso.
Sources
The original reporting behind this issue.
US markets
- Stock Market Today (Oct. 8, 2025): Nasdaq, Russell 2000 suffer on higher oil, Treasurys
Stocks fell as surging oil prices, rising Treasury yields and hawkish Fed signals weighed on risk appetite, with Haemonetics and Chipotle among the notable gainers.
- Nasdaq falls 1% as AI trade stumbles following OpenAI revenue setback
The Nasdaq and S&P 500 closed lower while the Dow edged up, as AI-related stocks sank after details emerged about OpenAI’s revenue.
- Stock market today: S&P 500, Nasdaq fall for second day in a row as AI trade takes a hit
US stocks pulled back as oil prices jumped and chip stocks declined on AI jitters.
- Tech stocks drop after report that OpenAI’s revenue is lower than expected
The Nasdaq had its worst day since mid-August as chipmakers, cloud providers and other AI-linked companies sold off.
- Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report
OpenAI told investors its annualized revenue was about $50 billion, below the figure widely reported earlier, which pushed AI stocks lower.
PH markets
- PSEi sinks to 5,610 on rate hike fears
The PSEi fell 2.20% to 5,610.39 on expectations of higher rates in the US and the Philippines, with foreign investors net sellers and Semirara the biggest loser.
- PSEi plunges to 5,600 level as record-low peso, oil surge fuel rate hike fears
The index hit its lowest level in nearly 11 months as the peso set a record low and oil prices climbed.
- Peso slumps to new record low as stocks tumble
The peso closed at a record-low P62.90 per dollar while every sector of the stock market ended lower, led by services.
- Stocks plunge amid weak peso, rate hike expectations
Analysts tied the selloff to mounting rate hike expectations from the Fed and the BSP after September inflation reached a three-year high.
- Semirara: Revised auction rules unfair
Semirara said the government’s revised coal auction rules would require bidders to give up existing mining assets, which it called unfair.
Cross US–PH
- Stock Market Today (Oct. 8, 2025): Nasdaq, Russell 2000 suffer on higher oil, Treasurys
Fed minutes showed most officials still expect another hike this year, while oil jumped on tanker attacks and Treasury yields neared record highs.
- Peso slumps to new record low as stocks tumble
The peso’s record-low close came as the dollar stayed supported by expectations of higher US rates and domestic inflation fueled bets on more BSP tightening.
- PSEi sinks to 5,610 on rate hike fears
Foreign investors pulled P1.18 billion out of Philippine stocks as worries about tighter policy from the Fed and the BSP grew.
- PSEi plunges to 5,600 level as record-low peso, oil surge fuel rate hike fears
Brokers said slower traffic through the Strait of Hormuz and oil near $104 raised fears of supply disruptions and higher inflation.
- Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report
AI-related shares fell after OpenAI’s revenue figure came in about $20 billion below what had been widely reported.
- PSEi, peso pressure builds ahead of inflation
Hotter inflation was seen reinforcing expectations of a BSP rate increase on October 22.
Terms to know
- Stock
- A tiny piece of ownership in a company. Buying a company's stock means you own a small part of that business.
- Stock market
- The overall marketplace where stocks are bought and sold. When we say 'the market' or show numbers like the S&P 500 or PSEi, we mean a snapshot of how stocks overall are doing that day.
- Interest rate
- The cost of borrowing money, or what you earn for saving it. When rates go up, loans get pricier, but savings can earn a bit more.
- Inflation (CPI)
- When everyday prices rise over time, so the same money buys less than before. CPI is the number used to measure it.
- Fed (Federal Reserve)
- The US central bank. It sets interest rates, which affect how expensive it is to borrow money, even here in the Philippines.
- BSP (Bangko Sentral ng Pilipinas)
- The Philippine central bank, PH's equivalent of the Fed.
- PSEi
- A single number that tracks how the Philippines' biggest company stocks are doing overall, like a report card for the PH stock market.
- bps (basis points)
- A small unit for measuring interest rate changes: 100 bps = 1%. Used because rate changes are usually tiny.
- 10-Yr Yield
- The interest rate the US government pays to borrow money long-term. When it rises, loans and mortgages tend to get pricier everywhere, not just in the US.
- USD/PHP
- How many pesos it takes to buy one US dollar.
- OFW remittances
- Money sent home by overseas Filipino workers, a key driver of peso demand.
Summaries, mover explanations, and forward-looking notes in this issue are AI-written from real market data and sourced news. Not financial advice.