# Nasdaq Falls 1% as AI Trade Stumbles

> OpenAI revenue setback triggers AI stock selloff, pushing Nasdaq down 1.25%.
- Title: Nasdaq Falls 1% as AI Trade Stumbles · CNBC | Shortify
- Summary: OpenAI revenue setback triggers AI stock selloff, pushing Nasdaq down 1.25%. OpenAI's annualized revenue fell short of expectations, causing AI stocks to…
- Keywords: nasdaq, openai, ai stocks, revenue, tech stocks, s&p 500, dow jones, treasury yields, oil prices, fed rates, business, finance
- Source: CNBC — https://cnbc.com/2026/10/07/stock-market-today-live-updates-.html
- Author: Sean Conlon,Hugh Leask,Lee Ying Shan,Sarah Min
- Published: 2026-10-07T22:02:41+00:00
- Read time: 1 min
- Topics: nasdaq, openai, ai stocks, revenue, tech stocks, s&p 500, dow jones, treasury yields, oil prices, fed rates, business, finance
## Nasdaq Slides
The Nasdaq Composite slid 1.25% to close at 27,193.34, while the S&P 500 declined 0.47% to 7,765.36.
## OpenAI Revenue Shortfall
OpenAI's annualized revenue fell short of previous signals, pressuring ai-related stocks.
## Tech Stocks Drop
Oracle shares fell over 5%, while Nvidia and Advanced Micro Devices lost nearly 3% and 4%.
## Oil Prices Spike
Brent crude rose 4.07% to $104.28 per barrel after Trump's comments on Iran.
## Treasury Yields Rise
The 10-year Treasury yield dropped 5 basis points to 5.227%, while the 30-year yield fell 6 basis points to 5.601%.
## Fed Rate Outlook
St. Louis Fed President Musalem expects more rate hikes to curb energy-driven inflation.
## AI Trade Concerns
Gil Luria, D.A. Davidson's tech research head, remains optimistic on OpenAI despite revenue report.
## Oil Prices Rebound
Oil prices dropped after Trump stated the U.S. won't attack Iran before midterms.
## Palantir Shares Rise
Palantir gained 2% after Goldman Sachs upgraded it to a buy rating.
## Treasury Auction Impact
The 30-year Treasury auction set yield at 5.618%, up 31 basis points from previous auction.
## Fed Governor Waller
Waller expects additional rate hikes but remains uncertain about timing.
## Bitcoin Miners Tumble
Bitcoin mining stocks dropped 10% as OpenAI revenue concerns intensified.
## European Markets Drop
European stock markets fell 1.07% as oil prices rose and Middle East tensions grew.
## HSBC Job Cuts
HSBC plans large-scale job cuts in UK wealth business amid AI integration efforts.
## Oil Prices Stabilize
Oil prices dropped after Trump clarified U.S. won't attack Iran before midterms.
## Market Reaction
The Nasdaq closed at 27,193.34, marking a 1.25% drop from previous session.
## Key takeaway

OpenAI's annualized revenue fell short of expectations, causing AI stocks to drop 1.25% as Nasdaq closed at 27,193.34.