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S&P 500 Record, Seagate −9%, Constellation +12%: Morning 10

Storage — Seagate −9.2%, Western Digital −6.9% on a record day for the S&P 500 and the Nasdaq

Constellation Energy jumped 12.2% on a long power deal with Google, Marvell rose 5.8% and AMD closed at a record; chip-equipment makers fell again. Overnight Asia's memory-chip makers slid — Kioxia −4.5%, SK Hynix −2.5%. The Fed's September minutes come at 20:00 CEST.

In this edition

SPY QQQ XLK RSP IWM STX WDC SNDK

The Morning 10 Wed, Oct 7, 2026 ~90 seconds 08:00 CET

The ten points

The S&P 500 closed at a record on Tuesday for the first time since 13 August: up 0.58% to 7,818.93. The Nasdaq Composite added 0.45% to 27,599.79, its second record close in a row, and the Nasdaq-100 fund QQQ and Nvidia set new highs too. The 10-year Treasury yield eased to 5.27% from 5.31%.

Underneath, the market sorted the AI suppliers hard. Power and custom chips were bought: Constellation Energy +12.2% after a long power deal with Google, Marvell +5.8% after its investor day, Broadcom +3.7%, AMD +2.8% to a record. Hard drives were sold: Seagate −9.2%, Western Digital −6.9%, after reports that Toshiba plans to double its hard-drive capacity. The memory-chip makers slipped too — SanDisk −2.6%, Micron −1.7% — although Toshiba's plan concerns hard drives, not flash or DRAM. The chip-equipment makers fell for a second day — KLA −4.5%, Lam Research −3.4%.

Overnight Asia's memory-chip makers fell again: Kioxia −4.5%, SK Hynix −2.5%, the Kospi −1.4%, the Nikkei −0.5%. US futures are flat. Penguin Solutions beat after the bell and trades 5.4% higher after hours. The Fed publishes the minutes of its September meeting at 20:00 CEST.

  1. S&P 500 — record close at 7,818.93, the first since 13 August; Nasdaq at a record for a second day
  2. Hard drives — Seagate −9.2%, Western Digital −6.9% on Toshiba's expansion report
  3. Asia's memory makers slide — Kioxia −4.5%, SK Hynix −2.5%, Kospi −1.4%
  4. Custom chips — Marvell +5.8% after its investor day, Broadcom +3.7%, AMD +2.8% to a record
  5. Chip-equipment makers fall again — KLA −4.5%, Lam Research −3.4%, Applied Materials −2.2%
  6. Power — Constellation Energy +12.2% after a long power deal with Google
  7. Fed minutes at 20:00 CEST — the 10-year eased to 5.27% before them
  8. Japan and the rest of Asia — Nikkei −0.5% to 70,303, SoftBank +0.8%; Taiwan +0.2%, Shanghai closed
  9. Print Record — Penguin Solutions beats and raises, +5.4% after hours; the window runs to Friday
  10. US futures flat; oil funds +0.6–0.8%, gold +0.7%, bitcoin −1.5% to $84,300

  1. S&P 500 — record close at 7,818.93, the first since 13 August; Nasdaq at a record for a second day

    Structure

    SPYQQQXLKRSPIWM

    What
    The S&P 500 rose 0.58% to 7,818.93, above its 13 August closing record of 7,798.99. The Nasdaq Composite gained 0.45% to 27,599.79, a record for the second session running; the Nasdaq-100 (31,224, +0.48%), QQQ (759.66) and the tech fund XLK (202.00) closed at records for the third day. The Dow rose 0.49% to 51,521, still 5.2% below its 5 August high. Small caps did not join: the Russell 2000 fell 0.59% to 2,830 and its fund IWM is 7.8% below its 14 August high. The equal-weight S&P 500 fund RSP rose 0.57%, in line with the index. The volatility index VIX eased to 15.01.
    If
    the S&P 500 holds above 7,798.99, its old closing record, through the Fed minutes
    Why
    a new high that holds on the day after is a breakout; one that slips straight back is a test that failed
    Then
    the market-structure page tracks breadth behind the index highs

    Open the detail →

  2. Hard drives — Seagate −9.2%, Western Digital −6.9% on Toshiba's expansion report

    Structure

    STXWDCSNDKMU

    What
    The two US hard-drive makers were sold hard on Tuesday. Seagate fell 9.2% to 805.63 and is now 26.4% below its 22 June high; Western Digital — since the SanDisk spin-off a pure hard-drive company — fell 6.9% to 411.04, 44.9% below its 18 June high. The trigger, as reported by several outlets, was Toshiba, the third hard-drive maker: Nikkei reported last week that it plans to roughly double its hard-drive production capacity to serve AI data centres, and Seagate and Toshiba are reported to be bidding for TDK's magnetic-heads unit. It was the second sharp drop for the two since that report on 2 October. Hard drives are a separate market from memory chips. The flash maker SanDisk (−2.6%) and Micron (−1.7% to 1,045.56, 13.8% below its June peak) also fell, but Toshiba's plan does not add flash or DRAM capacity — we found no single reason for their decline.
    If
    Seagate and Western Digital fall again today
    Why
    a shortage that is about to get new supply usually loses its price premium first — with only three hard-drive makers, one of them doubling capacity changes the pricing for all
    Then
    the memory and HBM page follows the memory-chip makers separately from the drive makers

    Open the detail →

  3. Agentic Ecosystem Index The AI-opex complex as an index — the operational layer where agents meet the P&L. Open the index →

  4. Asia's memory makers slide — Kioxia −4.5%, SK Hynix −2.5%, Kospi −1.4%

    Context

    285A.T000660.KS005930.KSEWY

    What
    The memory-chip makers fell again in Asia. In Tokyo the flash-memory maker Kioxia fell 4.5% to ¥17,885 in the afternoon. In Seoul SK Hynix fell 2.5% to ₩1,728,000 and Samsung Electronics traded at ₩270,750 (−0.5%); the Kospi stood at 6,841 (−1.4%). It is the second day of memory selling in Korea since the market reopened from its holiday on Tuesday. Kioxia and SK Hynix make flash and DRAM, not hard drives — Toshiba's expansion report does not concern them directly.
    If
    Korea's memory names close near the day's lows for a second day
    Why
    Korea has now sold its memory makers on both days since it reopened, while the US chip leaders set records
    Then
    Micron's trading in New York today is the next test

    Open the detail →

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