London morning: Nasdaq 100 down 2.50% Friday, Nikkei 225 at 64916.7

US equity indexes ended the last session of the week lower, with the Nasdaq 100 falling 2.50% to 29187.55 on Friday, October 16. The S&P 500 closed at 7659.44, down 1.09%.

What happened

The S&P 500 finished Friday at 7659.44, a drop of 84.62 points, or 1.09%, from the previous close of 7744.06. The reading is as of 4:00 pm New York time on October 16, 2026, the end of the regular US session.

The Nasdaq 100 fell further. It closed at 29187.55, down 748.04 points, or 2.50%, from 29935.59. The percentage decline in the Nasdaq 100 was more than double the percentage decline in the S&P 500 on the day.

Both indexes therefore ended the week on a weak note. The two closing levels are the most recent official readings for US equities as London begins its Monday session, because US markets are closed for the weekend and have not yet reopened.

Asia and currencies this morning

In Asia, the Nikkei 225 stands at 64916.7 as of 15:25 in Tokyo on Monday, October 19. That is 407.59 points, or 0.62%, below the previous close of 65324.29. Because the figure is a live level, it can still change before the Tokyo session ends.

The decline in Tokyo is smaller in percentage terms than the Friday moves in the US indexes. It is 0.62%, against 1.09% for the S&P 500 and 2.50% for the Nasdaq 100. Japanese equities are lower at this point in the session, but by a smaller margin than the US benchmarks fell on Friday.

In currency markets, EUR/USD stands at 1.1228 as of 07:00 UTC, which is 08:00 in London. The pair is down 0.0015, or 0.14%, from the previous close of 1.1243. This is the only currency reading in the data for this morning, so it is the one reference for the euro and the dollar at the start of the European day.

The four readings side by side

Taken together, the readings give a simple picture for the start of the European day. The two US indexes closed lower on Friday, with the larger fall in the Nasdaq 100. The Nikkei 225 is lower in Monday trading. EUR/USD is slightly lower.

The readings come from different times. The US figures are closing levels from Friday afternoon in New York. The Nikkei 225 and EUR/USD figures are live levels from Monday morning. A direct comparison is therefore a comparison of different moments, and the live levels can change during the day.

The previous values set the base for each move. The S&P 500 began Friday's session from 7744.06 and the Nasdaq 100 from 29935.59. The Nikkei 225 is measured against 65324.29 and EUR/USD against 1.1243. Each previous close is the reference point from which the change is calculated.

The size of each change is also easy to compare in points. The S&P 500 lost 84.62 points and the Nasdaq 100 lost 748.04 points. The Nikkei 225 is down 407.59 points, while EUR/USD is down 0.0015. Points are not directly comparable across indexes with different levels, which is why the percentage changes are the cleaner measure.

Why it matters

Friday's fall in US equities is the main reference for European trading this morning. European markets open after the Wall Street close, so they have not yet traded after the move in US stocks. The London morning therefore starts with a time gap between the last US close and the first European prices.

The Nasdaq 100 decline of 2.50% is the largest percentage change among the four instruments in this set. It came on the final day of the week, so it is also the most recent signal from the US market. Market participants who follow US large-cap shares will use the Friday closing levels as their starting point for the new week.

The Nikkei 225 gives an early view of how an Asian market is trading after the US close. Its decline of 0.62% shows that Japanese shares are lower this morning. The EUR/USD reading adds a currency view: the euro is slightly lower against the dollar at this hour, by 0.14%.

For businesses with exposure to both euros and dollars, the exchange rate affects the value of cross-border revenue and costs. A move of 0.0015 in EUR/USD is small.

The Italian market is also relevant for readers in Europe. The Italian Stock Exchange runs its session from 09:00 to 17:30 Europe/Rome today, and it will be one of the first venues in the region to price in the Friday US decline.

What to watch next

The first item is the European open. Markets in London and in Milan, where trading begins at 09:00 Europe/Rome, will show how European shares respond to the Friday decline in US indexes. The opening prices will be the first European reaction to the weak Wall Street close.

The second item is the Nikkei 225 close in Tokyo. The index stands at 64916.7 as of 15:25, and the final figure will confirm the size of the daily change against the previous close of 65324.29.

The third item is EUR/USD through the European morning. The pair stands at 1.1228, and its path during the day will show whether the small decline from 1.1243 widens or fades.

The fourth item is the start of US trading later today. The S&P 500 closed Friday at 7659.44 and the Nasdaq 100 at 29187.55. The opening prices on Monday will show how US markets respond after the weekend break, and whether the Friday decline continues or pauses.