Wall Street opens lower: S&P 500 -0.51%, Nasdaq 100 -1.58% at 10:00

US stocks traded lower in the first half hour after the open on Thursday, October 15, 2026. The S&P 500 stood at 7679.56 at 10:00 New York time, down 39.38 points or 0.51% from the previous close of 7718.94.

What happened

The Nasdaq 100 fell by more than the broader index. It stood at 29477.33 at 10:00 New York time, down 473.48 points or 1.58% from a previous close of 29950.82. The two indices therefore opened the session with moves of different size, with the Nasdaq 100 showing the larger decline.

The CBOE Volatility Index, a gauge of expected swings in the S&P 500, stood at 17.81 at 14:00 UTC. That is 0.94 points or 5.57% above the previous close of 16.87.

The session began after a large batch of US data released at 12:30 UTC, about two hours before the open in New York. The batch included producer prices, retail sales, a regional manufacturing survey and weekly jobless claims. Two companies also reported earnings before the bell.

Producer prices and retail sales

The Producer Price Index rose 1.3% month on month in September, against a 0.5% estimate. The previous reading was 0.5%. The PPI measures price changes at the wholesale level, so market participants follow it as an early signal of cost pressure.

Monthly retail sales rose 0.1% in September, against a 0.3% estimate. The previous reading was 1.2%. Retail sales excluding autos rose 0.9%, against a 0.5% estimate, after a previous 1.4%.

Sales excluding gas and autos rose 0.2%, against a 0.2% estimate, after a previous 1.1%. This measure strips out two volatile categories, so it is often used to look at underlying consumer spending.

On an annual basis, retail sales rose 6.3% in September, against a 5.2% estimate. The previous annual reading was 5.6%.

Taken together, the retail figures show different readings depending on the measure. The headline monthly figure was slower than in August, while the version without autos was faster than the headline. The version without gas and autos was close to the headline, at 0.2%.

Manufacturing survey and jobless claims

The New York Empire State Manufacturing Index stood at 25.5 in October, against a 10.3 estimate. The previous reading was 7.6. The index comes from a monthly survey of manufacturers in New York State and is one of the first business surveys published for each month.

Initial jobless claims were 199 thousand for the week ending October 10, against a 200 thousand estimate. The previous figure was 198 thousand. The four-week average of initial claims was 198.5 thousand, against a 199 thousand estimate, after a previous 198.25 thousand.

Continuing jobless claims, for the week ending October 3, were 1710 thousand, against a 1710 thousand estimate. The previous reading was 1714 thousand. Weekly claims data are published every Thursday and track the number of people applying for or receiving unemployment benefits.

Earnings before the bell

Bank of New York Mellon (BNY) reported earnings per share of 2.37 USD, against an estimate of 2.27 USD. Its revenue was 5.68 billion USD, against an estimate of 5.55 billion USD.

Marsh & McLennan Companies (MRSH) reported earnings per share of 2.03 USD, against an estimate of 1.97 USD. Its revenue was 6.86 billion USD, against an estimate of 6.64 billion USD.

Both reports came out before the open, so the figures were available to investors when trading started. The index moves recorded at 10:00 reflect all of the information released that morning, not a single report.

Why it matters

Producer prices measure the costs that businesses face before goods reach consumers. The September reading of 1.3% compares with the 0.5% recorded in the previous report. Market participants often read such data in the context of inflation and interest rates, which can affect how equities are valued.

The retail data give a less uniform picture. The headline monthly figure was 0.1%, while the figure excluding autos was 0.9%. The annual rate of 6.3% compares with a previous 5.6%. The Empire State reading of 25.5 compares with a previous 7.6, so the regional survey moved sharply from the month before.

The labor market data were close to the levels of the prior week. Initial claims of 199 thousand compare with 198 thousand a week earlier, and continuing claims of 1710 thousand compare with 1714 thousand. Such small changes mean the weekly figures did not add a new element to the morning data flow.

The rise in the VIX to 17.81 accompanied the lower opening in both indices. The gauge is derived from option prices on the S&P 500, and it tends to rise when investors pay more for protection against swings in the index.

The difference between the two index moves is also worth noting. The Nasdaq 100 lost 1.58% while the S&P 500 lost 0.51%, so the Nasdaq 100 fell by roughly three times as much at 10:00.

What to watch next

The session runs until 16:00 New York time, so the index levels at 10:00 are not final. Further company results and any additional economic releases scheduled during the day could change the picture.

Attention will stay on how producer prices feed into broader inflation measures. The next weekly jobless claims report will also be followed, with the figures above as the reference: 199 thousand initial claims and 1710 thousand continuing claims.

Market participants will also track the VIX, which stood at 17.81 against 16.87 at the previous close, to see whether the demand for protection continues as the session develops. They will compare the later index levels with the 10:00 readings of 7679.56 for the S&P 500 and 29477.33 for the Nasdaq 100.

Further earnings reports from other companies will add to the information available to the market.