Nasdaq Drops 1.65% as Russell 2000 Hits Oversold Levels, Oil Rises While Gold and Silver Fall
The Nasdaq Composite fell by 1.65%, or 449 points, to close at 26,755.24 on October 14, marking a weekly loss of 2.23%. The S&P 500 and Russell 2000 also declined significantly with the latter hitting an RSI level of 28.3, indicating deep oversold conditions in small-cap stocks. In contrast to equities, WTI crude oil rose by 1.36% to $95.42 per barrel while gold and silver fell sharply—gold dropped 1.93%, and silver plunged 5.81%. The Dow Jones showed relative resilience with a modest decline of 0.29%. The broader market selloff pushed all major indices into negative territory for the week, with volatility rising slightly but not yet reaching panic levels as measured by the VIX (up to 16.22) and VXN (now at 21.14). The S&P 500 remains just above its key technical support level of 7,707.03 while the Dow hovers near its own short-term moving average. In corporate news, Raytheon Technologies secured a $6.3 billion contract for missile production and sustainment under the U.S. Department of War agreements. Lockheed Martin unveiled its new PAC-3 Edge interceptor aimed at countering advanced threats with plans to begin testing in 2027.
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Topics: commodities indices performance stock market volatility