New York stock exchanges close higher

The New York Stock Exchange closed higher for the day as losses in some technology stocks were offset by gains in other sectors.

The Dow Jones industrial average gained 556.21 points, or 1.08%, to 52,177.69.

The S&P 500 decreased by 0.33%, or 25.12 points, to 7,744.06, while the Nasdaq Composite was down sharply by 0.08%, or 20.16 points, to close at 26,713.03.

The Volatility Index (VIX), often referred to as the market's "fear index," fell 2.43% to 16.46.

On the macroeconomic data front, the US Producer Price Index (PPI) rose 1.3% month over month and 6.3% year over year in September, exceeding expectations.

Producer inflation in the country reached its highest level since March 2022 on a monthly basis and since December 2022 on a yearly basis.

Retail sales in the US also rose 0.8% month over month in September, surpassing expectations.

The number of initial jobless claims in the US rose to 199,000 for the week ending Oct. 10, in line with market expectations.

Nvidia’s shares fell nearly 2%, AMD’s shares dropped 1.5%, and Intel’s shares lost approximately 3%.

In contrast, the stock market was supported by gains from some companies in sectors outside of technology.

In the healthcare sector, Eli Lilly’s shares rose 3.5% and UnitedHealth’s shares rose 2.8%, while shares of retail giant Walmart rose 1.5%.

As a wave of selling in AI-related stocks drove investors toward government bonds, the yield on the US 10-year Treasury note fell 10 basis points to 5.09%, and the yield on the 30-year Treasury note dropped nine basis points to 5.43%.

Meanwhile, Barclays analysts noted that they had seen signs that top executives were considering a merger between SpaceX and Tesla. SpaceX shares closed down 2.3%, while Tesla shares ended the day down 1.3%.

Analysts noted that investors are awaiting a speech by Fed Chairman Kevin Warsh on Friday at the International Monetary Fund and World Bank annual meetings.

European stocks close higher

European stock markets ended the day mixed as the pan-European Stoxx Europe 600 index was up 0.38% to 640.16 points.

Britain’s FTSE 100 rose 1.08% to 10,840.35, Germany’s DAX 40 increased 0.33% to 25,382.62, and France’s CAC 40 rose 0.78% to 7,934.70.

Italy’s FTSE MIB 30 index went down 0.72% to close at 49,397.55, and Spain's IBEX 35 decreased 0.28% to close at 19,177.70.