Ray: Good morning, this is Biscuits and Tickers for Saturday, October 10. I'm Ray.

Nora: And I'm Nora. This is our weekend edition. U.S. markets are closed today, so we'll look back at how the week finished, the biggest stories and movers, and then set up a busy week ahead with bank earnings and a key inflation report.

Ray: The week ended with gains for the big averages. According to TheStreet, the Dow rose about 1.2 percent for the week to close Friday near 51,655. The S and P 500 gained just under 1 percent to about 7,812. The Nasdaq Composite edged up about two tenths of a percent to roughly 27,366. Small caps lagged. The Russell 2000 fell about 0.9 percent for the week.

Nora: The path was bumpy. On Tuesday, the S and P 500 closed at a record near 7,819, led by chip stocks. Midweek brought a pullback. Thursday saw a sharp tech selloff, and Friday brought a rebound of about six tenths of a percent. The VIX volatility index ended the week near 14.8, a fairly calm reading despite the swings.

Ray: In bonds, the 10 year Treasury yield ended near 5.25 percent, after touching its highest level in about 24 years earlier in the week, according to Yahoo Finance. That compares with about 5.28 percent a week earlier. The 2 year yield finished near 4.8 percent. The dollar firmed modestly, up roughly half a percent for the week based on a dollar index fund.

Nora: In commodities, West Texas crude settled near 92 dollars a barrel and Brent near 104 dollars, roughly flat on the week after swinging on Iran headlines and a Gulf hurricane. Gold climbed to about 4,200 dollars an ounce. Bitcoin finished near 82,700 dollars.

Ray: The week's biggest story was a jolt to the AI trade. On Thursday, the Financial Times reported that OpenAI's annualized revenue was about 50 billion dollars, well below an earlier estimate near 70 billion. Trading Economics reported the Nasdaq 100 fell 1.6 percent that day. Nvidia, ticker N V D A, dropped about 3 percent, and Broadcom, A M D, Intel and Arm fell between 4 and 8 percent.

Nora: By Friday, later reports said OpenAI expects about 70 billion dollars by year end, and software and chip stocks recovered part of the loss. Even so, the Nasdaq Composite managed only a small weekly gain. Breadth has been narrow. Earlier in the week, analysts noted the equal weight S and P 500 was trailing the cap weighted index by a wide margin this year.

Ray: Rates were the other big theme. Fed minutes released Wednesday covered the September meeting, where the Fed raised rates by a quarter point to a range of 3.75 to 4 percent. That was a unanimous decision and the first hike since July 2023.

Nora: The minutes showed 12 of 18 officials projecting one more quarter point hike this year, four projecting two, and two projecting none. As of early October, markets priced roughly a 20 percent chance of a hike at the October 27 and 28 meeting. Consumer sentiment also weakened. The University of Michigan's preliminary October reading fell to 46.3, its lowest since May.

Ray: Energy and geopolitics moved prices too. President Trump said the U.S. would not attack Iran before the November 3 midterm elections. Iran's foreign minister said Tehran was reviewing a U.S. response to its proposal to reopen the Strait of Hormuz within seven days. Meanwhile, Hurricane Isaias shut in nearly 63 percent of Gulf of America oil output by midday Friday, according to TheStreet.

Nora: And on Friday, telecom took a hit. SpaceX agreed to buy a nationwide block of low band wireless spectrum. Investors read that as a competitive threat to carriers. T-Mobile, ticker T M U S, fell as much as about 12 percent, with Verizon and AT and T also lower. Crown Castle, ticker C C I, rose about 11 percent on the news.

Ray: Other notable movers late in the week. Humana, ticker H U M, rose about 12 percent Friday after Medicare restored a 4 star rating to its flagship Medicare Advantage contract. Moderna, ticker M R N A, gained about 9 percent to its highest since 2021, as it rejoined the Nasdaq 100 and on reports of a federal cancer vaccine initiative.

Nora: On the downside, Skyworks, ticker S W K S, fell about 6 percent and Apple, ticker A A P L, about 2 percent on reports of iPhone 18 Pro component order cuts. HP, ticker H P Q, dropped about 6 percent on a weaker PC outlook. Delta Air Lines, ticker D A L, missed estimates for the first time in two years and cut its 2026 outlook on fuel costs. Defensive names like Walmart, Visa and Mastercard held up during Thursday's selloff. Friday's sector leaders were real estate and health care, while communication services lagged.

Ray: Now the week ahead. Monday is Columbus Day. Stocks trade normal hours, but the bond market is closed. Tuesday, third quarter bank earnings begin before the open with JPMorgan Chase, ticker J P M, Goldman Sachs, ticker G S, Wells Fargo, ticker W F C, and Citigroup, ticker C. Johnson and Johnson and UnitedHealth also report.

Nora: Wednesday at 8:30 a.m. Eastern brings the September consumer price index. Consensus compiled by Admiral Markets looks for headline inflation around 3.7 percent from a year earlier, up from 3.4 percent, with core near 2.4 percent. Bank of America, Morgan Stanley, BlackRock and A S M L also report Wednesday. Retail sales and producer prices are due later in the week.

Ray: Thursday features Taiwan Semiconductor, ticker T S M, a closely watched read on AI chip demand, plus Charles Schwab and P N C. On the Fed side, Chair Kevin Warsh is scheduled for a fireside chat at the IMF and World Bank meetings in Bangkok, late Thursday night Eastern time. Friday brings Travelers and several regional banks.

Nora: Here is what to watch. Tuesday's bank results as the first big read on earnings season. Wednesday's CPI against that 3.7 percent consensus, and what it means for the late October Fed meeting. Thursday's Taiwan Semiconductor report and Warsh's remarks. And throughout, the 10 year yield near 5.25 percent, Iran's reply on the Strait of Hormuz, and Gulf oil output after Hurricane Isaias.

Ray: That's the Biscuits and Tickers weekend edition for Saturday, October 10. I'm Ray.

Nora: And I'm Nora. This briefing is news and information, not investment advice. Have a good weekend.