Finance

Major stock benchmarks opened the new trading month with mixed momentum but ultimately turned lower as mounting bond yields erased early gains. While strong technology earnings initially provided a lift, the Dow Jones Industrial Average and the S&P 500 slipped into negative territory following recent volatility in September.

The chipmaker provided an upbeat financial forecast and witnessed its fourth-quarter revenues almost quadruple, helping to temporarily buoy the tech-heavy Nasdaq. Despite the strong corporate results, broader macroeconomic pressures and a cooling of the wider artificial intelligence trade limited the stock's ability to maintain major early market advances.

Brent crude prices hovered near $100 a barrel following reports that China has suspended certain fuel exports. Ongoing diplomatic deadlocks and geopolitical tensions in the Middle East have continuously added upward pressure to energy costs, adding to the market's broader inflation worries.