Nasdaq Falls 1.65% as Russell 2000 RSI Hits 28.3 and Oil Rises

The Nasdaq Composite dropped 449 points, or 1.65%, to 26,755.24 on October 14, 2026, extending its weekly loss to 2.23%. The decline was part of a broad equity retreat that left major U.S. indices in the red for the week, with the Russell 2000 tumbling 1.70% to a Relative Strength Index of 28.3, a level signaling deeply oversold small caps.

The S&P 500 fell 1.10% on the day and 1.18% for the week, while the Dow Jones Industrial Average held up relatively better with a 0.29% decline. Technical indicators place the S&P 500 just above its 50-day simple moving average support of 7,707.03, and the Dow trades near its 20-day SMA support at 51,489.97. Volatility gauges ticked higher but remained contained, with the VIX rising 0.95 points to 16.22 and the VXN climbing to 21.14, both within recent weekly ranges.

Commodities presented a mixed picture during the session. WTI crude oil bucked the broader risk-off trend, rising 1.36% to $95.42 a barrel, while gold slid 1.93% and silver dropped 5.81%. Silver is now down 20.54% year to date, contrasting with WTI crude's 66.18% year-to-date advance. In fixed income and forex, the 10-year Treasury yield edged up 3 basis points to 5.25%, and the euro slipped 0.33% against the dollar.

Corporate developments this week included RTX (NYSE: RTX), whose Raytheon business secured a five-year contract worth up to $6.3 billion for Standard Missile-3 Block IB interceptors. Production for the award will primarily occur at facilities in Tucson, Arizona, and Huntsville, Alabama. Raytheon President Phil Jasper stated that the award underscores the company's commitment to increasing production of critical munitions.

Lockheed Martin (NYSE: LMT) debuted its new PAC-3 Edge interceptor, designed to counter hypersonic threats under the U.S. Army's Future Interceptor program. The company plans to begin testing in 2027 to prepare for rapid deployment by 2031. Tim Cahill, president of Lockheed Martin Missiles and Fire Control, noted that the interceptor leverages the combat-proven PAC-3 MSE for greater maneuverability and velocity.

Eli Lilly and Company (NYSE: LLY) released exploratory data from the TOGETHER-PsO Phase 3b trial evaluating Taltz and Zepbound in patients with plaque psoriasis and obesity. By Week 36, the combination therapy resulted in changes across 482 proteins, compared to 140 for Taltz alone. Mark Genovese, M.D., senior vice president of Lilly Immunology development, suggested these biomarker changes may point to a relationship between immune and metabolic biology.

Alimentation Couche-Tard Inc. (TSX: ATD) entered a definitive agreement with Irving Oil to acquire retail assets in Quebec and Ontario, including 50 retail sites and fuel supply to 71 Couche-Tard owned sites in Quebec. The transaction is subject to customary closing conditions and regulatory approvals under the Competition Act.

IBM (NYSE: IBM) announced it was selected for Stage C of DARPA's Quantum Benchmarking Initiative, an independent verification process testing quantum hardware toward building a fault-tolerant quantum computer. Jay Gambetta, Director of IBM Research, stated that IBM expects to deliver the first fault-tolerant system in 2029.