Overview

• U.S. stocks fell on Oct. 16, with the S&P 500 down 0.63%, the Dow off 0.65% and the Nasdaq lower by 0.47%, as financials led declines.
• Zions Bancorporation sank about 13% after unexpected losses on two California loans, while Western Alliance dropped roughly 11% after filing a fraud lawsuit against a borrower.
• Trade risk intensified after President Trump threatened 100% tariffs on Chinese imports from Nov. 1 and China tightened rare-earth export curbs.
• Safe-haven demand strengthened, pushing gold and silver to record highs while the U.S. 10-year Treasury yield hovered near 4% and German 10-year bund yields fell toward 2.57%.
• Fed officials signaled more easing, with Susan Collins backing additional cuts this year and Christopher Waller supporting another this month, even as strong earnings from chipmakers and major banks provided some support; Indian benchmarks held near multi-week highs and were set for a steadier open.