Market Week in Review: Records, AI Jitters, and Bank Earnings Ahead — Oct 11, 2026

Market Week in Review: Records, AI Jitters, and Bank Earnings Ahead

Wall Street capped a record-setting, if choppy, week on Friday. A Thursday selloff tied to reports that OpenAI's annualized revenue runs well below earlier estimates — which knocked a chipmaker gauge down 3.4% — fully reversed by the close, and all four major benchmarks finished the week higher. With markets closed through the weekend, attention now turns to a packed calendar: Columbus Day keeps the bond market shut Monday, then bank earnings and September CPI arrive back-to-back Tuesday and Wednesday.

The Week's Closing Levels

Five Things That Mattered

1. AI jitters faded fast. Thursday's chip-sector selloff fully reversed by Friday as the OpenAI revenue story lost steam.
2. SpaceX's spectrum deal rattled telecom. A move to expand Starlink Mobile sent AT&T, Verizon and T-Mobile down more than 6% while tower REITs American Tower and Crown Castle jumped over 7%.
3. Yields sit near 24-year highs. The 10-year Treasury closed near 5.23%, keeping pressure on rate-sensitive sectors even as stocks hit records.
4. Earnings season opens for real. Delta's Thursday miss kicked off the cycle; JPMorgan, Goldman Sachs, Wells Fargo, Citi, UnitedHealth and Johnson & Johnson report Tuesday.
5. Oil holds a geopolitical premium. WTI sits near $91.85 after an incident in the Strait of Hormuz, even as the White House downplayed near-term Iran conflict risk.

Options Flow Worth Watching

Options desks saw a mix of bearish hedging and bullish momentum bets into the weekend. Notable prints included repeated ask-side put buying in CoreWeave ahead of its earnings, a large far-dated protective put in Sandisk, and repeated ask-side call buying in SPY near record highs alongside a Nasdaq-100 call sweep riding the tech rebound. A long-dated Nvidia put and an AMD put ahead of its November 3 report pointed to some hedging demand heading into a volatile earnings stretch.

What to Watch This Week

September CPI on Wednesday is the single biggest data risk, landing the morning after a wave of megabank earnings. Thursday brings PPI, retail sales, jobless claims and two regional Fed surveys alongside Taiwan Semiconductor's report — a name whose results tend to set the tone for the broader chip trade. Dealer gamma positioning shows SPY pinned near its gamma flip, with a call wall at 779 and put wall at 777, suggesting the index could chop in a tight band until one of these catalysts forces a directional move. Retail attention remains concentrated in AST SpaceMobile and SpaceX on the spectrum-deal story, plus Micron and Nvidia on the ongoing AI-memory narrative.

Sign-Off

That's the week in review. Markets reopen Monday with equities trading as usual despite the Columbus Day bond-market closure — buckle up for a data- and earnings-heavy stretch.