{"id":73011,"date":"2026-10-14T12:38:16","date_gmt":"2026-10-14T16:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-trump-putin-diesel-deal-sparks-global-backlash\/73011\/"},"modified":"2026-10-14T12:38:16","modified_gmt":"2026-10-14T16:38:16","slug":"market-slump-deepens-as-trump-putin-diesel-deal-sparks-global-backlash","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-trump-putin-diesel-deal-sparks-global-backlash\/73011\/","title":{"rendered":"Market Slump Deepens as Trump-Putin &#8220;Diesel Deal&#8221; Sparks Global Backlash"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> (<a href=\"\/stock\/SPX\">SPX<\/a>) falls 1% to session lows<\/strong> as hotter-than-expected inflation data (3.7% annually) fuels fears of a December Federal Reserve rate hike.<\/li>\n<li><strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> (<a href=\"\/stock\/GLD\">GLD<\/a>) plummets nearly 2% to $4,073.73\/oz<\/strong>, hitting its lowest level since August as the U.S. Dollar strengthens following the CPI report.<\/li>\n<li><strong>President Zelenskyy expresses &quot;betrayal&quot;<\/strong> over a surprise energy deal between Donald Trump and Vladimir Putin, which allows Russian diesel into U.S. markets.<\/li>\n<li><strong>OpenAI undergoes a major leadership shift<\/strong> as Computing Chief Sachin Katti departs, replaced by former xAI executive Uday Ruddarraju to lead the $750 billion infrastructure unit.<\/li>\n<li><strong>EU leaders draft summit conclusions<\/strong> calling for new sanctions on Russian ex-combatants and expressing &quot;regret&quot; over the U.S.-Russia diesel agreement.<\/li>\n<\/ul>\n<h2>Markets Retreat on Inflation Heat<\/h2>\n<p>U.S. equities extended their decline on Wednesday, with the S&amp;P 500 (<a href=\"\/stock\/SPX\">SPX<\/a>) dropping <strong>1%<\/strong> to reach a session low. The sell-off was triggered by September inflation data showing consumer prices rose <strong>3.7%<\/strong> annually, exceeding the <strong>3.6%<\/strong> market forecast. This &quot;hot&quot; reading has caused investors to price in a <strong>99% probability<\/strong> of a Federal Reserve interest rate hike in December, up from <strong>88%<\/strong> prior to the report.<\/p>\n<p>Safe-haven assets were not spared, as <strong>Spot Gold<\/strong> fell nearly <strong>2%<\/strong> to trade at <strong>$4,073.73 per ounce<\/strong>. The precious metal, which does not yield interest, became less attractive as Treasury yields rose in anticipation of tighter monetary policy. Similarly, <strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a><\/strong> saw a sharp decline of <strong>3.9%<\/strong>, falling to <strong>$59.80 per ounce<\/strong>.<\/p>\n<h2>Geopolitical Tensions Flare Over &quot;Diesel Deal&quot;<\/h2>\n<p>In a high-profile interview with Piers Morgan, Ukrainian President Volodymyr Zelenskyy stated he felt <strong>&quot;betrayed&quot;<\/strong> by Donald Trump\u2019s recent announcement of an &quot;energy ceasefire&quot; and a deal to purchase Russian diesel. Zelenskyy characterized the move as being on the <strong>&quot;wrong side of history,&quot;<\/strong> warning that the deal provides the Kremlin with billions in revenue to sustain its war effort.<\/p>\n<p>The European Union has signaled its alignment with Kyiv, with draft summit conclusions from Brussels expressing <strong>&quot;regret&quot;<\/strong> over the Trump-Putin agreement. EU officials noted that the deal contradicts the bloc&#39;s four-year strategy to decouple from Russian fossil fuels. In response, the EU is preparing its <strong>23rd sanctions package<\/strong>, which may include visa bans for Russian ex-combatants and further restrictions on Moscow&#39;s military-industrial complex.<\/p>\n<h2>OpenAI Reshuffles Infrastructure Leadership<\/h2>\n<p>OpenAI has named <strong>Uday Ruddarraju<\/strong> as the new head of its Data Center and Computing unit, following the departure of <strong>Sachin Katti<\/strong>. Ruddarraju, a former executive at Elon Musk\u2019s xAI, will now oversee the company\u2019s massive infrastructure strategy, which includes a projected <strong>$750 billion<\/strong> spend on computing power through 2030.<\/p>\n<p>The leadership change comes as OpenAI faces intensifying competition and pressure to scale its &quot;Stargate&quot; supercomputer project. Katti, who joined from Intel (<a href=\"\/stock\/INTC\">INTC<\/a>) last year, is expected to remain with the company in an advisory capacity during the transition.<\/p>\n<h2>Earnings Season Outlook<\/h2>\n<p>Despite the broader market downturn, <strong>UBS (<a href=\"\/stock\/UBS\">UBS<\/a>)<\/strong> analysts remain optimistic about the third-quarter reporting season. The bank identified <strong>40 stocks<\/strong> it believes could beat Wall Street expectations, including SharkNinja (<a href=\"\/stock\/SN\">SN<\/a>), Gen Digital (<a href=\"\/stock\/GEN\">GEN<\/a>), and Labcorp Holdings (<a href=\"\/stock\/LH\">LH<\/a>). UBS forecasts aggregate S&amp;P 500 earnings growth of <strong>28%<\/strong>, driven primarily by robust demand for Artificial Intelligence infrastructure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways S&amp;P 500 (SPX) falls 1% to session lows as hotter-than-expected inflation data (3.7% annually) fuels fears of a 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