Stock Market Today: SKYD Plunges, CAT & DE Sell, NTAP All-Time High
Schwab Network
October 7, 2026
Skydance (SKYD) saw strong selling action in its first full trading day as a merged company. Caterpillar (CAT) and Deere (DE) also sold off as federal agencies eye both companies. NetApp (NTAP) closed at a new record high. Marley Kayden talks about the top stock stories of the trading session.
Speakers Marley Kayden
Marley Kayden (0:00)
Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. A day after the S&P 500 and NASDAQ 100 hit all-time highs, markets saw slight declines. The small cap Russell 2000 fell more than 1%.
The Dow dropped more than two-thirds of a percent. Industrials fell 2%, while materials and real estate dropped more than 1% each. Healthcare was the best performer, up more than 1%.
The FOMC minutes from September were also released. Federal Reserve members indicated they expect another rate hike this year, but they did not specify whether it would come later this month or at the December meeting. Let's look at some stocks on the move. Skydance, the worst performer in the S&P 500, falling 7% on its first day of trading following Paramount Skydance's takeover of Warner Brothers Discovery and the renaming of the combined company. UBS issued a bearish report on the stock, saying that high leverage and heavy exposure to declining linear television remain key risks. UBS has a sell rating on Skydance with an $8 price target. And shares of Caterpillar dropped 6% today. Deere shares fell 4% after the FTC and the Department of Agriculture said that they are requesting information, quote, regarding issues affecting agricultural equipment manufacturing and distribution markets, including potential anticompetitive conduct.
And NetApp hit a new all-time high today after Evercore ISI upgraded the stock to outperform and raised its price target to $300 up from $210. The firm says it believes NetApp's guidance for 17% growth appears conservative, given that it implies a steep deceleration in the second half. As we look ahead to what we're watching for Thursday, weekly jobless claims being released and the 30-year bond auction taking place while PepsiCo reports its earnings premarket. That's going to do it for the wrap. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.
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