S&P 500 dragged down by AI stocks as chip shares head for worst week since July: Live updates

CNBC - Oct 16, 2026

The three major averages are coming off of a winning session on Thursday.

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US Coast Guard rescues at least 16 and is searching for more in Mexico's Baja Coast
Oct 16, 2026
US Coast Guard rescues at least 16 and is searching for more in Mexico's Baja Coast

LOS ANGELES — At least 16 people seen floating in the Pacific Ocean off Mexico’s Baja California coast were rescued in the predawn hours Friday and authorities were searching for several others, a U.S. Coast Guard official said. Petty Officer Chris Sappey said at about 1 a.m. PT several people were spotted floating in the water about 140 miles west of Ensenada. Sappey said it was unclear why people were in the water and no vessel has been found. He said one person who was rescued said as many as 27 people were on board a boat. Sappey had no further details about what the people were doing. “There was no sight of a vessel in the water, just straight people in the water,” Sappey said. Those being rescued were being taken to hospitals in San Diego, Sappey said. The Coast Guard was assisting Mexican authorities in the search efforts with a helicopter, fixed-airwing plane and a cutter, Sappey said. Migrants are increasingly turning to the risky alternative offered by smugglers to travel by sea to avoid heavily guarded land borders, including off California’s coast. Pangas leave Mexic

First images released of Pope Leo after cancer surgery, celebrating Mass at hospital
Oct 16, 2026
First images released of Pope Leo after cancer surgery, celebrating Mass at hospital

ROME — The Vatican on Friday released the first images of Pope Leo XIV since his lung cancer surgery, showing him celebrating Mass, as doctors said that tests confirmed the “continued improvement” in his recovery. The photos show Leo standing up at the altar in green vestments celebrating Mass in a makeshift chapel that has been set up for him in Gemelli hospital. Vatican spokesman Matteo Bruni said Leo presided alone over the liturgy, distributing Communion to medical personnel and Vatican gendarmes present. He also delivered a homily in which he thanked the hospital staff “for the work they do every day taking care of the sick in their fragility, and in a particular way what they had done for him,” Bruni said. Bruni confirmed Leo would deliver the traditional noontime Angelus prayer on Sunday, but it wasn't clear whether he would do it from the hospital or back at the Vatican. The Vatican had originally estimated a weeklong hospital stay, and had cancelled his audiences through Tuesday. Bruni said the pope’s doctors would decide if there were any changes expected to his dis

Zelensky drums up European backing as Trump ties slump
Oct 16, 2026
Zelensky drums up European backing as Trump ties slump

BRUSSELS, Belgium — Ukrainian President Volodymyr Zelensky urged EU leaders Friday to keep financing Kyiv's fight with nearly $80 billion more next year, as he insisted he was standing up for his country amid a fresh row with US President Donald Trump. Kyiv's ties with Trump have nosedived after the US leader eased sanctions on Russia as part of a deal to supply diesel. Trump branded Kyiv's actions a "disgrace" and said it was easier to deal with Russia's President Vladimir Putin than Zelensky after the Ukrainian leader ordered his forces to resume strike on Russian refineries. "I defend the interests of Ukraine and the Ukrainian people exclusively," Zelensky told journalists after talks with EU leaders in Brussels. Asked if he was being made a scapegoat for Trump's domestic woes ahead of the US midterms, Zelensky just smiled. "This is my answer," he said, after an extended pregnant pause. The latest breakdown between Trump and Zelensky has fuelled fear that the US leader is siding with Moscow. Those concerns have been heightened by disruptions to a critical US-provided satellite system t

Pyongyang rejects Seoul's hypersonic test claims, justifies own arms buildup
Oct 16, 2026
Pyongyang rejects Seoul's hypersonic test claims, justifies own arms buildup

North Korea renewed its attack on South Korea's recent hypersonic weapon test Friday, rejecting Seoul's explanation that advanced materials prevented the weapon from showing burn marks and using the South's weapons development to justify its own arms buildup. The latest dispute comes as the two Koreas offer conflicting assessments of the technology demonstrated in South Korea's first test launch of a hypersonic glide vehicle (HGV) on Oct. 8. North Korea initially questioned the test's success, arguing the vehicle must have failed to reach hypersonic speeds because photos showed no soot on its surface. Seoul's defense ministry countered that the vehicle was equipped with advanced thermal-protection technology and that visible soot was not necessarily expected during hypersonic flight. On Friday, Pyongyang fired back at the defense, calling Seoul's explanation "far-fetched." "It's not a matter of heat-resistant materials or thermal protection performance," Kim Jong-sik, a vice department head of the Workers' Party Central Committee, said in a statement carried by the Korean Central News Ag

Hyundai Motor to recall over 94,000 vehicles in US over fire risk
Oct 16, 2026
Hyundai Motor to recall over 94,000 vehicles in US over fire risk

WASHINGTON — Hyundai Motor America will recall more than 94,000 Hyundai and Genesis vehicles in the United States over a potential fire risk caused by overheating power seat motors, according to U.S. transportation authorities. The recall affects 94,622 vehicles, including certain 2015-2016 Hyundai Genesis and 2017-2020 Genesis G80 models, according to a recall notice posted by the U.S. National Highway Traffic Safety Administration on Oct. 9. The agency said the front power seat motors may overheat due to a stuck power seat control switch, potentially causing a fire while the vehicle is parked or being driven. Owners have been advised to park their vehicles outdoors and away from other vehicles or structures until repairs are completed, as a fire could increase the risk of injury. A remedy for the defect is still under development, with notification letters to affected vehicle owners expected to be mailed Dec. 7, according to the agency.

White House Press Secretary Zacharia 'let go' from role, official says
Oct 16, 2026
White House Press Secretary Zacharia 'let go' from role, official says

WASHINGTON — White House Press Secretary Katie Zacharia was "let go" from the role, a White House official said on Friday, after President Donald Trump said he had told her to reconsider the job following public scrutiny. "I told her: 'I think you're better off being happy, and I'm not sure you can ever be happy in this stuff.' There's nothing easy about this stuff," Trump told reporters while departing the White House. He added: "I said to her honestly, 'If I were you, I'd reconsider... think about it. But I would reconsider.'" Fox News, citing a White House official, later reported that Zacharia was "transitioning" out of the role of press secretary. Zacharia started the job on Monday and held her debut White House briefing on Tuesday. She had said she received a call about the role of press secretary last Wednesday and got offered the job to succeed Karoline Leavitt last Friday. Trump later announced her appointment. In his announcement, he described her an attorney. Over the last week, the issue of whether Zacharia, a graduate of California's Pepperdine University law school, had actu

China invites Trump spokesperson to visit after 'no proper toilets' remark
Oct 16, 2026
China invites Trump spokesperson to visit after 'no proper toilets' remark

China's Foreign Ministry responded Friday to White House press secretary Katie Zacharia's remarks that China lacked "proper toilets," suggesting that she visit the country again. Zacharia, who took office less than a week ago, made the comment during a Thursday interview with conservative commentator Jack Posobiec while discussing perceptions in 2016 that China was poised to overtake the United States. "I remember this very distinctly, having just come from China, thinking, 'How is China the next country on the horizon? They don't even have proper toilets,'" she said. Asked about the remarks at a regular press briefing Friday, Chinese Foreign Ministry spokesperson Mao Ning offered a brief response. "She's welcome to come and see China when she has the opportunity," Mao said, according to the ministry's official transcript. Zacharia previously lived in Beijing, where she reportedly worked at Zhong Lun Law Firm from 2011 to 2013. The newly appointed spokesperson has also faced scrutiny over her legal credentials after acknowledging that she had not passed a U.S. bar examination.

US stock indexes mostly losing ground as tech sector weighs on market
Oct 16, 2026
US stock indexes mostly losing ground as tech sector weighs on market

Stocks on Wall Street are mostly slipping Friday as another pullback in big technology companies weighs on the market. The S&P 500 was down 0.5 percent as of 12:23 p.m. Eastern time and on track for a weekly loss. The benchmark index is just below the all-time high it set last week. The Dow Jones Industrial Average wavered between small gains and losses of less than 0.1 percent. The Nasdaq composite was down 1.3 percent and headed for its first weekly loss in five weeks. Weakness for AI stocks has been a major drag on the tech-heavy index this week. Technology companies were the biggest drag on the broader market. Micron Technology fell 3.8 percent, Advanced Micro Devices dropped 3.7 percent, Broadcom was down 3 percent and Intel lost 4.4 percent. The declines in heavyweight tech stocks outweighed losses in most other parts of the market, and the majority of U.S. stocks were rising. It’s been a choppy week for chipmakers and other big tech stocks central to the artificial intelligence industry. Investors are now worried that the companies, which have relied on debt markets to finance a

Iran denies nuclear ambitions, says ready for talks
Oct 16, 2026
Iran denies nuclear ambitions, says ready for talks

TBILISI — Iranian President Masoud Pezeshkian denied Friday that Tehran sought nuclear weapons, expressed readiness for dialogue and condemned U.S. sanctions during talks with Georgia's prime minister. In his meeting with Georgian premier Irakli Kobakhidze, Pezeshkian also called for closer ties with Georgia, weeks after Tbilisi cut aviation links between the two countries following U.S. sanctions targeting Iranian airlines. The two met on the sidelines of a UN biodiversity summit in Armenia's capital Yerevan. "Iran is not seeking nuclear weapons, and we consider the malicious propaganda against our country to be lies," Pezeshkian said, according to a statement from his office. "We have always been ready for dialogue. They think they can force us to surrender, but we will not bow to coercion," he added, calling U.S. sanctions against Tehran "unjustifiable and inhumane." In his meeting with Kobakhidze, Pezeshkian also called for a clear timetable to expand cooperation between Tehran and Tbilisi, Iran's Tasnim news agency reported. The report quoted Kobakhidze as saying he opposed foreign

S. Korean envoy condemns Houthi attacks, urges tougher UN sanctions
Oct 16, 2026
S. Korean envoy condemns Houthi attacks, urges tougher UN sanctions

WASHINGTON — South Korea has condemned recent deadly attacks by Yemen's Houthi rebels targeting civilian infrastructure and threatening commercial shipping in the Red Sea, calling on the U.N. Security Council to strengthen sanctions to cut off weapons supplies to the group. South Korean Ambassador to the United Nations Cha Ji-hoon made the remarks during a Security Council debate on the Middle East held Thursday, warning that the attacks pose serious threats to global peace, maritime security and energy supplies. "We condemn such attacks and urge an immediate halt to all attacks against civilians," Cha said during the debate. "We call on this council to strengthen sanctions, to effectively cut off the supply of weapons to the Houthis." Cha said the Houthis' recent attacks targeting civilian infrastructure and threats to commercial navigation in the Red Sea were posing "severe risks to global peace as well as maritime and energy security." The attacks included two consecutive strikes on King Khalid International Airport in Riyadh last week, further escalating tensions in the Middle East

From hospital, pope pushes Putin for ceasefire in contested Ukraine city
Oct 16, 2026
From hospital, pope pushes Putin for ceasefire in contested Ukraine city

VATICAN CITY — Pope Leo XIV spoke with Russian President Vladimir Putin by phone on Friday, calling for a ceasefire in a Russian-occupied city in southern Ukraine, as he recovers in hospital from a lung cancer operation. The Vatican said that Pope Leo "expressed his deep concern about the grave humanitarian situation in the city of Oleshky, in the Kherson region, and called for a ceasefire to allow the delivery of food and medical assistance, and the voluntary and safe evacuation of the civilian population." The surprise notice from the Vatican Friday evening suggested that the recovering pope is still hard at work, despite Tuesday's operation to remove a cancerous tumour from his right lung. Residents of Oleshky in southern Ukraine are facing a worsening humanitarian crisis with shortages of food and medication as they are caught in the crossfire between Russian and Ukrainian troops. The UN High Commissioner for Human Rights Volker Turk denounced on Friday a "desperate" situation in the city, calling on Russia to enable civilians to evacuate. In a note, the Kremlin said the two had tal

Trump's New Press Secretary Katie Zacharia Fired After Less Than A Week On The Job
Oct 16, 2026
Trump's New Press Secretary Katie Zacharia Fired After Less Than A Week On The Job

White House press secretary Katie Zacharia was fired after less than a week following a difficult briefing and questions regarding her credentials.

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