Stocks Slip as Oil and Gold Drop; Sentiment Gauge Shows Optimism Without Euphoria

New York—Market Close. U.S. stocks eased Thursday, with the Dow Jones Industrial Average falling 243.36 points, or 0.52%, to 46,358.4. The S&P 500 shed 18.61 points, or 0.28%, to 6,735.11, while the Nasdaq Composite slipped 18.75 points, or 0.08%, to 23,024.6. Small-caps lagged, with the Russell 2000 down 1.59%.

Commodities weakened alongside equities. U.S. crude futures for November delivery settled at $61.33, down 1.95%, and December gold slid 2.00% to $3,989.00. Lower oil and precious-metal prices often signal shifting growth or rate expectations; in today’s case they coincided with broad—but orderly—equity consolidation after recent gains.

Under the surface, investor psychology continues to thaw. The latest AAII Sentiment Survey shows bullish sentiment at 45.9%, the highest reading of 2025, with a +10.3 bull-bear spread as bearishness fell to 35.6% and neutral stood at 19%, indicating improving confidence but not mania. The survey’s authors emphasize the move as “constructive rather than euphoric,” noting that readings above 50% for multiple weeks tend to flash contrarian warnings.

Momentum remains a watchword. The survey notes the S&P 500’s roughly 35% six-month climb off April lows, one of the strongest on record; in prior instances, returns over the following year were positive, according to Ryan Detrick of Carson Group. Technicians are watching support near 6,400 and resistance around 6,700 on the S&P 500—levels that framed today’s ebb.

In corporate tech, OpenAI’s two-track chip strategy : a multi-year AMD supply pact that adds optionality and a NVIDIA letter of intent tying deep systems integration to up to $100 billion in vendor investment. The latter raises questions about vendor-financing risk, a structure that can blur the line between supplier and banker. While not the chief driver of today’s tape, these commitments shape the AI-infrastructure narrative that has underpinned market leadership.

For now, Thursday’s pullback looks like digestion after a powerful run. Sentiment is warmer, not hot; commodities softened; and indexes stayed within well-watched technical bands—conditions consistent with a market catching its breath rather than losing it.