Nomura Securities cross-asset strategist Charlie McElligott noted in an October 8 report that the S&P 500 index has been largely flat over the past two months, yet 85% of its constituent stocks have entered a technical correction. He stated that just ten stocks accounted for 70% of the index's 23% gain since March 30, with NVIDIA alone contributing 13%. McElligott also warned that Europe's diesel shortage is transmitting through interest rate volatility to the broader market, posing a "tinderbox" that could ignite at any moment. Nomura's analysis shows that current market correlation is at an extremely low level, seen only twice in the past 25 years, comparable to the eve of the 2007 Global Financial Crisis and the "Volmageddon" period in 2018. Following the report's release, the Financial Times disclosed that OpenAI's annualized revenue was significantly lower than previously expected, leading to a more than 1% drop in Nasdaq that day and severe damage to the AI sector.