Nasdaq tumbles 2.6% in its worst drop since June as AI worries meet surging oil; the Dow ends little changed
After the close, Thursday October 22: what moved, why, and what to watch next.
The close
| Index | Day |
|---|---|
| S&P 500 | -1.2% |
| Dow Jones Industrial Average | +0.03% |
| Nasdaq Composite | -2.6% |
Moves are rounded. The S&P 500 had its worst day since July, and the Nasdaq posted its steepest daily drop since June. The weakness in tech was so overwhelming that it masked strength elsewhere: the majority of U.S. stocks actually rose.
What moved, and why
AI stocks sank. A batch of high-profile earnings revived doubts about the payoff from heavy AI spending. Meta fell about 6%, the main chip index dropped more than 6%, and data-center provider CoreWeave sank 10%. See our midday market story, the Meta earnings story and today's Tesla story.
Oil hit a five-month high. Brent settled up 4% at $113.17 a barrel after more Houthi attacks in Saudi Arabia stoked supply fears and Iran said seven tankers were damaged in the Strait of Hormuz. The U.S. ordered some diplomats and family members to leave its missions in the Kingdom. See our Brent story.
Bonds rallied. The 10-year Treasury yield fell below 5% for the first time in nearly a month, its sharpest one-day drop in more than three years, as investors sought safety. See our yields story.
On the earnings front, Procter & Gamble beat estimates but warned of a bigger commodity-cost hit, and American Airlines posted record revenue but cut its 2026 forecast to a loss on fuel costs. Jobless claims fell to a three-month low.
What to watch next
Friday brings the University of Michigan's final October consumer sentiment reading at 10 a.m. ET. The Federal Reserve meets October 27-28. Traders will also watch for verification of Iran's tanker claims in the Strait of Hormuz. Ticker Den's next edition is First Light on Friday morning.
