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Oil Squeezes Stocks Again: Brent Settles at $116.72 as the S&P 500 Logs a Second Weekly Loss
Data as of: 2026-10-23 close (ET) · compiled on 10/25 from past data
Key takeaways
- The S&P 500 slipped 0.5% to 7,623.68 and the Dow fell 1.2%, while chipmakers steadied after Thursday's rout; the Nasdaq lost only 0.2%.
- Brent rose 3.1% to settle at $116.72 after attacks on Saudi Arabia, pushing energy stocks higher and adding to inflation worries.
- The flash PMI showed selling prices rising at the fastest pace since August 2022, and one-year inflation expectations climbed to 4.7% ahead of next week's Fed meeting.
☰ Contents
This report was compiled on October 25 from past data, after the site launched. It reflects Friday’s close.
Charts are computed directly from raw prices; each shows its own data date. These charts use Thursday’s close, so they differ from today’s closing figures. On the web, tap a chart for the detailed table.
Thursday’s AI selloff did not repeat, but oil took its place as the market’s main worry. Brent climbed again after attacks on Saudi Arabia, three in four S&P 500 stocks fell, and two inflation readings pointed the wrong way days before the Federal Reserve meets.
1. Market close
| Index | Close | Day | Week | Year to date |
|---|---|---|---|---|
| S&P 500 | 7,623.68 | -39.75 (-0.5%) | -0.5% | +11.4% |
| Dow Jones Industrial Average | 52,215.16 | -652.82 (-1.2%) | +0.4% | +8.6% |
| Nasdaq Composite | 25,955.34 | -53.52 (-0.2%) | -0.7% | +11.7% |
| Russell 2000 | 2,775.90 | -8.13 (-0.3%) | +2.0% | +11.8% |
- It was the S&P 500’s second straight weekly loss. Roughly three of every four S&P 500 stocks fell on the day (AP).
- 10-year Treasury yield: 4.99%, up from 4.96% late Thursday.
- Brent crude: +3.1% to $116.72, its highest settle since April 29 (Reuters). WTI settled at $103.27, up about 3.8%. Brent rose about 6% on the week and started October below $97 a barrel.
U.S. markets at a glance — last 12 monthsComputed from raw prices · U.S. close of 2026-10-22S&P 5001Y +13.8%7,663 · 1W -0.7%Nasdaq1Y +13.1%26,009 · 1W -2.6%Dow1Y +13.2%52,868 · 1W +2.4%PHLX Semis1Y +55.9%10,732 · 1W -8.2%VIX1Y +3.8%19.30 · 1W +14.4%US 10Y1Y +0.97p4.953% · 1W -0.237pDollar Idx1Y +3.1%101.63 · 1W -0.9%Gold1Y -1.6%4,044 · 1W -3.0%WTI Crude1Y +71.9%99.40 · 1W +1.5%Tap for details
S&P 5001Y +13.8%
7,663 · 1W -0.7%
Nasdaq1Y +13.1%
26,009 · 1W -2.6%
Dow1Y +13.2%
52,868 · 1W +2.4%
PHLX Semis1Y +55.9%
10,732 · 1W -8.2%
VIX1Y +3.8%
19.30 · 1W +14.4%
US 10Y1Y +0.97p
4.953% · 1W -0.237p
Dollar Idx1Y +3.1%
101.63 · 1W -0.9%
Gold1Y -1.6%
4,044 · 1W -3.0%
WTI Crude1Y +71.9%
99.40 · 1W +1.5%
| Name | Last | 1D | 1W | 1M | 6M | 1Y |
|---|---|---|---|---|---|---|
| S&P 500 | 7,663 | -0.6% | -0.7% | -1.3% | +7.4% | +13.8% |
| Nasdaq | 26,009 | -1.6% | -2.6% | -4.5% | +5.5% | +13.1% |
| Dow | 52,868 | +0.7% | +2.4% | +1.9% | +6.8% | +13.2% |
| PHLX Semis | 10,732 | -4.9% | -8.2% | -15.4% | +8.3% | +55.9% |
| VIX | 19.30 | +11.5% | +14.4% | +35.8% | +3.1% | +3.8% |
| US 10Y | 4.953% | -0.164p | -0.237p | -0.015p | +0.659p | +0.967p |
| Dollar Idx | 101.63 | -0.1% | -0.9% | +1.0% | +3.1% | +3.1% |
| Gold | 4,044 | -2.5% | -3.0% | -6.3% | -14.4% | -1.6% |
| WTI Crude | 99.40 | +2.3% | +1.5% | +7.9% | +3.7% | +71.9% |
2. Big Tech and chips
| Stock | Close ($) | Day | Week |
|---|---|---|---|
| Micron (MU) | 877.55 | +2.46% | -0.15% |
| AMD | 516.79 | +1.74% | -2.26% |
| Microsoft (MSFT) | 524.51 | +0.66% | -0.86% |
| Palantir (PLTR) | 196.75 | +0.29% | +5.76% |
| Apple (AAPL) | 347.73 | -0.14% | +1.24% |
| Broadcom (AVGO) | 321.68 | -0.48% | -2.15% |
| Nvidia (NVDA) | 210.96 | -0.59% | -1.48% |
| Tesla (TSLA) | 372.22 | -0.63% | +4.93% |
| Amazon (AMZN) | 248.00 | -0.95% | -0.80% |
| Meta (META) | 642.62 | -0.96% | -9.40% |
| Alphabet (GOOGL) | 320.21 | -1.24% | -5.98% |
Closing prices from Stockanalysis.com daily history; daily changes calculated from Thursday’s and Friday’s closes. Chipmakers that led Thursday’s slide recovered part of the loss, while Meta and Alphabet kept falling.
Big Tech 1W performanceComputed from raw prices · U.S. close of 2026-10-22Tap for details
| Name | Close | 1D | 1W | 1M | 6M | 1Y | YTD | vs 1Y high | Volume vs 20D avg |
|---|---|---|---|---|---|---|---|---|---|
| Nvidia (NVDA) | $212.21 | -4.4% | -2.3% | -7.3% | +6.5% | +18.0% | +14.1% | -11.3% | 1.2x |
| Tesla (TSLA) | $374.58 | -3.1% | +3.3% | -1.1% | +0.2% | -14.7% | -16.7% | -23.5% | 1.4x |
| Alphabet (GOOGL) | $324.22 | -3.1% | -7.2% | -7.7% | -4.2% | +29.2% | +3.8% | -19.4% | 1.1x |
| Apple (AAPL) | $348.22 | +1.2% | +1.8% | +2.5% | +27.6% | +35.2% | +28.4% | +0.0% | 1.2x |
| Microsoft (MSFT) | $521.08 | -2.2% | -3.4% | +4.6% | +25.8% | +0.9% | +8.4% | -4.1% | 1.0x |
| Amazon (AMZN) | $250.38 | -4.6% | -1.7% | -1.8% | -1.8% | +14.9% | +8.5% | -11.8% | 1.4x |
| Meta (META) | $648.85 | -7.0% | -11.9% | -11.9% | -1.4% | -11.2% | -1.4% | -16.6% | 2.1x |
| Broadcom (AVGO) | $323.24 | -4.3% | -6.1% | -11.3% | -22.8% | -4.3% | -6.1% | -32.6% | 1.3x |
| Palantir (PLTR) | $196.19 | -2.7% | -2.1% | +6.1% | +38.6% | +11.8% | +10.4% | -6.2% | 1.0x |
| Nasdaq-100 ETF (QQQ) | $704.47 | -2.9% | -3.2% | -5.8% | +8.4% | +16.9% | +15.1% | -7.3% | 1.7x |
Nvidia1Y +18.0%
212.21 · 1W -2.3%
Tesla1Y -14.7%
374.58 · 1W +3.3%
Alphabet1Y +29.2%
324.22 · 1W -7.2%
Apple1Y +35.2%
348.22 · 1W +1.8%
Microsoft1Y +0.9%
521.08 · 1W -3.4%
Amazon1Y +14.9%
250.38 · 1W -1.7%
Meta1Y -11.2%
648.85 · 1W -11.9%
Broadcom1Y -4.3%
323.24 · 1W -6.1%
Palantir1Y +11.8%
196.19 · 1W -2.1%
U.S. sector ETFs 1W performanceComputed from raw prices · U.S. close of 2026-10-22Tap for details
| Name | Last | 1D | 1W | 1M | 6M | 1Y |
|---|---|---|---|---|---|---|
| Tech (XLK) | 182.37 | -3.3% | -3.6% | -6.6% | +17.0% | +26.5% |
| Comm. (XLC) | 107.43 | -1.4% | -4.5% | -4.6% | -8.5% | -7.9% |
| Cons. Disc. (XLY) | 115.01 | -0.4% | +3.1% | +2.4% | -3.3% | -2.6% |
| Financials (XLF) | 56.66 | +1.1% | +2.5% | +3.9% | +9.4% | +7.5% |
| Health Care (XLV) | 181.32 | +0.8% | +4.2% | +6.7% | +23.9% | +25.2% |
| Energy (XLE) | 67.58 | -0.8% | +1.5% | +8.3% | +18.6% | +55.9% |
| Industrials (XLI) | 166.71 | -0.1% | -0.2% | -2.1% | -2.5% | +8.6% |
| Materials (XLB) | 51.71 | +0.9% | +4.1% | +2.3% | -0.2% | +16.3% |
| Utilities (XLU) | 42.86 | +2.3% | +2.7% | +5.8% | -4.5% | -6.4% |
| Cons. Staples (XLP) | 89.98 | +2.5% | +4.5% | +8.8% | +9.6% | +13.0% |
| Real Estate (XLRE) | 42.53 | +0.3% | +2.5% | +0.1% | -2.1% | +0.1% |
Sectors on Friday and for the week (Select Sector SPDR ETFs as a proxy)
| Sector | Friday | Week |
|---|---|---|
| Energy (XLE) | +2.60% | +1.60% |
| Technology (XLK) | +0.49% | -0.13% |
| Real Estate (XLRE) | +0.12% | +0.97% |
| Materials (XLB) | -0.74% | +0.77% |
| Utilities (XLU) | -0.72% | +0.83% |
| Health Care (XLV) | -1.11% | +1.45% |
| Industrials (XLI) | -1.27% | -1.87% |
| Financials (XLF) | -1.32% | +0.68% |
| Consumer Discretionary (XLY) | -1.66% | +0.57% |
| Communication Services (XLC) | -1.78% | -4.36% |
| Consumer Staples (XLP) | -1.92% | +0.73% |
Reuters reported that the S&P 500 energy sector closed at a record high on Friday. Communication services, home to Meta and Alphabet, was the week’s weakest group.
3. Earnings and the biggest movers
| Company | Result | Stock (Friday) |
|---|---|---|
| American Express | Record revenue of $20.1 billion (+9%); raised 2026 EPS outlook to $18.30–18.60 | -3.7% — AP said it also announced its first major job cuts in about a decade |
| SLB | Revenue $9.45 billion (+6% y/y); EPS excluding charges and credits $0.64 | About +6–7% (Reuters reported +6.7%) |
| AT&T | Bloomberg reported SpaceX is in talks for access to tens of thousands of U.S. cell sites to become a wireless carrier | About -8% |
| T-Mobile US | Bloomberg report on SpaceX wireless talks | About -7.7% |
| Verizon | Bloomberg report on SpaceX wireless talks | About -1.2% to -1.6% |
| Crown Castle | Tower owner named in the talks | About +9–10% |
| Chevron | Higher oil prices | +2.9% |
| ConocoPhillips | Higher oil prices | +3.5% |
- Banks and industrials were weak: JPMorgan Chase -1.5%, Citigroup -1.5%, Capital One -1%, Caterpillar -2.4% (AP).
- AP noted continuing doubts about whether AI-related valuations are justified when much of the build-out is financed with debt and borrowing costs are high.
- American Express said it will cut about 5% of its workforce (about 3,500 roles) and take a $336 million restructuring charge.
4. What happened in the world on Friday
| Event | Market impact |
|---|---|
| Houthi attacks on Saudi Arabia continued to weigh; Aramco had evacuated its Dhahran headquarters and the U.S. ordered non-essential embassy staff to leave | Oil up for a second day; energy stocks led |
| Reports of possible renewed U.S. strikes on Iran (Anadolu and others) | Added to the oil premium |
| SpaceX wireless talks report (Bloomberg) | Telecom stocks fell, tower stocks rose |
| Europe: STOXX 600 -0.31% for its worst week since early September; Kering -16.6%, Volvo Cars -24% after results | |
| Asia: Nikkei -0.34%, Hang Seng +0.69%, Shanghai +0.89%; Taiwan closed for a typhoon |
5. Two inflation warnings
| Release | Reading | Previous | Note |
|---|---|---|---|
| S&P Global flash composite PMI (Oct) | 57.6 | 58.4 | Two-month low |
| Flash services PMI | 57.9 | 58.8 | |
| Flash manufacturing PMI | 56.0 | 55.9 | 53-month high |
| UMich consumer sentiment (final Oct) | 48.0 | 48.1 (Sep) | Preliminary October was 46.3 |
| UMich 1-year inflation expectations | 4.7% | 4.6% | Long-run expectations 3.5% (prior 3.4%) |
- In the PMI survey, selling prices rose at the sharpest rate since August 2022, and input costs rose at the fastest rate since November 2022, apart from September. New orders grew at the fastest pace in more than four and a half years.
- Activity is still expanding (readings above 50), but price pressure is building at the same time as oil climbs.
6. Unusual volume (U.S.)
Our screen (20-day average volume at least double the prior 20 days, with a price move under 3%) found no qualifying stocks as of Thursday’s data. This describes trading activity only.
Volume surging while price is flat (U.S. large caps)Computed from raw prices · U.S. close of 2026-10-22Tap for details
Average volume over the last 20 sessions vs. the prior 20, among stocks whose 20-session price change is within ±3%. Not a directional signal.
| Volume increase | Stocks | Tickers (up to 10) |
|---|---|---|
| Up 300%+ | 0 | none |
| Up 200-300% | 0 | none |
| Up 100-200% | 0 | none |
7. Crypto
- Bitcoin spot ETFs: net outflow of $137.9 million on Friday after $635.6 million on Thursday. For the week, flows were still positive at about $301 million because of strong inflows on Monday and Wednesday.
| Day | Bitcoin ETFs ($M) | Ether ETFs ($M) |
|---|---|---|
| Mon 10/19 | +526.7 | -103.3 |
| Tue 10/20 | +23.2 | -26.1 |
| Wed 10/21 | +524.8 | +14.9 |
| Thu 10/22 | -635.6 | -110.6 |
| Fri 10/23 | -137.9 | +4.4 (preliminary) |
Source: Farside Investors.
- Bitcoin traded around $81,600 and Ether around $2,400 on Friday, roughly flat on the week. Over 30 days, Bitcoin was down about 5% and Ether about 13% (CoinGecko data).
Major cryptocurrencies — last 12 monthsComputed from raw prices · as of 2026-10-22Bitcoin1Y -24.5%81,313 · 1W -1.0%Ethereum1Y -37.4%2,383 · 1W -2.4%Solana1Y -42.6%103.48 · 1W -1.8%XRP1Y -44.9%1.30 · 1W -2.4%Tap for details
Bitcoin1Y -24.5%
81,313 · 1W -1.0%
Ethereum1Y -37.4%
2,383 · 1W -2.4%
Solana1Y -42.6%
103.48 · 1W -1.8%
XRP1Y -44.9%
1.30 · 1W -2.4%
| Name | Last | 1D | 7D | 30D | 182D | 365D |
|---|---|---|---|---|---|---|
| Bitcoin | 81,313 | -3.2% | -1.0% | -5.6% | +3.9% | -24.5% |
| Ethereum | 2,383 | -3.5% | -2.4% | -13.4% | +2.2% | -37.4% |
| Solana | 103.48 | -3.1% | -1.8% | -12.7% | +20.1% | -42.6% |
| XRP | 1.30 | -4.5% | -2.4% | -17.2% | -9.5% | -44.9% |
8. What strategists said
| Who | View |
|---|---|
| Nick Giorgi, Alpine Macro | Sees AI spending as healthy over the long run but expects short-term pain because markets are not giving heavy spenders the benefit of the doubt (Reuters) |
| King Lip, BakerAvenue Wealth | Earnings will decide whether the pullback is a buying opportunity or the start of a deeper correction (Reuters) |
| Angelo Kourkafas, Edward Jones | Investors are focused on AI’s large upfront costs and uncertain payoff timing (AP) |
| JoAnne Bianco, BondBloxx | Sticky inflation remains a headwind for markets (Reuters) |
| Walter Todd, Greenwood Capital | Will watch Fed Chair Warsh for signals on a December hike (Reuters) |
- Reuters reported that fed funds futures priced about a 5% chance of a hike next week and about 80% for December.
9. Next week
| Day (ET) | Event |
|---|---|
| Tue 10/27 – Wed 10/28 | FOMC meeting; decision Wednesday afternoon. Markets expect a hold, with a December hike favored (AP) |
| Wed 10/28, after the close | Microsoft, Alphabet earnings |
| Thu 10/29 | Advance Q3 GDP and September PCE inflation (PCE expected at 3.7% y/y, AP) |
| Thu 10/29, after the close | Amazon earnings |
- Dates for GDP, PCE and company reports may change.
- Apple is scheduled to report the following week.
Sources
- AP – How major US stock indexes fared Friday 10/23/2026 (La Nación)
- AP – Wall Street mostly loses ground under pressure from rising oil prices (BNN Bloomberg)
- Reuters – Oil prices jump on Houthi attacks (GV Wire, 10/23)
- S&P Global – Flash U.S. PMI, October 2026
- investingLive – Flash services PMI vs. expectations
- University of Michigan – Surveys of Consumers
- Stockanalysis.com – daily price history
- American Express – Q3 2026 results (SEC 8-K exhibit)
- SLB – Q3 2026 results (SEC 8-K exhibit)
- Farside Investors – Bitcoin ETF flows
- Farside Investors – Ether ETF flows
- Reuters – Dow, S&P 500 fall, tech steadies (Spokesman-Review)
- Reuters – Oil prices jump on Houthi attacks (The Star)
- Reuters – Wall St Week Ahead (Kitco)
- Reuters – Tech selloff relents, oil (Yahoo Finance)
- Forbes – Telecom shares slip on SpaceX cell tower talks
- Yahoo Finance – Stock market today, 10/23
- Anadolu – Brent on fears of renewed U.S. strikes on Iran
- Reuters – STOXX 600 extends fall as Kering slumps (Investing.com)
- Armenpress – Asian markets 10/23
- Stockanalysis.com – sector ETF history (XLE)
- Rio Times – crypto markets 10/23
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