📄 Full report · Morning · 9 min · 3-minute summary available
After the AI Rout: Futures Lower as Chips Nurse a 6.7% Drop and Brent Tops $113
Data as of: 2026-10-23 07:00 ET (Thursday close and overnight data) · compiled on 10/25 from past data
Key takeaways
- The Nasdaq fell 2.60% on Thursday, its worst day since June, and the Philadelphia Semiconductor Index dropped 6.72% with all 30 members lower after Meta's spending plans revived AI-funding worries.
- Houthi attacks on Saudi Arabia lifted Brent about 4% to $113.17, while money rushed into Treasuries and the 10-year yield fell about 19 basis points.
- American Express raised its 2026 EPS outlook to $18.30–18.60 and SLB grew revenue 6% year on year; the flash PMI (9:45) and final UMich survey (10:00) are next.
☰ Contents
This report was compiled on October 25 from past data, after the site launched. It reflects what was known at about 7:00 a.m. ET on Friday, October 23.
Charts are computed directly from raw prices; each shows its own data date. On the web, tap a chart for the detailed table.
The AI trade took its hardest hit in months on Thursday. Meta’s results raised fresh questions about how much the industry is spending on AI infrastructure, and how much of it is borrowed, just as oil spiked on new attacks in the Gulf. Futures pointed lower again before Friday’s open.
1. Overnight
| Market | Move |
|---|---|
| U.S. stock futures | Lower before the open (Reuters: “Wall St set to open lower after AI-led selloff”) |
| Brent crude (Thursday settle) | $113.17, about +4%, highest in more than five months |
| WTI (Thursday settle) | $99.47, about +2.4% |
| Dollar vs. yen (Thursday) | ¥156.96, yen up 0.75% |
- Oil: Houthi forces attacked Saudi targets including King Fahd International Airport in Dammam and Aramco facilities. Brent rose about 4% on Thursday.
- Aramco ordered its Dhahran headquarters evacuated, and the U.S. ordered non-essential embassy staff and families to leave Saudi Arabia.
Global markets on Thursday (10/22) and Friday morning in Asia (10/23)
| Index | Thu 10/22 | Fri 10/23 | Note |
|---|---|---|---|
| Nikkei 225 | -0.34% | Tokyo Electron -6.9% on Thursday | |
| Hang Seng | +0.69% | Tech index +2% on Friday | |
| Shanghai Composite | — | +0.89% | Recovered from a morning drop of more than 2% |
| Taiwan TAIEX | Closed | Typhoon | |
| STOXX 600 | — | Banks and chipmakers fell | |
| DAX | -1.07% | — | Siemens Energy -8.6%, Infineon -6% |
| CAC 40 | -1.39% | — | French 10-year yield hit its highest since 2002 |
| FTSE 100 | -0.26% | — |
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. Thursday’s close (10/22)
| Index | Close | Change |
|---|---|---|
| Dow Jones Industrial Average | 52,867.98 | +0.02% |
| S&P 500 | 7,663.43 | -1.21% |
| Nasdaq Composite | 26,008.86 | -2.60% (worst day since June) |
| Philadelphia Semiconductor Index | 10,731.98 | -6.72% (all 30 members lower) |
Why it fell: Meta beat revenue estimates but reported negative quarterly free cash flow and sharply higher spending plans. That fed a broader worry that companies borrowing to build AI capacity face higher costs while interest rates stay high. Money moved into Treasuries. The Dow held flat thanks to gains in Procter & Gamble (+5.6%) and Lockheed Martin (+7.0%), which both reported before the open.
| Stock | Close ($) | Change |
|---|---|---|
| AMD | 507.93 | -8.10% |
| Meta (META) | 648.85 | -6.98% |
| Micron (MU) | 856.49 | -6.26% |
| Amazon (AMZN) | 250.38 | -4.57% |
| Nvidia (NVDA) | 212.21 | -4.40% |
| Broadcom (AVGO) | 323.24 | -4.31% |
| Alphabet (GOOGL) | 324.22 | -3.15% |
| Tesla (TSLA) | 374.58 | -3.08% |
| Palantir (PLTR) | 196.19 | -2.74% |
| Microsoft (MSFT) | 521.08 | -2.23% |
| Apple (AAPL) | 348.22 | +1.23% |
Closing prices from Stockanalysis.com daily history.
Big Tech 1D 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 1D 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 Thursday (Select Sector SPDR ETFs as a proxy)
| Best | Worst | ||
|---|---|---|---|
| Consumer Staples (XLP) | +3.31% | Technology (XLK) | -3.29% |
| Utilities (XLU) | +2.07% | Communication Services (XLC) | -1.42% |
| Health Care (XLV) | +1.32% | Industrials (XLI) | -0.94% |
| Financials (XLF) | +1.09% | Energy (XLE) | -0.87% |
| Real Estate (XLRE) | +1.09% | Consumer Discretionary (XLY) | -0.45% |
Money moved from technology into defensive sectors such as staples and utilities; one trader quoted by Reuters called it a classic rotation day.
Biggest movers on Thursday
| Stock | Move | Why |
|---|---|---|
| Moderna (MRNA) | -17.6% | Detailed late-stage melanoma vaccine data appeared to leak before a medical conference; the trial met its main goal, but shares fell after a big run-up |
| Lam Research (LRCX) | -11.8% | Warned that supply-chain and clean-room constraints could last into 2027 |
| KLA (KLAC) | -8.9% | |
| Marvell (MRVL) | -8.7% | Chip selloff after Lam’s warning |
| Spotify (SPOT) | +11.1% | |
| Blackstone (BX) | +8.4% | Distributable earnings above estimates |
| CSX | +6.8% | |
| Union Pacific (UNP) | +3.6% | Record third-quarter results |
3. Earnings recap
| Company (timing) | Results | Guidance / notes |
|---|---|---|
| American Express (Fri, before the open) | Record revenue of $20.1 billion, up 9% year on year; diluted EPS $5.42 (adjusted $4.68, up 13%) | Raised 2026 EPS outlook to $18.30–18.60 (adjusted $17.60–17.90); on track for about 10% revenue growth. Reuters reported plans to cut about 5% of its workforce. |
| SLB (Fri, before the open) | Revenue $9.45 billion, up 6% year on year and 5% from the prior quarter; EPS excluding charges and credits $0.64 (GAAP $0.49) | 2026 capital spending still about $2.5 billion; quarterly dividend $0.295 |
| Meta (Wed, after the close) | Revenue $64.6 billion, +26%; diluted EPS $3.83 ($7.40 excluding a $9.89 billion legal charge) | Q4 revenue outlook $73–76 billion; 2026 capex narrowed to $135–145 billion; free cash flow -$2.12 billion. Stock -6.98% Thursday |
| Tesla (Wed, after the close) | Revenue $28.05 billion (about flat); adjusted EPS $0.48 (GAAP $0.22); 486,532 deliveries | Automotive gross margin 18.5%; free cash flow $1.53 billion; energy storage 13.7 GWh. Stock -3.08% Thursday |
| IBM (Wed, after the close) | Revenue $17.10 billion, +5%; operating EPS $2.95, +11% | Kept 2026 constant-currency revenue growth at 4–5% |
| Lam Research (Wed, after the close) | Revenue $8.22 billion, +54%; non-GAAP EPS $2.20 | December-quarter revenue outlook $8.6 billion ±$0.4 billion. Stock -11.8% Thursday on its supply warning |
| Procter & Gamble (Thu, before the open) | Revenue $23.3 billion, +4% (organic +4%); core EPS $2.00, +1% | Kept core EPS growth of 0–3% for fiscal 2027. Stock +5.6% |
| Lockheed Martin (Thu) | Sales $20.71 billion, +11%; EPS $7.97 | Raised 2026 sales to $80–82 billion and EPS to about $30.35–30.75. Stock +7.0% |
| Union Pacific (Thu) | Revenue $7.20 billion, +15%; adjusted EPS $3.53, +15% | Reaffirmed high-single-digit EPS growth for 2026 |
| Blackstone (Thu) | Distributable earnings $1.32 per share, -13% | Dividend $1.12 per share. Stock +8.4% |
| Western Digital (Thu, after the close) | Revenue $4.38 billion, +55%; non-GAAP EPS $4.64 | Next-quarter revenue outlook $5.1 billion ±$0.1 billion |
- Of 111 S&P 500 companies that had reported, 83% beat profit estimates (LSEG data cited by Reuters).
- Meta also announced a new non-voting Class C stock: every existing share will receive one Class C share as a dividend (effective January 19, 2027), which works like a 2-for-1 split without changing voting power. The company said the shares could be used to raise capital, pay employees and fund acquisitions.
4. Premarket movers
Watch American Express and SLB at the open after their reports.
5. Today’s calendar (ET)
| Time | Event | Note |
|---|---|---|
| Before the open | American Express, SLB, Infosys, Autoliv, First Citizens earnings | |
| 9:45 a.m. | S&P Global flash U.S. PMI (October) | |
| 10:00 a.m. | University of Michigan consumer sentiment, final October | Preliminary reading was 46.3; watch 1-year inflation expectations |
- The Fed is in its quiet period ahead of the October 27–28 FOMC meeting, so no Fed speakers are scheduled.
6. Unusual volume (U.S.)
Our screen looks for stocks whose 20-day average volume is at least double the previous 20 days while the price moved less than 3% over 20 days. As of Thursday’s close, no stocks in the 523-name universe (S&P 500, Nasdaq-100 and others) met the rule. This is a description of trading activity, not a signal.
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. Reddit mentions and crypto
| Stock | Mentions vs. a day earlier | Thursday move |
|---|---|---|
| Western Digital (WDC) | 11.4x | -6.43% |
| Hertz (HTZ) | 5.3x | +5.31% |
| IBM | 4.5x | +0.29% |
| Moderna (MRNA) | 4.4x | -17.57% |
| ServiceNow (NOW) | 3.6x | +2.53% |
Being talked about is not a reason to buy or sell.
Reddit mention surges (x vs 24h ago)Computed from raw prices · as of 2026-10-22Tap for details
| Name | Mentions | x | 1D | 1W |
|---|---|---|---|---|
| WDC · Western Digital | 57 | 11.4x | -6.4% | -0.6% |
| HTZ · Hertz | 53 | 5.3x | +5.3% | +19.1% |
| IBM · IBM | 86 | 4.5x | +0.3% | +7.7% |
| MRNA · Moderna | 128 | 4.4x | -17.6% | -14.3% |
| NOW · ServiceNow | 29 | 3.6x | +2.5% | +5.7% |
- Bitcoin spot ETFs: net outflow of $635.6 million on Thursday, including $254.1 million from BlackRock’s IBIT. That reversed inflows of more than $500 million on both Monday and Wednesday.
- Ether spot ETFs: October outflows have passed $1 billion; Thursday’s outflow was $110.6 million (Farside).
- Prices on Thursday afternoon (ET): Bitcoin about $81,260 (-3.3% in 24 hours), Ether about $2,381 (-3.6%), XRP $1.30 (-6.4%), Solana about $103 (-3.3%). Bitcoin had touched about $85,000 the day before.
- Liquidations: about $430–460 million of leveraged positions were wiped out in 24 hours, roughly 90% of them bets on rising prices (CoinGlass 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% |
Crypto Fear & Greed IndexComputed from raw prices · as of 2026-10-22Tap for details
0 = extreme fear, 100 = extreme greed. It describes mood, not direction.
| Source | Now | Rating | 1 week ago | 1 month ago |
|---|---|---|---|---|
| alternative.me Crypto Fear & Greed Index | 68 | Greed | 53 | 78 |
8. What strategists said (Thursday)
| Who | View |
|---|---|
| Matthew Maley, Miller Tabak | Investors increasingly doubt the payoff from AI spending; big companies can fund it, but rising financing costs could squeeze smaller AI firms (Reuters) |
| Robert Pavlik, Dakota Wealth | Meta’s heavy spending and negative free cash flow show the investment is not yet earning enough revenue (Reuters) |
| Joe Saluzzi, Themis Trading | Money moved out of AI stocks into Treasuries and large Dow stocks — a classic rotation day (Reuters) |
| Tal Liani, Bank of America | Keeps a buy rating on CoreWeave but expects it to need about $20 billion of new funding (Reuters) |
- A Reuters poll published October 20 found 94 of 100 economists expect the Fed to hold rates next week, and all 100 expect a hike in December.
9. Big investors
No new 13F filings from the investors we track this week. Third-quarter 13Fs are due by mid-November. See current holdings and shared moves on the Big Investors page.
10. Asian chipmakers
- SK Hynix rose more than 4% in Seoul after saying it had stopped reviewing a U.S. listing of its NAND unit Solidigm; Samsung Electronics gained 0.47%.
Corrections
- 2026-10-28 · A regional market chart used closes one to two sessions older than the text and has been removed.
- 2026-10-29 · Removed the Korea market section to keep this edition focused on U.S. markets.
Sources
- Reuters – Stocks drop as Meta fans AI worries, Treasuries gain (Lufkin Daily News)
- Reuters – Wall St futures dip after AI rout (Investing.com)
- Investing.com – U.S. stock futures as investors weigh Tesla, Meta earnings
- TradingKey – U.S. stock market close, 10/22
- Yahoo Finance – Stock market today, 10/22
- HuffPost (Reuters) – Brent hits more than five-month high on Houthi attacks
- American Express – Q3 2026 results (SEC 8-K exhibit)
- SLB – Q3 2026 results (SEC 8-K exhibit)
- Stockanalysis.com – daily price history
- Farside Investors – Bitcoin ETF flows
- KED Global – KOSPI, 10/23
- Korea JoongAng Daily – KOSPI closes marginally higher
- Seoul Economic Daily – SK Hynix halts Solidigm IPO review
- TradingKey – Japan, Korea stocks close mixed (10/23)
- S&P Global – Flash U.S. PMI release
- Reuters – Steep bill for AI buildout punishes Meta, other tech favorites (Investing.com)
- Meta – Q3 2026 results (SEC 8-K exhibit)
- SiliconANGLE – Meta Class C stock
- Tesla – Q3 2026 update (SEC 8-K exhibit)
- IBM – Q3 2026 results (SEC 8-K exhibit)
- Lam Research – results (SEC 8-K exhibit)
- Procter & Gamble – results (SEC 8-K exhibit)
- Lockheed Martin – results (SEC 8-K exhibit)
- Union Pacific – results (SEC 8-K exhibit)
- Blackstone – results (SEC 8-K exhibit)
- Western Digital – results (SEC 8-K exhibit)
- Forbes – Moderna shares after vaccine data leak
- 24/7 Wall St – Chip stocks fall on supply warning
- Stockanalysis.com – sector ETF history (XLK)
- Armenpress – European markets 10/22
- Armenpress – Asian markets 10/23
- CoinDesk – Bitcoin round trip to $85,000
- The Block – Bitcoin slides with tech selloff
- Farside Investors – Ether ETF flows
- Reuters poll – Fed to skip October, hike in December (SRN News)
- Times of Israel – U.S. orders non-essential embassy staff to leave Saudi Arabia
All content on this site is for informational purposes only and is not investment advice. You are solely responsible for your investment decisions. Past performance does not guarantee future results. Editorial & Corrections Policy
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