AI Spending Jitters and an Oil Spike: Nasdaq Slips for a Second Week
Data as of: Close of Friday, Oct 23, 2026 (crypto as of Oct 23-24)
Key takeaways
- The S&P 500 fell 0.5% and the Nasdaq 0.7% for the week, while the Dow rose 0.4% and the Russell 2000 gained 2.0%.
- Thursday was the turning point: after Meta's results raised AI spending worries, the Nasdaq dropped 2.6%, its worst day since June.
- Houthi attacks on Saudi Arabia pushed Brent up about 6% for the week to $116.72, its highest settlement since April.
It was a week defined by two worries: how much the AI build-out costs, and a fresh jump in oil prices from the Middle East. Stocks rose early in the week, then a sharp tech sell-off on Thursday left the S&P 500 and Nasdaq lower. The damage was concentrated in technology: the Dow and small caps finished higher.
Figures come from official releases or were confirmed by at least two sources. Figures found in only one source are marked (single source). Charts are computed directly from raw prices; each shows its data date (this week: the Oct 22 close). Tap a chart on the web to open the detailed table.
1. The week in numbers
| Market | Close, Fri Oct 23 | Weekly change |
|---|---|---|
| S&P 500 | 7,623.68 | -0.5% |
| Nasdaq Composite | 25,955.34 | -0.7% (second straight weekly loss) |
| Dow Jones Industrial Average | 52,215.16 | +0.4% (third straight weekly gain) |
| Russell 2000 | 2,775.90 | +2.0% |
| PHLX Semiconductor Index | 10,779.46 | -3.2% (single source) |
| 10-year Treasury yield | about 5.00% | about -8 bp (sources differ by 1 bp) |
| Brent crude | $116.72 | about +6% (highest settlement since April) |
| WTI crude | $103.27 | about +2.3% |
| Gold (spot) | about $4,000-4,010 | about -4% |
| Bitcoin | about $81,600 | roughly flat (about +0.2%, single source) |
- One outlet put the Dow’s weekly gain at about 1.4%, but the Oct 16 close of 52,002.41 confirms +0.4%.
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. What moved markets
| When | What happened | Market reaction |
|---|---|---|
| Wed Oct 21, after the close | Meta Q3: revenue of $64.6B beat the $63.4B estimate, but 2026 capital spending was set at $135-145B | Meta fell 6.98% the next day; spending worries spread across tech |
| Thu Oct 22 | AI and tech sell-off on concern about funding AI investment while rates stay high | Nasdaq -2.6% (worst day since June), S&P 500 -1.2%; Nvidia -4.4%, AMD -8.1%, Micron -6.3% |
| Oct 21-23 | Middle East: Houthi attacks on Saudi Arabia, including King Fahd airport and a drone aimed at Aramco’s Shaybah field that was intercepted; the U.S. ordered diplomats to leave | Brent +3.1% on Friday and about +6% for the week; energy closed at a record on Friday |
| Fri Oct 23 | Data: University of Michigan sentiment 48.0, with one-year inflation expectations up to 4.7%; S&P Global flash PMI showed selling prices rising at the fastest pace since August 2022 | Inflation concerns resurfaced ahead of next week’s Fed meeting |
| Thu Oct 22 | Initial jobless claims fell to 194,000, a three-month low | Labor market still firm |
- Fed: the target range is 3.75%-4.00% after September’s quarter-point hike. Futures price a high probability of a hold at the Oct 27-28 meeting (about 86-91% on CME FedWatch, depending on source and timing).
- China: Q3 GDP grew 4.5%, slightly above the 4.4% forecast (released Oct 19).
- Russia sanctions: reports on Oct 19 that the U.S. would waive some Russia sanctions briefly pulled Brent down about 1.5% before the late-week Middle East attacks reversed it.
- Strategic Petroleum Reserve: the Energy Department authorized an emergency exchange of up to 400,000 barrels.
3. Day by day
| Day | S&P 500 | Nasdaq | Dow | Main story |
|---|---|---|---|---|
| Mon Oct 19 | +0.4% | +1.1% | -0.1% | AI stocks recovered part of the prior week’s losses |
| Tue Oct 20 | +0.3% | 0.0% | +1.0% | Solid earnings and an easing in oil prices |
| Wed Oct 21 | +0.6% | +1.1% | +0.7% | SpaceX’s profit beat and Super Micro’s raised outlook lifted AI names |
| Thu Oct 22 | -1.2% | -2.6% | 0.0% | AI spending fears after Meta’s report hit tech |
| Fri Oct 23 | -0.5% | -0.2% | -1.2% | Oil surge weighed; telecoms slid on a report that SpaceX is seeking cell sites for a wireless service |
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% |
U.S. ETFs — best and worst weekComputed from raw prices · U.S. close of 2026-10-22Tap for details
| ETF | 1D | 1W | 1M | Volume vs 20D avg |
|---|---|---|---|---|
| UVXY (leveraged) | +9.4% | +11.7% | +7.9% | 3.3x |
| SQQQ (leveraged) | +8.6% | +9.6% | +16.0% | 1.2x |
| KRE | +2.5% | +5.6% | +1.7% | 1.2x |
| XLP | +2.5% | +4.6% | +8.8% | 1.9x |
| XLV | +0.8% | +4.2% | +6.7% | 1.0x |
| XLB | +0.9% | +4.1% | +2.3% | 1.0x |
| SCHD | +2.1% | +3.8% | +6.4% | 1.0x |
| SOXL (leveraged) | -20.5% | -23.5% | -43.8% | 1.7x |
| TQQQ (leveraged) | -8.5% | -10.0% | -15.6% | 1.3x |
| LIT | -5.7% | -8.7% | -15.0% | 1.1x |
| SOXX | -6.8% | -7.6% | -15.9% | 1.4x |
| SMH | -6.0% | -6.4% | -13.0% | 1.4x |
4. Big Tech scorecard
| Stock | Oct 16 close | Oct 23 close | Weekly change | Biggest daily move |
|---|---|---|---|---|
| Meta (META) | 709.33 | 642.62 | -9.40% | Oct 22, -6.98% (day after earnings) |
| Alphabet (GOOGL) | 340.59 | 320.21 | -5.98% | Oct 22, -3.15% |
| AMD | 528.75 | 516.79 | -2.26% (single source) | Oct 22, -8.10% |
| Broadcom (AVGO) | 328.75 | 321.68 | -2.15% | Oct 22, -4.31% |
| Nvidia (NVDA) | 214.13 | 210.96 | -1.48% | Oct 22, -4.40% |
| Microsoft (MSFT) | 529.05 | 524.51 | -0.86% (single source) | Oct 22, -2.23% |
| Amazon (AMZN) | 250.00 | 248.00 | -0.80% | Oct 19, +4.98% |
| Micron (MU) | 878.84 | 877.55 | -0.15% | Oct 22, -6.26% |
| Apple (AAPL) | 343.46 | 347.73 | +1.24% (single source) | Oct 21, +1.32% |
| Tesla (TSLA) | 354.72 | 372.22 | +4.93% | Oct 19, +3.76% |
| Palantir (PLTR) | 186.03 | 196.75 | +5.76% (single source) | Oct 21, +4.74% |
Prices in dollars from Stockanalysis.com daily history; unless marked, the Oct 23 close was matched against a second quote source.
Big Tech 1M 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%
5. Earnings of the week
| Company (date) | Results | Guidance and key numbers | Stock reaction |
|---|---|---|---|
| Netflix (Oct 20, after close) | Revenue $12.87B, in line; EPS $0.87 | Full-year revenue outlook of $51.1B, below the $51.2B estimate; ad-revenue target cut to about $2.7B from about $3B | Oct 21: -5.3% |
| SpaceX (Oct 20, after close) | Profit well above estimates | Elon Musk raised the idea of a possible merger with Tesla | Oct 21: +7.8% |
| Meta (Oct 21, after close) | Revenue $64.60B vs. $63.4B estimate; EPS $7.40 excluding a $9.89B settlement charge | Q4 revenue outlook $73-76B; 2026 capex $135-145B | Oct 22: -6.98% |
| Tesla (Oct 21, after close) | Adjusted EPS $0.48 vs. about $0.44-0.45 expected; revenue about $28.0B, roughly in line | Q3 deliveries 486,532; gross margin 19.6% | Oct 22: -3.08%; week +4.93% |
| Lam Research (Oct 21, after close) | Revenue $8.22B; non-GAAP EPS $2.20 | December-quarter revenue outlook $8.6B (plus or minus $0.4B) | Not confirmed |
| American Express (Oct 23) | — | Raised 2026 EPS outlook to $18.30-18.60 | Not confirmed |
| SLB (Oct 23) | Revenue $9.45B (+6% year over year); adjusted EPS $0.64 | Data center solutions revenue +23% from Q2 | Not confirmed |
- Reports differ on Tesla’s capital-spending guidance, so it is left out.
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% |
6. Crypto
| Item | Detail |
|---|---|
| Bitcoin | About $81,600 on Oct 23 (three sources agree); roughly flat for the week; intraweek high of $84,012 on Oct 21 (single source); reports say it briefly slipped below $80,000 on Oct 24 |
| Ether | About $2,400 on Oct 23; slightly lower for the week (-0.6% to -1.6%, sources differ) |
| Spot bitcoin ETFs | +$301.2M net inflow for the week: Mon +$526.7M, Tue +$23.2M, Wed +$524.8M, Thu -$635.6M, Fri -$137.9M |
| Spot ether ETFs | -$220.7M net outflow for the week; October outflows have topped $1B, according to reports |
- Thursday’s large bitcoin ETF outflow came on the same day as the Nasdaq sell-off; BlackRock’s IBIT led with -$254.1M.
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 |
7. Korea Corner
- KOSPI fell 2.08% to 5,550.30 and KOSDAQ fell 5.42% to 751.69, with daily swings of 3% or more on four of five days.
- Samsung Electronics ended the week flat at 215,500 won; SK Hynix rose 0.4% to 1,277,000 won, helped on Friday by its decision to halt a planned U.S. listing review for its NAND unit Solidigm.
- The Bank of Korea held its policy rate at 3.00% on Oct 22, its first hold after hikes in July and August, and left the door open to further tightening.
- Next week, SK Hynix reports Q3 results on Oct 28 and Samsung Electronics on Oct 29, as reported by Korean media.
Korea at a glance — last 12 monthsComputed from raw prices · Korea close of 2026-10-22KOSPI1Y +60.7%5,553 · 1W -8.0%KOSDAQ1Y -7.5%781.97 · 1W -6.6%Samsung Elec.1Y +127.2%214,500 · 1W +2.1%SK hynix1Y +185.8%1,223,000 · 1W -3.1%USD/KRW1Y -6.9%1,326 · 1W -1.0%Tap for details
KOSPI1Y +60.7%
5,553 · 1W -8.0%
KOSDAQ1Y -7.5%
781.97 · 1W -6.6%
Samsung Elec.1Y +127.2%
214,500 · 1W +2.1%
SK hynix1Y +185.8%
1,223,000 · 1W -3.1%
USD/KRW1Y -6.9%
1,326 · 1W -1.0%
| Name | Last | 1D | 1W | 1M | 6M | 1Y |
|---|---|---|---|---|---|---|
| KOSPI | 5,553 | -3.7% | -8.0% | -16.2% | -4.4% | +60.7% |
| KOSDAQ | 781.97 | -3.3% | -6.6% | -3.8% | -28.9% | -7.5% |
| Samsung Elec. | 214,500 | -4.0% | +2.1% | -15.1% | +1.7% | +127.2% |
| SK hynix | 1,223,000 | -5.5% | -3.1% | -29.9% | +7.7% | +185.8% |
| USD/KRW | 1,326 | +0.1% | -1.0% | -1.8% | -9.9% | -6.9% |
8. What changed this week
- What changed: Meta’s reaction showed investors shifting from “how fast is AI growing?” to “can companies afford what they are spending?” Oil climbed to its highest level since April, and consumers’ inflation expectations rose.
- What did not: the 10-year yield stayed near 5%, and the Dow and small caps rose, so the selling was concentrated in technology.
- This is a summary of reported facts, not a forecast or investment advice.
9. Next week at a glance (Oct 26-30)
| Date (ET) | Event |
|---|---|
| Tue Oct 27 | Durable goods, home prices, consumer confidence |
| Wed Oct 28, 2:00 PM | FOMC rate decision |
| Wed Oct 28, after close | Microsoft and Alphabet earnings |
| Thu Oct 29 | Q3 GDP (advance), September PCE inflation, ECB decision; Amazon and Intel earnings after the close |
| Fri Oct 30 | Employment cost index; Bank of Japan decision |
- Some dates (economic releases, Bank of Japan) come from one or two calendars and may change; the Sunday Week Ahead report will confirm them.
- Apple reports on Nov 2, not this week.
Sources
- AP – How major US stock indexes fared (Oct 16-23, via La Nacion)
- Reuters – Oil prices jump on Houthi attacks (via GV Wire, Oct 23)
- Federal Reserve – FOMC statement, Sep 16, 2026
- S&P Global – U.S. flash PMI, October
- University of Michigan – Surveys of Consumers
- The Conference Board – Leading Economic Index, September
- Stockanalysis.com – daily price history
- AP – Meta Q3 results (via WDBO)
- AP – SpaceX profit lifts tech stocks (via AJC, Oct 21)
- Electrek – Tesla Q3 2026 results
- Lam Research – 8-K earnings exhibit
- American Express – 8-K earnings exhibit
- Al Jazeera – Attack on Saudi Arabia's King Fahd airport (Oct 22)
- Reuters – Bank of Korea holds rates (via Yahoo Finance)
- Reuters – China Q3 GDP (via Investing.com)
- Farside Investors – spot bitcoin and ether ETF flows
- Rio Times – crypto markets, Oct 23
- Intel – Q3 2026 earnings date