Tech Selloff, Oil Prices Jump, Consumer Sentiment
By Juliegrace Brufke | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: Technology stocks fell Thursday as investors questioned the cost of the AI boom. The Nasdaq dropped 2.6%, while the S&P 500 lost 1.2%. The Dow finished nearly unchanged.
Meta fell 7% after its earnings report showed heavy spending on AI, despite stronger-than-expected results. Nvidia declined 4.4%. The benchmark 10-year Treasury yield fell below 5%, ending near 4.95%, its biggest one-day drop since March 2023.
Oil moved higher as attacks on energy infrastructure in the Middle East raised concerns about supplies. Brent crude jumped 4% to $113.17 a barrel, while U.S. crude rose 2.4% to $99.47.
Meanwhile, new applications for unemployment benefits fell by 6,000 to 194,000 last week, according to Thursday’s Labor Department report.
Today’s Focus: Friday brings fresh readings on business activity and how consumers feel about the economy.
At 9:45 a.m. ET, S&P Global releases its preliminary October surveys of manufacturers and service businesses. The reports offer an early look at orders, hiring and prices.
The University of Michigan’s final October consumer survey follows at 10 a.m. Investors will be watching households’ expectations for inflation, alongside their views on personal finances and the economy.
Both reports arrive ahead of the Federal Reserve’s Oct. 27-28 meeting, with its next interest-rate decision due Wednesday.
American Express reported higher revenue and profits Friday as customers spent more on their cards. Revenue rose 9% to $20.06 billion, while adjusted earnings increased 13% to $4.68 per share. The company raised its full-year profit forecast.
ON THE SCHEDULE FOR FRIDAY, OCTOBER 23, 2026
-Earnings – American Express, SLB and Booz Allen Hamilton
-9:45 a.m. ET – Preliminary October S&P Global U.S. manufacturing and services PMIs
-10 a.m. ET – Final October University of Michigan consumer sentiment and inflation expectations
-Next week, Tuesday-Wednesday – Federal Reserve policy meeting
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