Investors exited artificial intelligence positions on concerns over the scale of infrastructure spending, with Meta erasing $124 billion in market cap after raising its 2026 capex projections to $135 billion or more. Nvidia shares fell 4.4% after CEO Jensen Huang stated that neoclouds face funding shortages. Capital rotated into defensive assets, pushing the S&P 500 Equal Weight index up 70 basis points for the day, while Brent crude climbed above $113 a barrel on fears of supply disruptions after attacks in Saudi Arabia.
Friday, October 23, 2026
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US Markets Wipe $1 Trillion in Worst Nasdaq Day Since June
US Markets7 hours ago
The US 10 year Treasury yield plummeted 0.193 percentage point to 4.952% on Thursday, marking the most severe single day decline in borrowing costs since the failure of Silicon Valley Bank in March 2023. This bond market shift coincided with a technology selloff that left the Nasdaq Composite 2.6% lower and the S&P 500 down 1.24% to close at 7,661.33. The Philadelphia Semiconductor Index fell 6.7%, the largest daily drop for the gauge since June 23, while total market losses erased more than $1 trillion in equity value.
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