The selloff follows inflation data showing a consumer price index of 3.7% and a producer price index of 6.3%, fueling expectations that the Fed will raise interest rates further. Higher borrowing costs hammered AI infrastructure firms such as CoreWeave and Nebius, and caused shares of Dell to plummet as investors questioned the spending required for data center expansion. While 80% of software and AI stocks fell, money rotated into defensive positions in health care and consumer staples, benefiting companies like UnitedHealth and Walmart.
Tuesday, October 20, 2026
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Nasdaq 100 Sinks 3% for Worst Weekly Loss Since April 2025
US Markets4 days ago
US technology shares shed $3 trillion in market value over the last 10 days, bringing the sector's primary tech-heavy benchmark within 2.5% of a technical correction. The Nasdaq 100 sank 3% on Friday, sealing its biggest weekly decline since April 2025 and deepening a slump that has erased 7% of the index's value from its recent peak. This downturn coincided with US oil prices climbing above $100 per barrel and a jump in the Fear and Greed Index to an "extreme fear" reading of 23/100.
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