The downturn has erased more than $1 trillion in market value from US stocks since October 14, driving the Fear and Greed Index down to 23. Dell shares plummeted 20% over two days after Barclays downgraded the company and several other enterprise tech names, citing a lack of AI spending to justify recent valuations. While the semiconductor index has seen its highest number of corrections in any 135 day period since 2002, capital has rotated into defensive sectors, with health care and consumer staples gaining more than 2.5%.
Wednesday, October 21, 2026
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Nasdaq 100 Drops 6% in 10 Days on AI Rout
US Markets5 days ago
Technology shares extended their decline on Friday, with the Nasdaq 100 hitting a fresh low for the session and sliding more than 1%. This move deepens a larger rout that has seen the index drop 6% from its peak just 10 days ago. Investors are pricing in a higher probability of Fed interest rate hikes following a September CPI inflation reading of 3.7% and a PPI of 6.3%, which has raised the cost of borrowing for the capital intensive data center buildouts powering the artificial intelligence sector.
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