The slump follows a surge in inflation that drove the S&P 500 to its worst day since July 29. Although the S&P 500 turned positive on Thursday after an initial 0.6% drop, 80% of AI and software stocks finished the session lower. Treasury yields shifted lower on a flight to safe-haven assets, with the 2 year yield falling 8 bps to 4.7235%. The current volatility marks only the second day in 2026 where the Nasdaq 100, Philly SOX, and S&P 500 Software group all declined by at least 2% on the same day.
Wednesday, October 21, 2026
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Nasdaq's 1.29% Slide Pushes Fear and Greed Index to Extreme 23
US Markets5 days ago
U.S. technology shares extended their decline on Thursday, erasing roughly $400 billion in market value shortly after the opening bell. The Nasdaq fell 1.29% and the Fear and Greed Index plummeted to 23 out of 100, signaling 'Extreme Fear' among investors. Barclays downgraded Dell, HPE, and NetApp, with Dell shares dropping as much as 11% after the bank stated that AI spending has not yet materialized to justify the 140% yearly gains seen in several enterprise-focused stocks.
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