Stock market today looked ugly at the top and calm underneath. The Nasdaq Composite sank 2.6% on Thursday, Oct. 22, 2026, and the S&P 500 fell 1.2% for its worst day since July, according to AP, yet the Dow and the small-cap Russell 2000 both edged higher. The culprit was renewed worry about AI spending, with Meta sliding about 7% and oil climbing back above $100. This is general information, not investment advice.
Stock Market Today: The Thursday Scoreboard
Here is how the major U.S. indexes finished, based on AP’s close-of-day tally.
| Index | Close | Day | Week | Year to date |
|---|---|---|---|---|
| S&P 500 | 7,663.43 | -93.74 (-1.2%) | +0.1% | +11.9% |
| Dow Jones Industrial Average | 52,867.98 | +11.89 (less than +0.1%) | +1.7% | +10% |
| Nasdaq Composite | 26,008.86 | -694 (-2.6%) | -0.5% | +11.9% |
| Russell 2000 | 2,784.03 | +3.01 (+0.1%) | +2.3% | +12.2% |
The stock market today picture also looks different on a weekly view. The S&P 500 is up just 0.1% for the week, and the Nasdaq is down 0.5%, while the Dow and small caps are comfortably ahead.
Compare that with Wednesday. Our Oct. 21 stock market recap showed the Nasdaq rising 1.1% to 26,702.86 on SpaceX earnings. One session later, the index gave back more than that gain and moved into the red for the week.
The gap between the indexes is the story. The Dow and Russell 2000 ended the day slightly higher and are both ahead for the week, while the Nasdaq is the only one of the four that is lower.
Takeaway 1: AI-Spending Anxiety Hits Tech While the Stock Market Today Stays Broad
AP said tech stocks sold off as AI shares fell again on concerns that high interest rates could threaten the AI boom. The Nasdaq drop was steep enough to mask gains elsewhere, and AP noted that most U.S. stocks actually rose.
That detail matters for anyone judging the stock market today by a single headline number. A 2.6% Nasdaq decline is large, but it was driven by a concentrated group of heavyweight names rather than a broad exit from equities.
Korea Times reported that Nvidia and Amazon each fell more than 3%. Forbes reported that in Thursday morning trading Nvidia, Micron and Broadcom were each down roughly 2.5%, while AMD and Intel were down about 5%.
Steve Sosnick of Interactive Brokers put the risk in context. “Semiconductors and the Nasdaq have been elevated to a huge degree by investors’ rush to participate in the AI build-out,” he said, as quoted in coverage of the session.
Takeaway 2: Meta and Tesla Split on Capex
Two big earnings reports from Wednesday evening drove the mood, and they pointed in opposite directions on spending.
Meta: a beat on revenue, a wince on cash
Kiplinger reported that Meta fell about 7%, its worst day since July. The company’s third-quarter revenue of $64.6 billion beat estimates, but earnings per share of $3.83 missed. Free cash flow turned negative, and Meta lifted the low end of its 2026 capital spending guidance to a range of $135 billion to $145 billion, up from a low end of $130 billion.
We break the numbers down in our separate explainer on Meta stock, and the headline for the stock market today is simple. The short version is that investors cheered growth but flinched at how much cash the AI build-out is consuming.
Tesla: spending less, still sold
Tesla moved the other way. Per Kiplinger, it beat on third-quarter earnings per share at $0.48 and cut its full-year capital spending plan to $20 billion from $25 billion. Even so, the shares fell 3.1%.
The lesson from this session is that neither approach was rewarded. Spending more hurt Meta, and spending less did not save Tesla. SpaceX (SPCX) also dropped, falling 9.1% per Kiplinger, a day after its earnings had lifted AI-linked shares.
Takeaway 3: Oil Is Back at $100 on Iran War Worries
Oil rose on worries about the war with Iran, AP said. Kiplinger reported that West Texas Intermediate crude climbed 3% to $100.06 a barrel, which it described as roughly 11% higher month to date.
Korea Times added that Brent crude traded near a five-month high after Houthi attacks in Saudi Arabia. Oil had eased in earlier sessions this month, so Thursday’s jump reversed some of that relief.
Higher crude matters well beyond the energy sector, and any recap of the stock market today has to include it. It feeds into gasoline prices and shipping costs, and it complicates the inflation picture the Federal Reserve is trying to read. Our September CPI report breakdown showed how much gasoline mattered to the latest inflation reading.
Takeaway 4: Yields Fall and the Fed Meets Next Week
AP said Treasury yields fell sharply as nervousness spread through markets. Korea Times put the 10-year yield at about 5.0025% after the move and described the buying as a flight to safety.
A falling yield during a stock selloff is the classic pattern when investors seek shelter in government bonds. It also offers some relief to borrowers, although yields remain high by recent standards. In the stock market today, that bond rally was the clearest sign of nerves. Our mortgage rates explainer covers what elevated rates mean for home loans.
The economic data helped steady nerves in one respect. Korea Times reported that weekly jobless claims unexpectedly fell, which supported expectations that the Fed will hold rates at its meeting next week, on Oct. 27-28. You can read the official calendar and statements on the Federal Reserve’s website.
Takeaway 5: Defensive Rotation Lifts Procter & Gamble
While tech sold off, household names rallied. Kiplinger reported that Procter & Gamble rose 5.6%, its best day since March 26, 2020, after beating fiscal first-quarter estimates, with volume up 2.4%.
Korea Times reported a slightly different figure, with P&G up 6.1% and the consumer staples sector up 2.5%, near an eight-month high. Figures differ slightly by source, which is common when outlets pull prices at different moments or from different data feeds.
Either way, the direction is clear. The stock market today rewarded stability over growth. When growth stocks wobble, money often moves toward companies selling everyday products, and that rotation helps explain why the Dow held steady while the Nasdaq slid.
What We Still Do Not Know
Several questions are open as the stock market today story moves into Friday, and it is better to name them than to guess.
- It is not yet clear whether Thursday was a one-day shakeout or the start of a longer reset in AI-linked shares.
- We have not seen a full sector breakdown for Thursday, so the size of the move in staples versus tech beyond the figures above is not confirmed.
- Different outlets reported slightly different numbers for some stocks, and final closing prices may be revised.
What to Watch in the Stock Market Today on Friday and Next Week
For Friday and the days ahead, these are the items worth tracking:
- Tech follow-through. Do Nvidia, Amazon and the chipmakers stabilize, or does selling continue?
- Meta and Tesla. Watch for analyst reactions to the capex numbers and whether the shares recover or slip further.
- Oil near $100. A sustained move above that level would keep pressure on inflation expectations.
- The 10-year yield. A pullback from about 5% helped on Thursday, but a rebound would test tech again.
- The Fed, Oct. 27-28. A hold is the expectation reported on Thursday, so the wording of the statement may matter more than the decision.
The Bottom Line on the Stock Market Today
Thursday’s 2.6% Nasdaq drop was real, but most stocks rose and the Dow finished the week up 1.7%. The practical takeaway from the stock market today is to look past the headline index. Check how much of your own portfolio is concentrated in AI-linked tech, and decide whether that mix still matches your time horizon and comfort with swings. If it does not, a calm review is better than a reaction to one bad day.
Stay tuned to USA One News for our Friday close and a look at the week ahead. This article is for information only and is not investment advice.
