2h • General discussion
10/22 Update
Daily Digest
S&P 500 NASDAQ DOW RUSSELL 2000
US stocks extend losses as AI spending concerns and oil near $99 on Middle East tensions weigh on risk assets while Treasury yields decline
- Major US indices trade lower in a risk-off session, with the S&P 500 ($SPX) down roughly 1.4%, the Dow Jones ($DJI) off about 0.6%, the Nasdaq 100 ($NDX) sinking about 2.4% and the Russell 2000 (IWM) slipping about 0.7%.
- Tesla (TSLA) trades roughly flat as Musk's Tesla (TSLA)–SpaceX merger push creates a 'mess' complicating deal-structure talks, even as the company cut its 2026 capex forecast while flagging higher spending for Optimus, Cybercab and Terafab projects.
- Meta Platforms (META) declines after its results as investors weigh a higher AI spending outlook and the announcement of a 2-for-1 stock split with new non-voting Class C shares.
- Lam Research (LRCX) drops about 9% after posting record results but drawing price-target cuts on a supply-constrained December-quarter outlook, pressuring semiconductor peers including Nvidia (NVDA), Micron (MU), Applied Materials (AMAT) and AMD (AMD).
- West Texas Intermediate crude (@CL) climbs above $98 per barrel, near $99, and Brent (@QA) rises to about $112 after Houthi attacks on Saudi Aramco facilities including a site and an airport.
- Reports of planned US-Israel strikes on Iran following the midterms add to oil market tensions, reinforcing inflation worries and helping energy stocks gain.
- Risk-off flows support Treasuries with yields declining even as initial jobless claims fall to 194,000 for the week ending October 17, below the 200,000 consensus.
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10/22 Update
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