Why it matters
- The Dow Jones Industrial Average fell 652.82 points, or 1.23%, to 52,215.16 on Friday, Oct. 23, and the S&P 500 lost 0.52% to 7,623.68, as rising oil prices weighed on stocks, the Associated Press reported. The Nasdaq slipped 0.21%.
- Brent crude rose 3.1% to settle at $116.72 a barrel on Middle East tensions, the AP said. Energy stocks gained, while American Express fell 3.68% and other financial stocks slid, Yahoo Finance data showed.
- For the week, the S&P 500 fell 0.47% and the Nasdaq 0.71%, while the Dow rose 0.41% and the Russell 2000 2.00%, Yahoo Finance data showed. The 10-year Treasury yield ended at 5.00%, Treasury data showed.
Session recap: what happened in this region's trading day, with sources.
U.S. stocks fell on Friday, Oct. 23, as oil prices climbed and stoked inflation worries ahead of next week's Federal Reserve decision, Trading Economics said. The Dow Jones Industrial Average dropped 652.82 points, or 1.23%, to 52,215.16, the S&P 500 fell 39.75 points, or 0.52%, to 7,623.68 and the Nasdaq Composite slipped 0.21% to 25,955.34, according to Yahoo Finance data. Nearly three of every four S&P 500 stocks fell, the Associated Press reported.
| Index | Friday close | Change vs. Thursday, Oct. 22 | Change on the week |
|---|---|---|---|
| S&P 500 | 7,623.68 | −39.75 (−0.52%) | −0.47% |
| Dow Jones Industrial Average | 52,215.16 | −652.82 (−1.23%) | +0.41% |
| Nasdaq Composite | 25,955.34 | −53.52 (−0.21%) | −0.71% |
| Russell 2000 | 2,775.90 | −8.13 (−0.29%) | +2.00% |
| Cboe Volatility Index (VIX) | 19.45 | +0.42 (+2.21%) | −2.70% |
| S&P/TSX Composite (Canada) | 35,788.18 | −185.32 (−0.52%) | −1.07% |
| Ibovespa (Brazil) | 205,082.56 | +962.56 (+0.47%) | −0.17% |
| S&P/BMV IPC (Mexico) | 69,879.62 | −10.11 (−0.01%) | +1.38% |
Source: Yahoo Finance daily chart data. Weekly changes are from Friday, Oct. 16, closes.
Why did the Dow fall today?
Escalating Middle East tensions pushed oil higher and raised inflation concerns before the Fed's rate decision, Trading Economics said. Brent crude rose 3.1% to settle at $116.72 a barrel, up from under $97 at the start of October, the AP reported. U.S. crude for December rose 3.8% to settle at $103.27 a barrel, according to Bloomberg.
Financial and industrial stocks led the decline. American Express fell 3.68% to $313.22, Yahoo Finance data showed, even though its quarterly profit beat forecasts, the AP said. The company also announced its first major job cuts in about a decade, the AP said, covering 5% of its global workforce, according to Trading Economics. JPMorgan Chase lost 1.47%, Citigroup 1.54%, Morgan Stanley 2.44% and Caterpillar 2.42%. Among the biggest AI spenders, Alphabet fell 1.24%, Amazon 0.95% and Meta 0.96%.
Which stocks rose?
Energy stocks and chipmakers gained. Most chipmakers recovered on Friday but still posted sharp weekly losses, Trading Economics said. The Philadelphia Semiconductor Index rose 0.44% to 10,779.46 but fell 3.21% on the week.
| Stock | Friday close | Change |
|---|---|---|
| First Citizens BancShares | $2,375.84 | +8.15% |
| SLB | $53.06 | +7.08% |
| ConocoPhillips | $150.80 | +3.55% |
| Chevron | $233.21 | +2.88% |
| Micron Technology | $877.55 | +2.46% |
| AMD | $516.79 | +1.74% |
| Intel | $86.96 | +1.72% |
| Microsoft | $524.51 | +0.66% |
Source: Yahoo Finance chart data.
First Citizens and SLB both reported quarterly results before the open, as our day-ahead guide noted. First Citizens reported adjusted earnings of $55.37 a share and a new buyback of up to $1.2 billion, and SLB reported revenue of $9.45 billion, up 6%, the companies said.
What happened to Treasury yields, the dollar and gold?
The 10-year Treasury yield rose to 5.00% from 4.96% on Thursday, the 2-year to 4.69% from 4.65% and the 30-year to 5.33% from 5.29%, Treasury Department data showed. The 10-year ended the week down from 5.09% on Oct. 16. Gold futures fell 1.32% to $4,007.00 an ounce, Yahoo Finance data showed.
The University of Michigan's final October index of consumer sentiment was 48.0, compared with 48.1 in September, its survey said. Year-ahead inflation expectations rose to 4.7% from 4.6%, and long-run expectations to 3.5% from 3.4%.
What's next for markets?
The Fed meets Oct. 27-28 and is expected to hold rates, though Wall Street leans toward another increase in December, the AP said. Next week's calendar, including the ECB and Bank of Japan meetings and third-quarter GDP, is in this morning's day-ahead guide. See the Europe Friday recap, the Asia Friday recap and Thursday's U.S. session recap. European clocks change on Sunday, Oct. 25, a week before U.S. clocks, so our guide to world market hours shows when each exchange opens in ET and GMT. The markets page tracks the latest numbers.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Associated Press via BNN Bloomberg, Wall Street loses ground under pressure from rising oil prices (Oct. 23, 2026)
- Associated Press via Times Leader, Wall Street loses ground under pressure from rising oil prices (Oct. 23, 2026)
- Bloomberg via Rigzone, Brent Tops $116 as Middle East Risks Grow (Oct. 23, 2026)
- Trading Economics, U.S. stock market (Oct. 23, 2026)
- University of Michigan, Surveys of Consumers
- First Citizens BancShares, third-quarter 2026 results (SEC filing)
- SLB, third-quarter 2026 results (SEC filing)
- U.S. Treasury, Daily Treasury par yield curve rates, 2026
- Yahoo Finance, daily chart data for the S&P 500, Dow, Nasdaq Composite, Russell 2000, VIX, S&P/TSX Composite, Ibovespa, S&P/BMV IPC, PHLX Semiconductor Index, gold futures, American Express, JPMorgan Chase, Citigroup, Morgan Stanley, Caterpillar, Alphabet, Amazon, Meta, First Citizens BancShares, SLB, ConocoPhillips, Chevron, Micron, AMD, Intel and Microsoft