Why it matters
- The Nasdaq Composite fell 2.60% to 26,008.86 and the S&P 500 lost 1.21% to 7,663.43 on Thursday, Oct. 22, as corporate earnings revived concerns about the AI trade and investors rotated out of chip stocks, Trading Economics said. The Dow ended up 0.02%.
- Meta fell 6.98% after raising the low end of its spending outlook, and Lam Research dropped 11.76%, while Procter & Gamble rose 5.58%, Lockheed Martin 6.96% and Blackstone 8.38%, Yahoo Finance data showed.
- The 10-year Treasury yield fell to 4.96% from 5.13% as investors moved into Treasuries, Treasury data showed, and Brent crude touched its highest since May 18, Reuters reported.
Session recap: what happened in this region's trading day, with sources.
U.S. stocks fell on Thursday, Oct. 22, as corporate earnings failed to impress, renewing concerns about the AI trade, and investors kept rotating out of semiconductor stocks, Trading Economics said. The Nasdaq Composite dropped 2.60% to 26,008.86 and the S&P 500 fell 1.21% to 7,663.43, while the Dow Jones Industrial Average edged up 0.02% to 52,867.98, according to Yahoo Finance data.
| Index | Thursday close | Change vs. Wednesday, Oct. 21 |
|---|---|---|
| S&P 500 | 7,663.43 | −93.74 (−1.21%) |
| Dow Jones Industrial Average | 52,867.98 | +11.89 (+0.02%) |
| Nasdaq Composite | 26,008.86 | −694.00 (−2.60%) |
| Russell 2000 | 2,784.03 | +3.01 (+0.11%) |
| S&P/TSX Composite (Canada) | 35,973.45 | −351.55 (−0.97%) |
| Ibovespa (Brazil) | 204,120.13 | −2,374.88 (−1.15%) |
| S&P/BMV IPC (Mexico) | 69,889.73 | −359.81 (−0.51%) |
Source: Yahoo Finance daily chart data.
Why did the Nasdaq fall today?
Investors sold high-growth technology and communication services stocks and moved into defensive sectors and Treasuries, as worries about debt-funded AI infrastructure spending weighed on the sector, Investing.com reported. Meta's plan to ramp up capital spending revived fears that tech companies will take on more debt to fund AI, Trading Economics said.
Chipmakers led the decline. The Philadelphia Semiconductor Index fell 6.72% to 10,731.98 and Nvidia lost 4.40%, while the Cboe Volatility Index jumped 14.09% to 19.03, Yahoo Finance data showed. AMD fell 8.1% and Intel 8%, Trading Economics said. Small caps held up, with the Russell 2000 up 0.11%. Elsewhere in the Americas, Brazil's Ibovespa fell 1.15%, Canada's TSX 0.97% and Mexico's IPC 0.51%.
How did Meta, Tesla and IBM shares react to earnings?
Meta fell 6.98% to $648.85. Its release reported third-quarter revenue of $64.60 billion, up 26%, and capital expenditures of $34.91 billion, and it narrowed its 2026 capital spending outlook to $135 billion to $145 billion from $130 billion to $145 billion. Tesla fell 3.08% to $374.58 after scaling back its spending plans, Trading Economics said; its release showed revenue of $28.05 billion and non-GAAP EPS of $0.48. IBM, which reported revenue of $17.1 billion, up 5%, closed up 0.26% at $252.11 after trading down 1.1% around the London close, Alliance News reported. Lam Research sank 11.76% to $230.15 after a disappointing outlook, Trading Economics said.
Which earnings stocks rose?
| Stock | Thursday close | Change |
|---|---|---|
| Blackstone | $118.75 | +8.38% |
| Lockheed Martin | $589.91 | +6.96% |
| Procter & Gamble | $165.59 | +5.58% |
| Union Pacific | $298.09 | +3.55% |
| Comcast | $22.84 | +3.44% |
| American Airlines | $12.60 | +2.94% |
| Honeywell | $218.31 | +1.67% |
Source: Yahoo Finance chart data.
- Procter & Gamble reported core EPS of $2.00, up 1%, on net sales of $23.3 billion, up 4%, with organic sales up 4%, the company said. Organic growth was double Wall Street's expectations, Investing.com reported.
- Lockheed Martin reported EPS of $7.97 on sales of $20.7 billion, up 11%, a record $292.0 billion backlog and a higher outlook, the company said.
- Blackstone reported distributable earnings of $1.32 a share and inflows of $63.3 billion, lifting assets under management 10% to $1.368 trillion, the company said.
- Union Pacific reported adjusted EPS of $3.53, up 15%, on operating revenue of $7.2 billion.
- Comcast reported adjusted EPS of $1.07, down 4%, on revenue of $29.3 billion, down 6.1%.
- American Airlines reported record revenue of $16.3 billion and an adjusted loss of $0.28 a share; its current-quarter guidance fell short of estimates, Investing.com said.
- Honeywell reported adjusted EPS of $2.27, up 34%, on sales of $5.0 billion and raised its full-year outlook.
What happened to Treasury yields, jobless claims and oil?
The 10-year Treasury yield fell to 4.96% from 5.13% on Wednesday, the 2-year to 4.65% from 4.81% and the 30-year to 5.29% from 5.42%, Treasury Department data showed. The Treasury sold $26 billion of five-year TIPS at a high yield of 2.367%, with a bid-to-cover ratio of 2.41, TreasuryDirect said. Initial jobless claims fell by 6,000 to a seasonally adjusted 194,000 in the week ended Oct. 17, the Labor Department said.
Brent crude futures rose $3.19, or 2.9%, to $112.01 a barrel in afternoon trading after touching $112.68, the highest since May 18, as Houthi attacks on Saudi Arabia raised fears of supply disruption, Reuters reported. U.S. crude gained $2.41 to $99.56, it said.
What's next for markets?
This morning's day ahead has the calendar. See the Europe Thursday recap, the Asia Thursday recap and Wednesday's U.S. session recap. 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
- Trading Economics, Wall Street Falls as Tech Sell-Off Deepens (Oct. 22, 2026)
- Investing.com, Nasdaq posts worst day since June as AI financing worries batter risk sentiment (Oct. 22, 2026)
- Alliance News via MarketScreener, Stocks rattled by tech worry, oil price strength (Oct. 22, 2026)
- Reuters via RTÉ, Brent at 5 month high on escalating Middle East conflict (Oct. 22, 2026)
- Meta Platforms, third-quarter 2026 results (SEC filing)
- Tesla, third-quarter 2026 update (SEC filing)
- IBM, third-quarter 2026 results (SEC filing)
- Procter & Gamble, fiscal 2027 first-quarter results (SEC filing)
- Union Pacific, third-quarter 2026 results (SEC filing)
- Lockheed Martin, third-quarter 2026 results (SEC filing)
- Honeywell, third-quarter 2026 results (SEC filing)
- Comcast, third-quarter 2026 results (SEC filing)
- American Airlines Group, third-quarter 2026 results (SEC filing)
- Blackstone, third-quarter 2026 results (SEC filing)
- U.S. Department of Labor, Unemployment Insurance Weekly Claims (Oct. 22, 2026)
- U.S. Treasury, Daily Treasury par yield curve rates, 2026
- TreasuryDirect, auction results, five-year TIPS (CUSIP 91282CRR4)
- Yahoo Finance, daily chart data for the S&P 500, Dow, Nasdaq Composite, Russell 2000, S&P/TSX Composite, Ibovespa, S&P/BMV IPC, PHLX Semiconductor Index, VIX, Meta, Tesla, IBM, Lam Research, Nvidia, Procter & Gamble, Lockheed Martin, Blackstone, Union Pacific, Comcast, American Airlines and Honeywell