S&P 500, Nasdaq end sharply lower as revived AI doubts ignite tech selloff
High-profile earnings fueled fresh doubts about costly AI investments, sending the Philadelphia semiconductor index down about one-fourth from its June peak, traders said.
- On Thursday, the Nasdaq Composite fell 2.58% to 26,008.86 as high-profile earnings reports reignited fears about the AI spending race, marking its steepest daily drop since June.
- The Philadelphia Semiconductor Index has plunged, losing about one-fourth of its value since June 22, 2026, as investors reassess AI-exposed hardware amid broader tech sector concerns.
- Paul Nolte, senior wealth adviser at Murphy & Sylvest, noted "Investors are starting to realize that there are some holes in the AI story," explaining the tech-heavy indices' decline.
- Meta Platforms reported its first cash outflow in over a decade due to AI-related spending, while chipmakers Western Digital, Intel, and Marvell posted steep percentage losses amid the semiconductor selloff.
- Despite the tech selloff, the Dow Jones Industrial Average rose 0.03% and 83% of S&P 500 companies beat analyst expectations, indicating broader market fundamentals remain intact.
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On the 22nd (local time), major New York stock indices were significantly shaken by a combination of selling pressure on technology stocks and geopolitical tensions emanating from the Middle East. While Big Tech companies are pouring astronomical sums into securing leadership in artificial intelligence (AI), investor concerns have grown regarding whether they can reap commensurate returns in a timely manner. Furthermore, armed conflicts are expe…
(New York = Yonhap News) Correspondent Lim Soo-jung = The New York stock market plummeted on the 22nd (local time), centered on technology stocks, as skepticism about investment in artificial intelligence (AI) resurfaced...
Nasdaq Pulls Back Sharply As AI Concerns Resurface
After trending higher over the past few sessions, stocks showed a substantial move back to the downside during trading on Thursday. The tech-heavy Nasdaq led the way lower, tumbling to its lowest closing level in over a month. The Nasdaq and S&P 500 ended the day just off their lows of the session.
Stock Market Today: Nasdaq, S&P 500 End Sharply Lower as Tech Stocks Dive; 10-Year Yield Sinks Below 5% as Investors Seek Safety in Bonds
The Nasdaq Composite and S&P 500 closed sharply lower Thursday as tech stocks sold off. Meanwhile, Treasury yields dropped as investors sought the safety of government bonds, and oil prices jumped on Middle East tensions.
Stock Market on Oct. 22, 2026: S&P 500 and Nasdaq close lower, Treasury yields drop as AI angst returns; Dow ends nearly flat
The S&P 500 and Nasdaq were under pressure Thursday, as tech stocks sold off sharply. But the average stock in the S&P 500 fared relatively well.
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