Stock Market Midday, Oct. 22: Tech Weakness Drags Nasdaq Lower as AI Spending Concerns Mount
As of 11:35 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 1.28% to 7,658, the Nasdaq Composite (NASDAQINDEX:^IXIC) is down 2.18% to 26,121 on tech weakness, and the Dow Jones Industrial Average (DJINDICES:^DJI) has slipped 0.23% to 52,736.
Gold is trading at $4,054.09, down 2.10% as of 11:31 AM ET, and the 10-Year Treasury yield is up 0.24% to 5.01%. Consumer defensive and utility stocks are the biggest gainers, while industrials and basic materials are dragging the market lower.
Today's biggest moves
Meta Platforms is dragging indexes lower, despite an earnings beat, as artificial intelligence (AI) spending concerns resurface. AI bellwether Nvidia fell, and memory stocks like Micron Technology also declined. Tesla slipped on profit concerns following its Q3 results. Conversely, Spotify soared over 9% on improved margins, and Dow Inc edged upwards after its quarterly results beat expectations.
What this means for investors
AI jitters are driving markets again today after Lam Research warned of supply chain constraints. Meanwhile, crude oil prices are surging again as fears of escalating geopolitical tensions grow. Data from the Labor Department showed unemployment claims fell to a three-month low last week, suggesting stable labor market conditions.
A CoreWeave downgrade put further pressure on AI stocks. It doesn't take a lot to spook already-nervous investors, and any signs that demand may fall or heavy capital spending won't pay off can quickly trigger a sell-off. For investors, it is important to tune out headline-driven noise and focus on the long-term outlook. Watch for earnings from Alphabet, Microsoft, and Amazon next week, as these will give more information on AI spending and demand.
Should you buy stock in Invesco QQQ Trust right now?
Before you buy stock in Invesco QQQ Trust, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Invesco QQQ Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $350,756!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,363,905!*
Now, it’s worth noting Stock Advisor’s total average return is 922% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of October 22, 2026.
Emma Newbery has positions in Amazon, Nvidia, and Spotify Technology. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, International Business Machines, Lam Research, Meta Platforms, Micron Technology, Microsoft, Nvidia, Spotify Technology, and Tesla. The Motley Fool has a disclosure policy.
Recommended Articles
