U.S. Stocks Slide Sharply as Tech Sector Weakness Returns
Nasdaq falls over 2% on Thursday as doubts about debt-fueled AI spending weigh on tech, with Meta and chip stocks dropping more than the broader market.
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what happened
According to RTTNews and dpa-AFX, U.S. stocks reversed sharply on Thursday after several sessions of gains. Midday, the Nasdaq was down 2.3%, the S&P 500 lost 1.3%, and the Dow held a smaller 0.4% decline. Pressure came from renewed doubts about AI infrastructure spending, partly financed with debt. Comments from Nvidia CEO Jensen Huang about demand for CoreWeave and a shortage of capital also unsettled investors. Meta shares fell 6.2% despite revenue beating estimates, and the Philadelphia Semiconductor Index dropped 5.6%.
Crude oil rose more than 1% after President Trump's remarks on Iran and a report that the U.S. and Israel had drawn up plans for renewed strikes. Gold stocks slid 5.2% as gold prices fell, and oil service stocks lost 5.1%. In Asia, the Nikkei 225 fell 2.7%, and in Europe the CAC 40 dropped 1.4%. The yield on the benchmark ten-year Treasury note fell 13.1 basis points to 5.015%.
why it matters
A drop in Treasury yields alongside a stock sell-off suggests investors are seeking safe assets. Markets will watch how quickly AI infrastructure risks and the geopolitical premium in oil are priced in.
market impact
US tech: AI spending doubts pressure Nasdaq and chipmakers; oil gains support from geopolitical risk
instruments
sources
- U.S. Stocks Pulling Back Sharply Amid Renewed Tech Sector Weakness — TradingView, 22 October 2026 at 15:31 UTC
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