Market Wrap: Friday, October 23, 2026 — S&P 500, Nasdaq & Dow Jones

Today's market session was marked by a broad selloff, with the Dow Jones Industrial Average leading the decline, down 1.23% on the day. The S&P 500 also fell, down 0.52%, while the Nasdaq Composite managed to eke out a relatively smaller loss of 0.21%. The sharp decline in the Dow was particularly notable, with the index tumbling over 600 points at its worst. Oil prices were a major driver of the market's downturn, hitting a 5-month high as Middle East tensions continued to escalate. This surge in oil prices weighed heavily on energy stocks, which broke out as investors sought safe havens.

The tech sector also experienced a sharp sell-off, with chip stocks rebounding somewhat in the face of fresh jitters. The AI angst that has been plaguing the market in recent days returned, with investors weighing the earnings of tech heavyweights such as Tesla and Meta. Warren Buffett's market was reportedly thriving, but the overall tone of the market was decidedly risk-off. The strong jobs and PMI data that had been expected to boost the market failed to materialize, and investors instead focused on the rising oil prices and the sell-off in the tech sector. The market's wild week came to a close on a decidedly downbeat note, with the S&P 500 futures steady but the overall tone of the market decidedly negative.