Dow slips, Nasdaq sinks 2.1% as AI stocks fall and oil tops $100; S&P 500 posts its worst week since June
After the close, Friday October 16: what moved, why, and what to watch next.
Dusk Ledger · Friday, October 16, 2026 · 5:00 PM ET
Dusk Ledger · Friday, October 16, 2026 · 5:00 PM ET
The close
| Index | Close | Day | Week |
|---|---|---|---|
| S&P 500 | 7,659.44 | -1.09% | -1.95% |
| Dow Jones Industrial Average | 52,002.41 | -0.34% | +0.67% |
| Nasdaq Composite | 26,140.03 | -2.15% | -4.48% |
Figures are Reuters' preliminary closing numbers. AP rounded the day's moves to -1.1% for the S&P 500, -0.3% for the Dow and -2.1% for the Nasdaq. AP said the S&P 500's roughly 2% weekly drop wiped out last week's gains, when it set an all-time high, and that the Nasdaq posted its first weekly loss in five weeks. Reuters called the S&P 500's and Nasdaq's weekly declines their deepest since June.
What moved, and why
AI and chip stocks fell again. Reuters said CoreWeave slumped 12%, bringing its loss over five sessions to about 25%, Broadcom fell 4.5%, and the PHLX chip index sank 3.8% in its eighth straight daily decline, its longest losing streak since 2008. Tesla fell 3.1% after unveiling a redesigned Roadster (Reuters). Reuters also reported that some current and prospective Anthropic investors are weighing a lower valuation in its upcoming IPO, citing people familiar with the matter. See our CoreWeave story and our afternoon market story.
Oil jumped. WTI settled at $101.41 a barrel, up $3.44, and Brent at $109.86, up $3.94 (Newsquawk). CNBC also put WTI at $101.41. Reuters said investors worried about Middle East supply. Reuters quoted Rob Haworth of U.S. Bank Wealth Management saying high oil prices tend to weigh on stock valuations and that investors looked cautious heading into the weekend. Energy was the best S&P 500 sector, up 2.47%, followed by utilities, up 1.4%, and six of the 11 sectors rose (Reuters). See our oil story.
Yields and the Fed. The 10-year Treasury yield slipped to 5.09% from 5.10% late Thursday, AP said, after topping 5.30% earlier this month and touching its highest level since 2002. AP said Fed Chair Kevin Warsh said he will not prejudge what the central bank does at its October and December meetings, and Reuters said markets increasingly expect the Fed to hold rates this month, while Barclays expects 25-basis-point hikes in December and January. See First Light.
Earlier today. Reports on import prices and industrial production, Alcoa and Travelers, Proofpoint buying Varonis, banks lifting the Dow and Toast & Tickers.
What to watch next
Reuters said third-quarter earnings season picks up next week with reports from Tesla, Meta Platforms and Procter & Gamble, with analysts on average expecting quarterly earnings to surge more than 30%, driven by AI-related megacaps (LSEG data). The Fed meets October 27-28 (CNBC). Ticker Den's next edition is Monday.