Nasdaq slides about 2% as AI selling and higher oil hit stocks
The Nasdaq is on pace for a weekly loss of more than 4%.
Markets · Friday, October 16, 2026 · 3:45 PM ET
Wall Street slid through the afternoon on Friday as another leg down in AI-linked technology stocks and a jump in oil prices pushed the Nasdaq toward a steep weekly loss (Reuters, AP, WSJ, CNBC).
The indexes
AP said the S&P 500 was down 1.2% as of 3:14 p.m. ET, the Dow down 240 points, or 0.5%, and the Nasdaq down 2.2%. In a Reuters afternoon update the S&P 500 was down 1.22% at 7,649.71, the Nasdaq down 2.19% at 26,128.13 and the Dow down 0.55% at 51,891.77. WSJ said the Nasdaq was down 2.4%, which would leave it down 4.7% for the week, and CNBC said the S&P 500 traded down 1.3% and the Nasdaq 2.4%.
Reuters said the S&P 500 was set for its steepest weekly loss since January and the Nasdaq its sharpest weekly fall since June. WSJ and CNBC described the Nasdaq's week as its worst since April 2025. The Dow was set to finish the week higher (WSJ).
What weighed
Reuters said CoreWeave slumped 12%, bringing its loss over five sessions to about 25%, Broadcom fell 3.6% and the PHLX chip index sank 2.5%, on track for an eighth straight daily decline. Communication services fell 2.52% and information technology 2.38%, Reuters said. 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. Reuters also reported that some Anthropic investors are weighing a lower valuation in the company's upcoming IPO, citing people familiar with the matter.
Earnings season picks up next week with reports from Tesla, Meta Platforms and Procter & Gamble, Reuters said. Related stories: this morning, CoreWeave and the chip slide. Figures are afternoon readings and will change by the close.