The Dow fell 1.23% while the Nasdaq slipped only 0.21%, the reverse of the previous day. Thursday saw tech collapse and money hide in defensives; today, with oil jumping above $103 and the 10-year yield reaching 4.99%, defensives were unwound. Consumer staples were weakest at -1.92%, with P&G and Coca-Cola both down 2.76%, so defensives failed as a refuge against rising yields. Only energy rose, by 2.60%. Chips tried to rebound, as with Micron's 2.46% gain, but Nvidia and Broadcom stayed weak. Oil at $100 and yields at 5% seem to be acting as a ceiling on the market. Until next week's FOMC and big tech earnings, the better approach is to see whether these two levels are breached first and to cut directional bets, so we lean bearish.
📊 Top Movers
🧭 Sector Performance
🇰🇷 Korean Investor Perspective
For Korean investors, USD/KRW falling 1.93 won to 1,323.66 and Micron's 2.46% gain to $877.55 stand out first. Micron's strength is a favorable signal for memory names such as Samsung Electronics and SK Hynix, but Nvidia (-0.59%) and Broadcom (-0.48%) were weak. QQQ was nearly flat at -0.01%, SPY fell 0.52% and the 3x leveraged TQQQ 0.20%. With WTI surging to $103.44 and the 10-year yield rising to 4.99%, rate and oil pressure grew: favorable for holders of energy ETFs but a burden for growth-heavy portfolios. A stronger won slightly trims the KRW value of unhedged dollar assets.
📊 Market Overview
US stocks ended the week on Friday, October 23, in a split session: the Dow fell sharply while the Nasdaq slipped only slightly. The Dow Jones Industrial Average lost 652.82 points (-1.23%) to 52,215.16, the S&P 500 fell 39.75 points (-0.52%) to 7,623.68, and the Nasdaq Composite dropped 53.52 points (-0.21%) to 25,955.34. The Nasdaq held up relatively well after Thursday's tech rout, while money that had hidden in defensives the day before flowed out, deepening the Dow's decline.
Per press reports, the Dow still finished the week higher, but the S&P 500 and Nasdaq closed below the prior week. Of the 11 sectors, only energy (XLE) rose convincingly at +2.60%, with technology (XLK) at +0.49% and real estate at +0.12% barely positive. The other eight fell, with consumer staples (-1.92%), communication services (-1.78%), consumer discretionary (-1.66%) and financials (-1.32%) down the most. Rising oil and Treasury yields together weighed on risk assets broadly.
🔑 Key Issues
1. Oil surges and Treasury yields rise
WTI jumped 3.99% to $103.44, back above $100 a barrel. The 10-year Treasury yield rose 0.03 percentage points to 4.99% on Yahoo's data, and the dollar index (DXY) gained 0.14% to 101.75. Reports cited oil and yields as the main backdrop for the Dow's drop. Energy majors were strong, with ConocoPhillips +3.55%, Chevron +2.88% and ExxonMobil +2.79%. Gold fell 1.24% to $4,010.0, suggesting rate and dollar pressure outweighed safe-haven demand.
2. American Express (AXP) -3.68% widens the Dow's decline
AXP fell 3.68% to $313.22, the second-biggest drop among the stocks we track after AT&T. Per press reports, adjusted EPS of $4.68 beat the $4.48 forecast while revenue of about $20.1 billion missed consensus by 0.4%, and the company's plan to cut 5% of its workforce drew attention. Outlets put the decline anywhere from 3% to 3.8%. As a heavily weighted Dow component, it contributed significantly to the index's loss.
3. AT&T -7.96%, telecom slides
AT&T (T) fell 7.96% to $20.93, giving back Thursday's 3.79% rebound and more. Its third-quarter results (adjusted EPS $0.65 vs. $0.60 consensus) and raised 2026 EPS outlook (about $2.40) came out on October 21, when reports already cited concern over competition from SpaceX's Starlink Mobile, slower subscriber growth with higher churn, and a $2.6 billion non-cash impairment. We found no report explaining Friday's drop specifically, so we assign no cause. Verizon also fell 1.19%.
4. Staples reverse, P&G and Coca-Cola -2.76%
P&G (-2.76% to $161.02) and Coca-Cola (-2.76% to $92.71), which led Thursday's defensive rally, fell together, making consumer staples the weakest sector at -1.92%. Eli Lilly (-2.54%), Home Depot (-2.41%), Caterpillar (-2.42%) and GE (-2.69%) were also weak. It appears the money that fled to defensives the day before was reversed as yields rose, but we found no report that directly explains it.
5. Chips mixed, with a rebound attempt
Micron (MU) rose 2.46% to $877.55, with AMD +1.74%, Intel +1.72% and Qualcomm +1.78%. Nvidia, however, fell 0.59% and Broadcom 0.48%. Some dip-buying entered the chips that fell hard Thursday, but it did not spread to the large caps. Snowflake (SNOW) led our tracked stocks at +3.65%.
6. Economic data
The S&P Global US flash services PMI was scheduled for release, but we could not find the actual figure from a verifiable source, so this report does not state it.
📊 Sector Performance
| Sector | Change | Main driver |
|---|---|---|
| Energy | +2.60% | WTI +3.99%, ConocoPhillips +3.55%, Chevron +2.88% |
| Technology | +0.49% | Micron +2.46%, Snowflake +3.65%, Nvidia -0.59% |
| Real Estate | +0.12% | Roughly flat |
| Utilities | -0.72% | Rate pressure, Duke -0.33% |
| Materials | -0.74% | Stronger dollar |
| Health Care | -1.11% | Eli Lilly -2.54%, UnitedHealth -1.62% |
| Industrials | -1.27% | Caterpillar -2.42%, GE -2.69%, Honeywell +1.30% |
| Financials | -1.32% | American Express -3.68%, Morgan Stanley -2.44%, Goldman Sachs -1.75% |
| Consumer Discretionary | -1.66% | Home Depot -2.41%, McDonald's -1.65%, Amazon -0.95% |
| Communication Services | -1.78% | AT&T -7.96%, Alphabet -1.24%, Meta -0.96% |
| Consumer Staples | -1.92% | P&G -2.76%, Coca-Cola -2.76%, Walmart -1.02% |
🌍 Global Markets
- Europe STOXX 600: Fell 0.31% to 635.77.
- US Dollar Index (DXY): Rose 0.14% to 101.75.
- US 10-year Treasury yield: Rose 0.03 percentage points to 4.99% on Yahoo's data, approaching 5%.
- WTI crude: Surged 3.99% to $103.44.
- Gold: Fell 1.24% to $4,010.0.
🚀 SPCX (SpaceX) Update
SPCX rose 1.89% to $147.49, a modest bounce after Thursday's 9.14% plunge, ranking sixth among our tracked gainers. We found no separate news on SPCX for the day. However, reports on AT&T cite pressure from Starlink Mobile, so the dynamic of SpaceX's telecom expansion weighing on incumbent carriers is worth watching. With only part of Thursday's drop recovered, volatility remains high.
⚠️ Investor Cautions
With oil above $100 a barrel and the 10-year yield near 5%, both growth and financial stocks are prone to valuation pressure. Today showed that defensives are not safe when oil and yields rise together, as consumer staples dropped 1.92% in a day.
Single-stock risk is also high. AT&T swung sharply in the two days after earnings, and AXP fell despite beating on earnings. Interpretation of cost structure and competition, more than earnings surprises, is driving prices. With the FOMC and big tech earnings bunched into next week, weekend news could produce gaps.
👁 What to Watch Next
The next session is Monday, October 26. Picking up from the last day of the week, watch these:
- S&P 500 7,600: From the 7,623.68 close, 7,600 is only about 0.3% away. A break would prolong the retest of lows seen since mid-October. A rebound would first face the prior close of 7,663.43.
- Nasdaq 26,000: The 25,955.34 close fell below this line. Recovering it would shape short-term sentiment.
- Dow 52,000: The close was 52,215.16. Whether it holds this line, about 0.4% below, signals whether defensive weakness persists.
- WTI $100 and the 10-year at 5%: Oil staying above $100 and yields topping 5% would add pressure across risk assets.
- S&P Global services PMI: Confirm the actual flash reading released Friday and gauge the market reaction after Monday's open.
- Moderna trial data: Melanoma vaccine details are due Saturday (October 24) at ESMO, which could affect biotech on Monday.
💡 Upcoming Events
- 2026-10-24 (Sat): Moderna melanoma vaccine trial details (ESMO)
- 2026-10-28: FOMC rate decision
- 2026-10-29: ECB policy decision
- Around 2026-10-28: Big tech earnings from Microsoft, Alphabet and others (reported for midweek; exact schedule to be confirmed)
- 2026-11-03: US midterm elections
📚 Sources
- Stock Market Today (Oct. 23, 2026): Dow tumbles following tech sell-off — TheStreet
- Dow Tumbles Over 500 Points; American Express Shares Fall After Q3 Results — Benzinga
- Dow Drops 652 Points as Oil Prices Pop and Treasury Yields Rise: Stock Market Today — Kiplinger
- AT&T Stock Falls 5% After Raising Its EPS Outlook — TIKR