Nasdaq Falls as AI Spending Fears Hit Stocks, Oct 23

The Nasdaq posted its worst day since June as AI spending fears hit stocks. As flagged in Thursday's evening review, the Nasdaq Composite closed 26,008.86, down 2.60 percent, after Meta reversed an after-hours bounce. Overnight Nasdaq-100 futures last printed about 29,129, labeled overnight futures. US cash opens at 16:30 Cyprus (13:30 UTC).

The Setup: Nasdaq Slide Follows Through in Asia

The S&P 500 closed 7,663.43, down 1.21 percent (CNBC, Morningstar, Bloomberg). Range 7,637.36 to 7,702.94. October 6's 7,818.93 record close remains unrepaired. The Nasdaq Composite closed 26,008.86. The Dow closed 52,867.98, up 0.02 percent. The Russell 2000 closed 2,784.03, up 0.11 percent. Overnight S&P 500 futures last printed about 7,693, labeled overnight futures. South Korea's Kospi last printed 5,398.48, down 2.44 percent, labeled intraday (Yonhap), with Samsung Electronics 3.03 percent lower. Japan's Nikkei 225 last printed about 1.3 percent lower versus Thursday's 62,907.84 close, labeled intraday (Reuters). Hong Kong's Hang Seng last printed about 0.4 percent higher after Thursday's 3 percent drop, labeled intraday. Chinese stocks extended a bear-market slide, labeled intraday. The 10-year yield last sat about 4.96 percent, down about 19 basis points on Thursday, Treasuries' best day in about three years (Reuters). Japan core CPI printed 2.1 percent overnight, the first 2-handle in nine months (Xinhua, CNBC). S&P bullish trigger: a reclaim of 7,712.57, then Wednesday's 7,757.17. Bearish trigger: a fade through Thursday's 7,637.36 low.

Story of the Day: Nasdaq Has Its Worst Day Since June

Meta printed third-quarter revenue of 64.6 billion dollars, up 26 percent, against about 63.4 billion seen, and earnings of 3.83 dollars a share (CNBC). Free cash flow printed negative 2.12 billion, the first negative quarter since the 2012 listing, as capital spending of 34.9 billion outran operating cash flow. Full-year capital spending is now seen at 135 to 145 billion, with the floor raised from 130 billion. Shares fell about 7 percent in cash. Tesla reported revenue of 28.05 billion, in line, and non-GAAP earnings of 0.48 dollars a share against about 0.45 seen. GAAP net income was 787 million, down 43 percent. Shares fell about 3 percent. Nvidia fell about 4 percent, Intel about 8 percent, and Micron about 6 percent (Yonhap). Weekly jobless claims printed 194,000 against 200,000 seen. Chip bullish trigger: a reclaim of Kospi 5,493.24 through Thursday's 5,533.77 close. Bearish trigger: a fade through Friday's 5,398.48 print.

Gold Tests Four Thousand as Oil Holds Near $100

West Texas Intermediate last printed about 100.40 dollars (goldoilprice, Markets Insider), against Thursday's settle of 99.47. Session range 98.84 to 100.97. Brent last printed about 114 dollars, after Thursday's 113.17 settle, a five-month high. Spot gold last printed about 4,009 dollars (TradingView 4,010.00, Kitco 4,008.70), after a Thursday fade of about 2.7 percent to a two-month low that tested 4,000. Kitco's session range is 3,986.10 to 4,040.20. The 4,100 zone from this week's notes is overhead. Oil bullish trigger: a hold of about 100.40 through the session high at 100.97. Bearish trigger: a slip through 99.47, then 97.15. Gold bullish trigger: a reclaim of 4,100. Bearish trigger: a slip through the session low near 3,986.

Bitcoin Last Printed $81,480 Under the 21 EMA

Bitcoin last printed about 81,480 dollars (TradingView). CoinMarketCap sat at 81,659, under 1 percent apart. Thursday evening last printed about 81,100. The 21 EMA near 82,700 remains lost. Range low 80,400 is next. The about 79,800 floor remains. Ether last printed about 2,401 dollars, versus Thursday evening's about 2,379. GRAM, about 49 million dollars, and Humanity, about 17 million, unlock at 08:48 Cyprus (05:48 UTC). BTC bullish trigger: a reclaim of 82,700 through 84,400. Bearish trigger: a slip through 80,400, then 79,800.

What's Next: UK Retail, Flash PMIs, Then Michigan

UK retail sales print at 09:00 Cyprus (06:00 UTC), seen 0.1 percent on the month and 2.0 percent on the year against August's 0.5 and 2.4. Germany flash PMI prints at 10:30 Cyprus (07:30 UTC), eurozone at 11:00 Cyprus (08:00 UTC), and UK at 11:30 Cyprus (08:30 UTC). Canada retail prints at 15:30 Cyprus (12:30 UTC). US cash opens at 16:30 Cyprus (13:30 UTC). US S&P Global flash PMI prints at 16:45 Cyprus (13:45 UTC), with manufacturing seen 55.6, services 57.9, and composite about 57.6 against September's 55.9 / 58.8 / 58.4. Michigan final October sentiment prints at 17:00 Cyprus (14:00 UTC), seen 46.3, with 1-year inflation 4.7 percent and 5-year 3.5 percent. The Fed remains in blackout through October 29 ahead of the October 27-28 FOMC. Docket: the calendar and the week ahead. Scenarios to watch, not a recommendation.

For live prices see the ThriveInMarkets homepage. None of the above is a recommendation to buy or sell any asset. US cash closes are Thursday, October 22, 2026. Overnight futures, gold, oil, Bitcoin, Ether, Kospi and Nikkei are Friday, October 23, 2026.