US tech stocks fall sharply on AI spending concerns and rising oil prices

Briefing by News4U · First published 2026-10-23 02:20:48 UTC

Nasdaq 100 drops 3% and S&P 500 falls 1.4% as investors question AI investment returns and oil prices rise amid Mideast tensions.

US stocks fell Thursday as concerns over massive AI spending and rising oil prices weighed on sentiment ahead of the midterms. The Nasdaq 100 dropped 3%, the Nasdaq Composite fell 1.3% and the S&P 500 declined over 1.4%, its steepest drop since July. [1] [2] [3] [4] [5] [6]

Meta shares tumbled 6.7% after the company raised its AI spending forecast, while Tesla fell 1.3% on lower profits and a reduced capital-spending outlook. Microsoft, Amazon and Alphabet are due to report next week. [1] [2]

Sources

1. Nasdaq 100 Drops 3% as Risk-Off Dominates With Oil Prices Rising

   Bloomberg · 2026-10-22 11:29:09 UTC · Summary only

2. Stocks retreat as tech mood sours, oil prices jump

   RTHK Finance · 2026-10-22 14:40:03 UTC · Excerpt

3. Meta’s Hunt for AI Capital Strikes a Raw Nerve on Wall Street

   WSJ Markets · 2026-10-22 20:04:00 UTC · Summary only

4. Stocks See Steepest Decline in Months Amid A.I. Worries

   NY Times · 2026-10-22 20:11:05 UTC · Summary only

5. U.S. Tech Stocks Drop on AI Spending Concerns

   WSJ Markets · 2026-10-22 20:20:00 UTC · Summary only

6. Nasdaq Drops as Doubts Grow Over AI Spending

   Bloomberg · 2026-10-23 00:17:42 UTC · Summary only

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