Nasdaq has its worst day since June as AI-spending worries return; AI power stocks drop 10% or more
Two live market blogs capture the day move by move: chips, power stocks, neoclouds, bonds and oil.
The Nasdaq Composite fell 2.6% to 26,008.86 on October 22, its worst session since June, and the S&P 500 lost 1.21%, its worst since July. The Dow ended slightly higher. CNBC and Yahoo Finance tie the drop to renewed worries about AI spending after Meta's results, and to oil.
AMD fell more than 8%, Micron 6% and Nvidia about 4%. Neocloud CoreWeave dropped 10%. Power and equipment names linked to data centers fell hard: GE Vernova and Bloom Energy each lost more than 11% and Vistra more than 10%, CNBC reports.
Investors moved into bonds: the 10-year Treasury yield fell more than 17 basis points to about 4.97%, CNBC reports; Yahoo Finance said it was on track for the biggest one-day drop in more than two years.
-
Nasdaq Composite
After exploring Nasdaq falls more than 2% for worst day since June as AI spending woes, oil prices spark sell-off: Live updates, to see why tech moves this index so much, read Nasdaq Composite.
Wikipedia describes the index as covering almost all Nasdaq-listed stocks, heavily weighted toward information technology, with the Nasdaq-100 making up about 80% of its weight.
Wikipedia · Wade · 5 min
0