Tech shares slide and Treasury yields fall below 5%
The Nasdaq lost 2.6% as worries about AI spending returned, and investors moved into bonds, pushing the 10-year yield to 4.95%.
Source published · In the Daily Brief of 23 October 2026
Filed under Markets, AI industry
US technology stocks fell on Thursday after results from Meta and Tesla revived questions about the cost of the AI build-out. The Nasdaq Composite dropped 2.6% to 26,008.86 and the S&P 500 1.2% to 7,663.43, while the Dow Jones Industrial Average closed little changed at 52,867.98, according to Yahoo Finance. Meta fell nearly 7% after raising its 2026 capital spending range to $135bn–$145bn, and the cloud provider CoreWeave lost 10%.
Investors bought Treasuries. The 10-year yield fell about 19 basis points to 4.95%, below 5% for the first time since 23 September, even as oil reached a five-month high. Weekly jobless claims fell to 194,000, the fewest in three months.