U.S. stocks sold off sharply on Thursday, October 22, as technology shares tumbled and oil climbed to its highest in five months. The Nasdaq Composite fell 2.6% to 26,008.86, its steepest one-day drop since June, Reuters reported, while the S&P 500 fell 1.2% to 7,663.43, down 93.74 points — its worst day since July, according to MarketWatch figures reported by The Brief. The Dow Jones Industrial Average edged up 11 points, less than 0.1%, as most individual stocks still rose and investors rotated into defensive shares.
Source: Reuters via Marthio
Semiconductor shares took the heaviest damage: the Philadelphia Semiconductor Index fell 6.72%, with Lam Research down 11.8%, CoreWeave down 10.1% and Nvidia down 4.4%, The Brief reported, citing The Guardian and MarketWatch. Meta Platforms fell about 7% after quarterly revenue beat forecasts but profit fell short, and the company said it was creating a new class of stock to raise money for AI investments. Tesla slid 3.1% after stronger-than-expected profit but weaker-than-forecast revenue.
Nasdaq Composite −2.6% to 26,008.86 · S&P 500 −1.2% to 7,663.43 (worst day since July) · Dow Jones essentially flat, +11 points · Semiconductor index −6.72% · Brent crude +4% to $113.17 a barrel, highest settlement since May 4
Oil moved the other way. Brent crude rose 4% to settle at $113.17 a barrel, its highest settlement since May 4, MarketWatch reported — yaani roughly $16 a barrel above where prices stood at the start of October, when Brent was below $97. Traders weighed uncertainty over the war with Iran: Reuters reported that Houthi attacks in Saudi Arabia raised fears of further supply disruption, and NBC News reported that Israel and the United States were preparing for a possible military operation in Iran after the November 3 midterm elections, citing New York Times reporting. Those reports are preparations as described by the outlets, not an announced operation.
The selloff was global. South Korea's Kospi fell 3.5%, Hong Kong's Hang Seng dropped 3% and Japan's Nikkei 225 sank 2.7%, while Paris's CAC 40 fell 1.4%, The Brief reported. Demand for U.S. Treasury bonds rose as investors sought safety, pulling the 10-year yield back below 5% for the first time since late September, NBC News reported.
For Punjabi truckers and small carriers in the United States, the oil leg of Thursday's move matters most directly: crude at a five-month high keeps upward pressure on diesel, which has already been running above $6 a gallon nationally. Higher crude does not set tomorrow's pump price by itself, but sustained oil strength is the backdrop fleets watch when fuel surcharges and rates are negotiated.
What is solid
- The Nasdaq Composite fell 2.6% and the S&P 500 fell 1.2% on Thursday, October 22, per Reuters and MarketWatch figures.
- Brent crude settled up 4% at $113.17 a barrel, its highest settlement since May 4, per MarketWatch.
- Meta fell about 7% and Tesla about 3.1% after their quarterly reports, per The Brief's market coverage.
What is only claimed
- Reports that the U.S. and Israel are preparing possible strikes on Iran after the midterms come from NBC News and New York Times reporting cited by other outlets; no operation has been announced, and officials have not confirmed a decision.