Daily Bulletin · Friday, October 23, 2026 · pre-market

AI spending worries hit the Nasdaq as oil climbs on Gulf tensions

S&P 5007,663.45−1.21%Nasdaq26,017.75−2.56%10Y4.95%−0.19WTI$100.00+0.91%Gold$4,023.39−0.01%VIX19.33+15.89%

In brief

AI worries return: The Nasdaq Composite fell -2.56% as Meta's AI funding comments revived concerns about tech spending.¹
Oil jumps: WTI crude rose +0.91% after drone strikes on Saudi oil sites, renewing fears of higher inflation.²^,3
Staples lead: Consumer Staples led over one month at +0.8 pts versus the S&P 500, while Technology lagged.

What it means

The session showed how sensitive markets are to the cost of the AI build-out. Meta beat revenue expectations, yet its comments on AI funding pulled the shares and the market lower.¹ Power and energy names tied to data centers also fell, led by GE Vernova and Bloom Energy, on concerns about the rising cost of expansion. Not all company news was negative: Honeywell raised its 2026 guidance for organic revenue, adjusted EPS and free cash flow.⁴

The day in review and where money is flowing

Over five sessions the Nasdaq 100 changed -3.23%, while the Metravise Portfolio moved -6.95% in the last session alone. Inside leading Consumer Staples, Discount Stores beat the S&P 500 by +10.3 pts over one month, with Brewers at +7.1 pts and Household & Personal Products at +4.8 pts. The 10-year yield fell -0.19 pts, a sign that some money moved toward bonds as stocks declined.

Oil: Gulf tensions return

Iran-backed Houthis carried out more drone strikes on Saudi airports and the Shaybah oil field. The US ordered staff to leave its embassy in Riyadh.² Higher crude has pressured stocks all year, as traders fear energy costs could lift inflation and push the Fed toward rate hikes.³ WTI ended the last session at $100.00.

Market mood

The VIX rose +15.89% to 19.33, a jump that still leaves it in the normal zone. The equity put/call ratio came in at 0.69, above its 5-day average of 0.59. Demand for downside protection picked up, though the weekly reading remains average.

What to watch today

Times are US Eastern (ET).

Reported last night

BEBloom Energy CorporationEPS above the estimate (+39.8%)
RNGRINGCENTRAL, INC.EPS above the estimate (+4.3%)
EBCEastern Bankshares, Inc.EPS above the estimate (+3.8%)
SLMSLM CorporationEPS below the estimate (-196.2%)

00:15
US index futures (futures, not the session)Versus the prior close, S&P 500 futures are -0.07% and Nasdaq 100 futures +0.23%; these are futures prices, not the session. The US session opens at 9:30 ET.
Fri
American Express Company (AXP) earnings · today before the openAmerican Express reports before the open, following a Fed enforcement action on Oct. 8 over weak detection of suspicious money-laundering activity.⁵
Fri
Exxon Mobil Corporation (XOM) earningsWith oil prices up, an above-consensus Exxon Mobil result is generally read as a sign that crude strength is reaching energy profits.¹
Fri
SLB Limited (SLB) earnings · today before the openOilfield services results such as SLB's are generally read as a signal of how much producers plan to spend.
Fri
ENI S.p.A. (E) earnings · today before the openENI's results offer a European view of energy profits; upbeat guidance is generally read as confidence in the oil price backdrop.

Metravise Portfolio

PortfolioThursday change−6.95%
—No entries or exits in the last session.

Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.

Sources

Stock market news for Oct. 22, 2026 — CNBC · Oct 23
Markets sell off worldwide as further conflict looms in the Middle East and Elon Musk cuts capex guidance — Fortune · Oct 23
CNBC Daily Open: AI spending fears haunt markets before Halloween — CNBC · Oct 23
Honeywell Technologies Reports Third Quarter Results, Raises Full-Year 2026 Outlook — Business Wire · Oct 23
Federal Reserve Board - Recent Postings — Federal Reserve · Oct 16