Wall Street Ends Lower as Dow Drops 653 Points on AI Financing Fears
Updated
Updated · Reuters · Oct 23
Wall Street Ends Lower as Dow Drops 653 Points on AI Financing Fears
3 articles · Updated · Reuters · Oct 23
Summary
652.82 points wiped off the Dow on Friday, while the S&P 500 fell 0.52% and the Nasdaq slipped 0.21%, capping a turbulent week for US stocks.
AI financing worries drove the mood after Thursday's sharp tech selloff, with investors questioning whether hyperscalers can sustain projected data-center spending as Alphabet, Microsoft and Amazon report next week.
SpaceX's reported push for thousands of cell sites hit telecom shares—AT&T and T-Mobile each fell nearly 8%—while tower operators jumped and the broader communication services sector weakened.
Energy stocks rose 2.5% to a record high as Brent crude reached its highest since late April after Houthi attacks in Saudi Arabia raised fresh supply concerns.
The pullback came as consumer sentiment stayed near record lows and markets turned to Wednesday's Fed decision, where rates are expected to hold steady but December hike signals will be closely watched.