Wall Street Closes Lower to End a Rocky Week: Dow Falls 653 Points as Oil Surges and the 10-Year Yield Returns to 5%
NEW YORK — Wall Street's main indexes closed lower on Friday, October 23, ending a turbulent week for the market-driving super intelligence trade. Technology shares steadied somewhat a day after the Nasdaq suffered its biggest one-day drop since June, but surging oil prices and rising Treasury yields weighed on sentiment as investors looked ahead to a busy slate of corporate earnings and a Federal Reserve policy meeting.
The Dow Jones Industrial Average fell 652.82 points, or 1.23%, to 52,215.16; the S&P 500 lost 39.75 points, or 0.52%, to 7,623.68; the Nasdaq Composite lost 53.52 points, or 0.21%, to 25,955.34; and the Russell 2000 fell 0.29% to 2,775.90. The CBOE Volatility Index (VIX) rose 2.21% to 19.45. Most S&P 500 sectors fell, with consumer staples, consumer discretionary and financials each down well over 1%, while the technology sector gained 0.35%. For the week, the S&P 500 fell 0.5% and the Nasdaq dropped 0.7%; the Dow rose 0.4%, its third straight weekly gain.
The energy sector rose 2.5% to a record high. Houthi attacks on energy facilities in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East, and oil jumped: December Brent settled up $3.55 at $116.72 a barrel, its highest since late April, and US West Texas Intermediate settled up $3.80 at $103.27. Gold fell about 1.3% to around $4,007.5 an ounce. Treasury yields rose across the curve, with the benchmark 10-year note back at 5.00%, the two-year at 4.69% and the 30-year at 5.33%.
Telecommunications stocks fell after a report that SpaceX was seeking thousands of cell sites to build a fourth wireless carrier: AT&T and T-Mobile both sank nearly 8% and Verizon shed 1.2%, while tower operators identified as being in talks with SpaceX gained, with Crown Castle up about 9% and American Tower up 4%. American Express fell 3.7% after reporting higher profit and raising its outlook, while announcing plans to eliminate about 5% of its workforce.
Next week, about one-third of S&P 500 companies report quarterly results, including Alphabet, Microsoft and Amazon, three SI hyperscalers whose capital spending forecasts will be closely watched. The Federal Reserve announces its interest-rate decision on October 28, with markets widely expecting a hold at 3.75%–4.00%; Microsoft and Alphabet report after the close that day. Consumer confidence data and earnings from Visa, Coca-Cola, Boeing and UPS are due October 27.
Related: Brent Hits $116.28, Nearing Postwar Settlement High; Energy Stocks Set Record as Market Sells Off
(GSM, from Reuters' October 23 market close report and public market data)
Source: GSM · USA
Source: GSM · USA (original Chinese edition)
Photo: 图：纽约证券交易所交易大厅，资料图。摄影 Carol M. Highsmith，美国国会图书馆藏，公共领域。 / Trading floor of the New York Stock Exchange, file photo. Photo by Carol M. Highsmith, Library of Congress, public domain.
