Tech sell-off and oil surge dominate October 23, 2026

1. US EQUITIES SLIDE AS AI SPENDING FEARS HIT CHIPS
The S&P 500 fell 1.21% to 7,663.43, its worst day since July, while the Nasdaq Composite lost 2.60% to 26,009 and the Philadelphia Semiconductor Index dropped 6.7%, its steepest decline since July. The Dow Jones added 0.02% to 52,867.98, showing the pressure was concentrated in technology and semiconductor shares.

2. META AND TESLA FALL DESPITE EARNINGS BEATS
Meta Platforms slid about 7% even after third-quarter results beat estimates, as it recorded negative free cash flow of $2.1 billion, its first since the 2012 IPO, and capital spending jumped 80% year-on-year; the company also announced a two-for-one split via non-voting shares to fund AI. Tesla reported adjusted EPS of $0.48, roughly 12% above estimates, on $28.05 billion in revenue, but shares fell after 2026 capex guidance was cut to $20 billion from more than $25 billion.

3. ASIAN MARKETS TRACK TECH ROUT
South Korea's Kospi fell more than 3%, Japan's Nikkei 225 dropped 2.65% and Hong Kong's Hang Seng lost 3.03%; the Hang Seng Tech Index sank 5%, its largest decline since April 2025. Chinese equities entered bear-market territory after a roughly $2.4 trillion slide from their May peak, highlighting regional spillover from Wall Street's technology sell-off.

4. VIETNAM BUCKED THE REGIONAL DOWNTURN
Vietnam's VN-Index rose 1.26% to 1,760.63 on 22 October, marking a third straight session of gains. Domestic flow absorbed global pressure, although it remains to be seen if the rise can hold as Asia reopened on 23 October.

5. TREASURY YIELDS FELL, BITCOIN DROPPED
The 10-year US Treasury yield fell 19.4 basis points to 4.9520%, its first close below 5% in a month; the 2-year yield fell 18.5 basis points to 4.6380% and the 30-year slipped 15 basis points to 5.2870%. Fed rate-hike odds for the next meeting dropped to 7.2%, while bitcoin fell about 4.3% to around $81,172, showing a shift away from risk assets.

6. OIL SURGED, PRECIOUS METALS EXTENDED LOSSES
Brent crude for December settled 4.00% higher at $113.17 a barrel, the highest since May, and WTI for December rose 2.39% to $99.47 on Middle East supply fears. Spot gold fell about 2.7% to $4,025–4,029 an ounce, a more than two-month low; silver dropped about 5.9% to $54.57 and COMEX copper lost about 2.7% to around $6.40 a pound. Higher oil may add inflation pressure, while metals faced selling pressure.

7. MIDDLE EAST TENSIONS: SAUDI INTERCEPTS UAV, IRGC REPORTS VESSEL DAMAGE
Saudi air defenses intercepted a drone targeting Saudi Aramco's Shaybah oil field, killing two people and injuring two others, according to QNA/AP; Houthi rebels also claimed strikes on the Saudi port of Yanbu. Iran's IRGC said four vessels were struck while transferring oil cargoes and three others hit naval mines in or near the Strait of Hormuz, potentially the most vessels damaged in one day since the war began; the IRGC navy threatened to hit US military bases if Washington keeps guiding commercial ships through Hormuz. US President Donald Trump alleged on Truth Social that Iran fabricated the tanker hits and mines to push oil prices higher before the 3 November midterm elections; the allegation has not been independently verified.

8. US JOBLESS CLAIMS IMPROVED, POLICY MOVES ACROSS ECONOMIES
Initial jobless claims in the US fell 6,000 to 194,000 in the week ended 17 October, a three-month low below the 200,000 forecast, signalling a still-tight labor market. Turkey's central bank cut its one-week repo rate by 100 basis points to 36%; South Africa lowered its 2026 growth forecast to 1.2% and announced a temporary fuel-levy reduction; Eurozone government debt rose to 88.8% of GDP in Q2 2026 and the fiscal deficit widened to 3.3%. Canada announced a C$8.7 billion support package for Ontario steel, autos and critical minerals hit by US tariffs, and Japan will invest $21 billion in two GlobalFoundries chip plants in New York state.

What to watch today: Asian market reaction to the US tech sell-off and developments in the Strait of Hormuz, which could continue to drive oil prices.
*Information compiled for reference, reflecting multiple sources at the time of publication.*