Chartstopper: October 23, 2026

Oct 23, 2026 5:30PM EDT

Written by Michael Normyle

AI Summary

Summarize with Google AI

Summarize in ChatGPT

Explore with Perplexity

Analyze with Claude

Get Insights via Grok

Key Takeaways

• AI stocks sell off despite mega-cap earnings beats
• Nasdaq-100® on pace for 45% Q3 earnings growth
• AI spending fears outweigh revenue gains
• Oil hovers above $100 as Iran tensions continue
• Nasdaq-100® falls 1% as 10-year yields ease to 5.0%

This Week

It was a slow week for data (no offense, PMIs), so markets were once again focused on the artificial intelligence (AI) trade and developments in the Iran conflict.

• AI stocks sell off as mega-cap earnings beats aren’t enough to offset costs concerns. We got earnings beats from mega-caps SPCX, TSLA and META (after adjusting for META’s large legal settlement), putting the Nasdaq-100® on pace for 45% per annum earnings growth in the third quarter. But investors were focused on AI revenue and spending.
  • SPCX tripled its revenue quarter-on-quarter for its AI compute rental business, though capex nearly tripled year-on-year.
  • META upped the low end of its capex plans by $5 billion and saw expenses grow at more than twice the pace of revenues year-on-year. The next day, the day a filing showed META upped its lease and contract commitments by $125 billion to $825 billion, largely driven by its AI buildout.
• U.S. oil prices hover above $100 per barrel as Iran conflict continues.
  • The Houthis carried out more attacks on Saudi oil infrastructure.
  • There were reports that the U.S. and Israel are considering attacks on Iran after the midterm elections.
  • These reports led to threats Iran would retaliate by attacking civilian targets, including energy infrastructure.
  • But, Iran’s foreign minister did say that Iran is open to diplomacy if the U.S. ends its naval blockade.

So, for the week, the Nasdaq-100® is down 1%, while apparent safe-haven demand amid selling of AI names has 10-year Treasury yields down nearly 10 basis points to 5.0%.

Image

Next Week

Here are the top events I’m watching next week:

• Wednesday: Fed Rate Decision, GOOG and MSFT Earnings (Q3)

• Thursday: Real GDP Growth (Q3), PCE Inflation and Spending (September), Jobless Claims (week ending Oct. 24), AMZN Earnings (Q3)

• Friday: Employment Cost Index (Q3)

Tags

Economy Earnings Artificial Intelligence US Markets Oil