US Stock Market Today | Friday, October 23, 2026 | Verified Afternoon Trading Update
The S&P 500 remained under pressure on Friday, October 23, 2026, as rising crude oil prices and losses in telecommunications and industrial stocks weighed on Wall Street. The Nasdaq Composite recovered from its negative opening and moved into positive territory, supported by a rebound in selected technology and semiconductor shares following Thursday’s sharp selloff.
The Dow Jones Industrial Average experienced a larger decline than the other major benchmarks. The mixed performance highlighted a divided US stock market, with gains in several influential technology companies offsetting some of the weakness across the broader market.
S&P 500, Nasdaq and Dow Jones: Verified Intraday Performance
Reuters reported the following market movements during Friday’s trading session.
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| US index | Reported change |
|---|---|
| S&P 500 | -0.11% |
| Nasdaq Composite | +0.32% |
| Dow Jones Industrial Average | -0.95% |
Reuters-reported intraday snapshot for October 23, 2026. These are not official closing changes.
The Nasdaq’s recovery contrasted with the Dow’s weakness, reflecting differences in performance across technology, telecommunications, financial and industrial stocks.
A separate Associated Press report recorded the S&P 500 down 0.3%, the Nasdaq up 0.1% and the Dow down approximately 1% at 12:33 p.m. Eastern Time. These readings represent different intraday snapshots rather than conflicting closing results.
Semiconductor Stocks Recover After Thursday’s Selloff
Technology shares stabilized following Thursday’s decline, when concerns about the financing requirements of artificial intelligence infrastructure triggered heavy selling.
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Friday’s recovery included gains in several major semiconductor and technology companies. Associated Press reported that Micron Technology rose 3.6%, Advanced Micro Devices gained 2.3% and Microsoft advanced 0.8% during its midday market snapshot.
The gains helped support the Nasdaq even as most S&P 500 constituents declined.
Investors continued evaluating whether substantial spending on artificial intelligence infrastructure would generate sufficient financial returns. The cost of financing data centers, computing equipment and other AI investments remained an important consideration.
Attention was also turning toward upcoming quarterly earnings announcements from Microsoft, Alphabet and Amazon, which are expected to provide further information about cloud computing, artificial intelligence spending and corporate profitability.
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Oil Prices Surge as Middle East Supply Risks Intensify
Crude oil prices climbed sharply on Friday amid renewed concerns about supply disruptions associated with the conflict involving Iran.
Brent crude rose 3.6% to $117.20 per barrel in an Associated Press market update, reaching its highest level since March. The benchmark had traded below $97 per barrel at the beginning of October, illustrating the substantial increase in energy prices during the month.
Higher crude prices weighed on broader market sentiment because of their potential impact on transportation, manufacturing and consumer expenses. However, the increase benefited selected energy companies. Chevron gained 2.9%, while ConocoPhillips advanced 4.6% in the reported midday snapshot.
The contrasting performance of energy producers and other industries illustrated how higher oil prices can affect different parts of the S&P 500.
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Telecommunications Stocks Decline on SpaceX Competition Concerns
Telecommunications companies faced selling pressure following reports that SpaceX was discussing a potential nationwide wireless carrier program with cellular infrastructure companies.
AT&T, Verizon and T-Mobile each declined more than 3% in premarket trading as investors considered the possibility of increased competition in wireless communications.
Cell tower operators experienced a different reaction. Crown Castle gained 8.5%, while American Tower advanced 5.6% in the same premarket report.
The contrasting movements reflected expectations that a potential new wireless service could increase demand for telecommunications infrastructure while introducing competitive pressure for established operators.
The reported discussions did not establish that SpaceX had launched a nationwide wireless service or that existing carriers had lost subscribers.
US Business Activity Expands, but Inflation Pressures Increase
Fresh economic data showed that US private-sector activity continued expanding in October, although growth moderated slightly.
S&P Global’s preliminary US Composite PMI Output Index declined to 57.6 from 58.4 in September. A reading above 50 indicates expansion, meaning the latest survey continued to signal growth across manufacturing and services.
The manufacturing PMI reached 56.0, while the services business activity index stood at 57.9.
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The survey also showed stronger demand and increasing price pressures. The composite output prices index rose to 59.8, its highest reading since August 2022, while the new orders index reached 58.2.
The figures suggested that US businesses entered the fourth quarter with continued demand growth, although higher costs and selling prices remained concerns for the inflation outlook.
Broader Market Weakness Persists Despite Nasdaq Recovery
Friday’s trading revealed a significant difference between the performance of major indexes and the number of individual stocks advancing.
Associated Press reported that approximately three-quarters of S&P 500 constituents were declining during its midday snapshot.
Industrial and financial companies contributed to the weakness. Caterpillar fell 2.2%, while American Express declined 3.6% despite reporting quarterly profits above analyst expectations. The company also announced significant workforce reductions.
The combination of widespread individual stock declines and gains in selected large technology companies explained why the Nasdaq could advance while the broader S&P 500 remained lower.
US Treasury yields also moved slightly higher, with the benchmark 10-year yield reaching approximately 4.99%, compared with 4.96% late Thursday.
S&P 500 Today: Afternoon Market Summary
Wall Street’s October 23 session reflected a divided market rather than a broad recovery from Thursday’s technology selloff.
The Reuters intraday snapshot showed the S&P 500 down 0.11%, the Nasdaq up 0.32% and the Dow Jones lower by 0.95%. Semiconductor stocks provided support to the technology-heavy Nasdaq, while telecommunications, industrial and financial shares faced selling pressure.
Elevated crude oil prices, stronger inflation signals from the latest business surveys and uncertainty about future AI investment returns remained important influences on market sentiment.
These figures represent independently reported intraday market conditions on Friday, October 23, 2026. They are not official closing prices, and subsequent market movements may differ from the readings presented here.
Disclaimer
This article is published by Onetrader for educational and informational purposes only. It does not constitute investment advice, financial recommendations, or an invitation to buy or sell securities. Stock market investments involve risks, and market prices, economic indicators and financial information may change after publication. Readers should independently evaluate financial information and consult qualified financial professionals where appropriate before making investment decisions.
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