The US stock market weekly review for October 19-23, 2026 shows a split Wall Street: the S&P 500 and Nasdaq Composite ended lower, while the Dow Jones Industrial Average edged higher. Rising oil prices, worries about AI spending and a sharp Friday drop in telecom shares shaped the week.
US stock market weekly review: index performance
Closing levels on Friday, October 23, 2026, and the weekly change:
- S&P 500: 7,623.68, down 0.52% on Friday and about 0.5% lower for the week.
- Nasdaq Composite: 25,955.34, down 0.21% on Friday and about 0.7% lower for the week.
- Dow Jones Industrial Average: 52,215.16, down 1.23% on Friday but about 0.4% higher for the week, its third straight weekly gain.
The week started well. The S&P 500 rose on Monday, Tuesday and Wednesday, but the gains were erased on Thursday, October 22, when the S&P 500 fell 1.21% and the Nasdaq dropped 2.60%, its biggest one-day fall since June. Concerns about how AI infrastructure spending will be financed, and about the returns on it, led the selling. For daily detail, see our S&P 500 close report for October 23.
Sector moves: energy leads, telecom and staples fall
Energy was the standout. The S&P 500 energy sector gained about 2.5% on Friday and hit a record high as oil rose. Brent crude climbed to its highest level in months after Houthi attacks in Saudi Arabia revived supply worries. Technology shares steadied on Friday after Thursday’s selloff, with the sector slightly higher.
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Most other sectors fell. Consumer staples, consumer discretionary and financials each lost well over 1% on Friday. Market breadth was weak: on the NYSE, declining stocks outnumbered advancing ones by about 1.7 to 1, and the VIX volatility index closed at 19.45.
Stock movers of the week
- AT&T and T-Mobile: each fell nearly 8% on Friday after a report that SpaceX was seeking thousands of cell sites for a possible fourth wireless carrier. Verizon fell 1.2%.
- Crown Castle and American Tower: rose about 9% and 4% as cell tower owners gained on the same report.
- American Express: fell 3.7% and weighed on the Dow. The company raised its profit forecast but also said it plans to cut about 5% of its workforce.
- SLB: rose about 7% after third-quarter profit beat analyst estimates.
- Meta Platforms: pressured earlier in the week by investor questions over AI spending, as covered in our October 22 market report.
Data and earnings backdrop
University of Michigan consumer sentiment edged down to near a record low in October. The third estimate of second-quarter US GDP showed annualized growth of 2.2%. According to LSEG data, S&P 500 companies are on track for third-quarter earnings growth of more than 32%, which has helped keep the broader market supported despite the AI-related volatility.
What markets are watching next
The Federal Reserve is expected to keep interest rates unchanged when it issues its policy statement on Wednesday, October 28. Investors will look for clues on whether a rate increase is possible at the December meeting. More big technology earnings, oil prices and the Middle East situation will also stay in focus. Indian investors can compare this week with our Sensex Nifty weekly review.
This article is for education and information only and is not investment advice.
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