US technology stocks had a rough session on Thursday, October 22, as renewed doubts about the payoff from heavy artificial intelligence spending pulled chipmakers and Meta lower. The Nasdaq Composite fell roughly 2.6% to 2.9%, depending on the source, while the Dow Jones Industrial Average ended close to unchanged.
What happened on the indexes
Yahoo Finance reported that the Nasdaq tumbled 2.6% and the S&P 500 lost 1.2%, while the Dow finished up 0.02% at 52,867.98. ABC News Australia put the Nasdaq’s drop at about 2.9% and described it as the index’s worst day since June. The two outlets differ slightly because of when each captured the late-session moves.
Chipmakers and Meta lead the decline
- Meta shares fell almost 7% after quarterly results, even though earnings beat expectations. ABC noted the company raised its full-year capital spending range to $135 billion to $145 billion.
- Yahoo Finance said Lam Research dropped about 9% after its results, while Applied Materials and KLA each lost roughly 6% in early trading.
- CoreWeave fell about 10% on concerns over its debt-heavy balance sheet, according to both outlets.
- Tesla closed down about 3% after its third-quarter report, which beat on adjusted earnings but narrowly missed on revenue, Yahoo Finance said.
Yahoo Finance also quoted IBM chief executive Arvind Krishna saying larger enterprises are scrutinizing the return on their AI investments, a theme that weighed on sentiment across the sector.
Why it matters beyond Wall Street
Swings in US technology shares often ripple through global markets, currencies and investor appetite for emerging economies. Investors are now watching earnings from Alphabet, Microsoft and Amazon next week for further clues on AI demand. For Morocco, global market moves can feed into exchange rates and capital flows; our earlier report on the dirham’s move against the euro shows how closely these are followed.
Market moves of this kind can reverse quickly, and the figures above reflect reports published on October 22 and 23.
Sources: Yahoo Finance, market close October 22; Yahoo Finance, midday report; ABC News Australia, markets live blog
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