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Dow Today (Oct 23): Falls 1.23% as Brent Oil Hits $116.72

Selling spread beyond tech on Friday as crude climbed to a six-month high and American Express announced roughly 3,500 job cuts. The 10-year Treasury par yield returned to 5.000% ahead of next week's Fed meeting.

By Rowan Ashby Published 23.10.26 21:35 UTC 6 min read

Dow Jones Industrial Average price chart over the past 5 days, +0.53% — Illustration: Bullquill chart, data: Yahoo Finance (original)

The Dow Jones Industrial Average fell 1.23% to 52,215.16 on Friday, October 23, 2026, as Brent crude settled at $116.72 a barrel and American Express slid after announcing job cuts. The S&P 500 lost 0.52% and the Nasdaq Composite 0.21%.

Data as of the US close, 20:00 UTC, October 23, 2026 (VIX 20:15 UTC; Treasury par yields 19:30 UTC).

Key takeaways

The Dow fell 652.82 points (−1.23%) to 52,215.16. It was the steepest drop among the major indexes, led by American Express and consumer staples, according to Yahoo Finance and Newsquawk.
The S&P 500 fell 39.75 points (−0.52%) to 7,623.68. The Nasdaq Composite slipped 53.52 points (−0.21%) to 25,955.34 after Thursday's 2.60% slide.
Brent crude settled $3.55 higher at $116.72 a barrel, its highest settlement in six months, and WTI rose $3.80 to $103.27, per Newsquawk. Energy was the best S&P 500 sector, up 2.51%.
The 10-year Treasury par yield rose 4 basis points to 5.000% and the 2-year to 4.690%, according to the US Treasury. The VIX rose 2.21% to 19.45.
S&P Global's flash US composite PMI eased to 57.6 from 58.4, but output prices rose at the fastest pace since August 2022. The University of Michigan's final October sentiment index was 48.0.

Session recap

Thursday's AI-led sell-off widened into a broader retreat on Friday. Selling spread from AI-linked tech to financials, consumer companies and airlines, while energy and cybersecurity shares rose. For the global picture, see Asian and global markets today. Our October 22 US stocks brief covers the Meta and Lam Research slide that set up the session. According to Yahoo Finance, the S&P 500 and Nasdaq posted a second straight weekly loss, while the Dow finished the week higher.

US benchmarks and Treasury yields, October 23, 2026
Instrument	Close/Level	Change	% change	As of (UTC)	Source
S&P 500	7,623.68	−39.75	−0.52%	2026-10-23 20:00	Yahoo Finance
Nasdaq Composite	25,955.34	−53.52	−0.21%	2026-10-23 20:00	Yahoo Finance
Dow Jones Industrial Average	52,215.16	−652.82	−1.23%	2026-10-23 20:00	Yahoo Finance
Russell 2000	2,775.90	−8.13	−0.29%	2026-10-23 20:00	Yahoo Finance
Cboe Volatility Index (VIX)	19.45	+0.42	+2.21%	2026-10-23 20:15	Yahoo Finance
2-year Treasury par yield	4.690%	+0.040 pt	+0.86%	2026-10-23 19:30	US Treasury
10-year Treasury par yield	5.000%	+0.040 pt	+0.81%	2026-10-23 19:30	US Treasury

Changes are calculated from October 22 closes (S&P 500 7,663.43; Nasdaq 26,008.86; Dow 52,867.98; Russell 2000 2,784.03; VIX 19.03; par yields 4.65% and 4.96%). Treasury publishes par yields to two decimals; Newsquawk's settlement quotes put the 10-year at 4.990%.

Sector performance was lopsided. Energy was the only S&P 500 sector to gain more than 1%. Technology rose slightly as some chip stocks steadied after Thursday's rout, while consumer staples, which had led Thursday's rotation, gave back the most.

S&P 500 sector performance, October 23, 2026 (close, 2026-10-23 20:00 UTC; source: Newsquawk)
Sector	% change
Energy	+2.51%
Technology	+0.35%
Real estate	+0.23%
Utilities	−0.66%
Materials	−0.99%
Health care	−1.12%
Industrials	−1.29%
Financials	−1.33%
Communication services	−1.39%
Consumer discretionary	−1.39%
Consumer staples	−1.83%

What drove it

Oil and inflation worries

Brent briefly traded above $117, about $2 below the post-Iran-war high reached in March, Newsquawk reported. Yahoo Finance said crude rose on fears of wider Middle East fighting, including attacks near the Red Sea, and that airlines including United, Delta and American fell on higher fuel costs. Newsquawk said the oil rally stoked inflation concerns, which also helps explain why Treasury yields rose.

Economic data: strong growth, hotter prices

S&P Global's flash composite PMI fell to 57.6 from 58.4, in line with consensus, TheStreet reported. Services eased to 57.9 and manufacturing edged up to 56.0. A reading above 50 signals expansion. Chris Williamson of S&P Global Market Intelligence said the US economy "continues to boom at the start of the fourth quarter". He added that the survey points to the "sharpest increase in selling prices for over four years". The University of Michigan's final October sentiment index was 48.0, against 48.1 in September. Year-ahead inflation expectations rose to 4.7% and long-run expectations to 3.5%, both up 0.1 point, according to the university's Surveys of Consumers.

Earnings and company news

American Express reported adjusted earnings of $4.68 a share, above estimates near $4.50. Revenue of $20.06 billion fell short of the $20.12 billion consensus, according to Investing.com. The company raised its full-year earnings guidance and said it would cut about 5% of its workforce, roughly 3,500 roles. Its shares fell 3%, per Yahoo Finance. More detail is in our American Express Q3 2026 results report. Bloom Energy (−11.3%) and Comfort Systems (−9.3%) fell despite beating forecasts, on margin concerns, Newsquawk reported.

Telecom carriers fell after reports that SpaceX is in talks for access to 80,000 cell sites. Yahoo Finance's post-close quotes showed AT&T down 7.96% and Crown Castle up 9.06%. Bernstein analyst Laurent Yoon said "committing to 80K macro sites could be a point of no return," Yahoo Finance reported. Background: SpaceX's 80,000 cell-site plan.

Tech, cybersecurity and sentiment

Yahoo Finance reported that SailPoint, Cloudflare and Palo Alto Networks each rose more than 7% after an Evercore ISI survey showed a stronger outlook for security budgets. AI infrastructure names such as CoreWeave fell on worries about financing costs, while Nvidia and AMD closed mixed. Kyle Rodda of Capital.com told Yahoo Finance that the concern has moved from hyperscalers spending too much on AI to the risk that their capex growth slows. Analysis: the VIX held near 19 after Thursday's 14% jump, so options traders were still paying up for protection, but not at panic levels.

Political & policy watch

Iran. President Trump said on Friday "we may do another operation against Iran," according to Newsquawk. Yahoo Finance reported that the US ambassador to the UN told the Financial Times the war could last another year. Tehran's response was not reported in the sources reviewed.
Federal Reserve. The FOMC meets on October 27–28. Yahoo Finance said markets widely expect rates to stay unchanged. According to Newsquawk, CME FedWatch pricing implies 21.8 basis points of hikes by December. Our explainer covers the Fed's October rate-hike debate.
Abroad. Newsquawk flagged next week's European Central Bank meeting, the UK Autumn Budget and China's Fifth Plenum.
US midterms. The November 3 elections will decide control of Congress and with it the path of tax, spending and tariff policy.

What to watch next

Week of October 26: earnings from Alphabet, Microsoft, Amazon and Intel, per Newsquawk, the next test of AI spending plans.
Tuesday, October 27: Israel's general election, per i24 News.
Wednesday, October 28, 18:00 UTC (2:00 p.m. ET): FOMC rate decision, followed by Chair Kevin Warsh's press conference.
Thursday, October 29, 12:30 UTC (8:30 a.m. ET): advance Q3 GDP and September personal income and outlays, including PCE inflation, from the BEA.
Tuesday, November 3: US midterm elections.
Friday, November 6, 15:00 UTC (10:00 a.m. ET): preliminary November University of Michigan sentiment.

Risk checklist for readers

Oil feeds into rates. Higher crude can lift inflation expectations and bond yields, which affects how stocks of all kinds are valued.
Read PMIs in two parts. The headline shows activity. The price components show cost pressure, and on Friday the two pointed in different directions.
Price-weighted versus cap-weighted. One expensive Dow stock can move that index more than the S&P 500, so compare benchmarks before drawing conclusions.
Event risk is clustered. Big-tech earnings, the Fed, GDP, PCE and the midterms all land within 11 days.
Geopolitical headlines can reverse. Statements on Iran and shipping routes can shift quickly; check official sources.
Check timestamps. Intraday, settlement and closing figures differ, and this brief labels each one.

Frequently asked questions

What moves the Dow Jones Industrial Average?

The Dow tracks 30 large US companies and is weighted by share price, so stocks with higher prices have more influence. Company earnings, interest rates, oil prices and economic data are common drivers, and a sharp move in one high-priced member can shift the whole index.

Why do higher oil prices weigh on US stocks?

Rising crude raises costs for airlines, manufacturers and consumers, and it can push up inflation expectations and bond yields. Energy producers often gain at the same time, which is why the energy sector can rise while the broader market falls.

What is the flash PMI?

The flash Purchasing Managers' Index from S&P Global is an early monthly survey of business activity. A reading above 50 signals expansion and below 50 contraction. Its sub-indexes on input and output prices are watched as early signs of inflation pressure.