Markets
The Nasdaq fell 2.6 percent.
The Associated Press said Thursday’s drop, 694 points to 26,008.86, was the composite’s worst day since June. The S&P 500 fell 1.2 percent. The Dow rose. Meta fell 7 percent, the Times reported.
The Rocket News · Business Desk · New YorkOctober 23, 2026 · 3 min read

NEW YORK — The Nasdaq composite fell 694 points, or 2.6 percent, to 26,008.86 on Thursday, its worst day since June, the Associated Press reported. The S&P 500 fell 93.74 points, or 1.2 percent, to 7,663.43, its worst day since July. The Dow Jones industrial average rose 11.89 points, less than 0.1 percent, to 52,867.98. The Russell 2000 rose 3.01 points, or 0.1 percent, to 2,784.03. The weakness in technology was so broad that it masked the rest of the market, where most stocks rose. The AP said oil prices jumped on worry about the war with Iran, and that Treasury yields fell. It did not print an oil price. This note does not invent one.
The New York Times reported that Meta dropped 7 percent after the company said free cash flow had fallen and that it would issue a new class of stock to raise money for data centers and other artificial-intelligence spending. SpaceX slid more than 9 percent. The Times put the same index moves at 1.2 percent for the S&P 500 and 2.6 percent for the Nasdaq. Those are Thursday’s closes. They are not Friday’s futures.
The worst day since June.
The photograph is Wednesday morning, Oct. 21, on the floor of the New York Stock Exchange, not Thursday’s close. Traders are at the screens. One, in a blue jacket, writes on a tablet. Another, in a vest, watches. No one is named, because the note is the indexes. It is not a portrait of a chief executive.
Wire and further reading: apnews.com
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Airlines
Southwest cut its forecast as fuel stays high.
Adjusted third-quarter profit was 66 cents a share, above the 58 cents analysts expected. The carrier cut its full-year range to $2.60 to $2.85, from $3.25 to $4.25, and sees fourth-quarter fuel at $4.55 a gallon.

Prices
Wholesale prices rose 6.3 percent.
The producer-price index jumped 1.3 percent in September, the biggest monthly gain since March 2022. Energy prices for producers rose 10.8 percent. Economists had expected a much smaller move. Social Security’s cost-of-living raise for next year is 3.6 percent.

Prices
September prices rose 3.7 percent.
The Consumer Price Index gained 0.6 percent in the month, more than economists expected over the year. Gasoline did the lifting. Core inflation rose to 2.6 percent. The Fed meets again on Oct. 27.
