Dow Drops 601 Points as Oil Tops $100 in Broadening Sell-Off
Updated
Updated · CNBC · Oct 22
Dow Drops 601 Points as Oil Tops $100 in Broadening Sell-Off
3 articles · Updated · CNBC · Oct 22
Summary
U.S. stocks weakened beyond tech on Friday, sending the Dow down 601 points, or 1.1%, while the S&P 500 fell 0.5% and the Nasdaq was little changed.
WTI crude climbed more than 3% to about $103 a barrel and Brent rose above $116 after reports the U.S. and Israel may be planning renewed attacks on Iran, with Tehran threatening retaliation.
Defensive sectors also came under pressure—consumer staples, utilities and healthcare all fell—showing investors were no longer simply rotating out of AI-linked shares into safer corners of the market.
American Express dropped more than 3% after saying it would cut about 5% of its global workforce to prepare for AI, while Caterpillar and Goldman Sachs added to Dow losses.
Treasury yields steadied near 4.98% after slipping below 5% a day earlier, and despite Friday's rebound in some chip stocks, the S&P 500 and Nasdaq were still headed for weekly declines.