Summary
Equities were mixed this week, with the Dow up +1.32% while the S&P 500 (−1.04%) and Nasdaq (−2.64%) fell as AI spending concerns resurfaced. Economic data was light. Import prices rose +1.1% in September on higher fuel costs, and export prices rose +2.2%, led by petroleum, natural gas, and chemicals. Housing was soft, with housing starts (−5.2%) and pending home sales (−7.3%) both falling, while initial jobless claims dropped to a three month low of 194,000. Fed Chair Kevin Warsh said the economy has largely performed as expected since September’s hike, offering no guidance before the Fed entered its blackout period. Markets expect a hold in October but price in a 78% chance of a December hike. In earnings, SpaceX (SPCX) finished about +8% higher after revenue jumped +161%, and Elon Musk said SpaceX and Tesla (TSLA) have formed special committees to discuss a merger. Netflix (NFLX) finished about −5% on soft guidance. Meta Platforms (META) finished −7% as a higher capex outlook overshadowed a beat, Tesla finished −3% after cutting its capex plan, and Lam Research (LRCX) finished about −12% on an in line outlook and falling China revenue. Commodities finished mostly lower, with gold (−3.4%) and silver (−4.2%) declining and WTI crude (−2.2%) slipping despite reports of potential renewed strikes on Iran. The 10 year yield fell -10 bps to 4.96%, and Bitcoin (−0.6%) and the dollar (−0.19%) fell lower.
10-Year Treasury Yield
- Current Rate: 4.96% (as of October 22, 2026)
- Week-to-Date Movement: -10bps (from 5.06% on October 15, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,744.06 → 7,663.43 (-1.04% WTD)
- Dow Jones Industrial Avg: 52,177.69 → 52,867.98 (+1.32% WTD)
- Nasdaq Composite: 26,713.03 → 26,008.86 (-2.64% WTD)
Notable Market Events
Macroeconomic Data:
Economic data was light this week. Import prices rose +1.1% in September and +8.1% over the past year. Fuel was the biggest driver, rising +4.8% and reversing declines in July and August. Export prices rose +2.2% on the month and +11.6% over the past year, led by a +4.0% gain in nonagricultural industrial supplies and materials on higher prices for petroleum, natural gas, and chemicals. Housing data was soft, with housing starts (−5.2%) and pending home sales (−7.3%) both falling in September. MBA mortgage applications came in at −5.3% for the week ending October 16, following −2.7% the prior week. Initial jobless claims fell to a three month low of 194,000 from 200,000.
Economic Policy:
Fed Chair Kevin Warsh said last Friday that the economy has largely performed as expected since September’s rate hike, signaling little change in the Fed’s outlook. He offered no guidance on the next move, and the Fed has since entered its blackout period ahead of next week’s FOMC meeting. As of Thursday’s close, markets expect the Fed to hold in October but price in a 78% chance of a hike at the December meeting.
Business:
Earnings season picked up with several notable moves. 1) SpaceX (SPCX) finished about +8% on Wednesday after revenue jumped +161% and its AI business grew ninefold, with first quarter guidance well above estimates. Elon Musk also said SpaceX and Tesla (TSLA) have formed special committees to discuss a merger. 2) Netflix (NFLX) finished about −5% on Wednesday after its fourth quarter revenue guidance and advertising forecast fell short of expectations. 3) Meta Platforms (META) fell -7% on Thursday despite beating on revenue and earnings, as a higher capex outlook and negative free cash flow revived concerns over AI spending. 4) Tesla (TSLA) fell -3% on Thursday after cutting its 2026 capex plan to stay within cash flow, overshadowing an earnings beat. 5) Lam Research (LRCX) finished about −12% on Thursday as its fourth quarter outlook came in only in line and the company flagged a sharp drop in China revenue.
Markets:
Commodities finished the week broadly lower. Precious metals declined, with spot gold (−3.4%) and silver (−4.2%) both falling. WTI crude oil finished −2.2% despite reports of potential renewed strikes on Iran. Bitcoin (−0.6%) and the dollar (−0.19%) also edged lower.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 10/22/2026, using the prior Friday’s market open as the start date.
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