Dow falls ~547 points in early Friday trading as Brent tops $115, highest since March, on Iran-war and AI-spending fears (Oct 23)
What happened
U.S. stocks opened sharply lower on Friday, October 23, with the Dow Jones Industrial Average down about 547 points (1%) in early trading, the S&P 500 off 0.5% and the Nasdaq down 0.4%, according to the Associated Press. Brent crude rose 1.8% to just over $115 a barrel — its highest level since March, up from under $97 at the start of October — after a 4% jump on Thursday. Meta fell another 2.1% as pressure on technology stocks resumed, while higher fuel costs fed through to consumers: the average U.S. gallon of regular gasoline stood at $4.29 on Friday versus $3.07 a year earlier. The 10-year Treasury yield ticked back up to about 4.97% after Thursday's sharp safe-haven rally.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Dow Jones Industrial Average (broad industrials hit by rotation contagion; Caterpillar -4.9% premarket ahead of its Oct. 29 earnings)
- S&P 500 (energy XLE the top sector; communication services, industrials, financials in the red)
- Nasdaq / Big Tech (Meta -2.1% continuing Thursday's 7% slide; AI-capex viability fears)
- Energy majors / oil services (beneficiaries of $115 Brent, e.g. Chevron which rallied Thursday on rising oil)
- Airlines, transports, consumers (gasoline at $4.29/gal vs $3.07 a year ago is a direct margin/demand drag)