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Today's Top Business / Market Headlines - October 23, 2026:

US Markets - Mixed to Lower, Tech-led Selloff:

•U.S. stocks fell on Wednesday, as a Reuters report that the U.S. is considering curbs on a wide range of exports to China ratcheted up U.S.-Sino trade war fears and added to gloom surrounding Netflix's earnings miss.

•Today's Key Market Moves on Wednesday: S&P 500 -0.5%, Nasdaq -0.9%, Dow -0.7%. All three now close to flat for the month. Shares / Sectors: Netflix plunges 10%, Tesla slips in after-hours trade despite record Q3 revenue, as profit misses.

•On Thursday, US stocks finished mostly lower as renewed concerns about artificial intelligence spending triggered heavy selling in technology shares. The Nasdaq Composite plunged 2.6% to 26,008.86, its worst session since June, while the S&P 500 dropped 1.21% to 7,663.43. The Dow Jones Industrial Average edged up 11.89 points, or 0.02%, to 52,867.98.

•Meta Platforms fell around 7% despite reporting stronger-than-expected revenue, as investors focused on the substantial funding required for its AI expansion. AMD tumbled more than 8%, Micron Technology lost 6%, and Nvidia declined 4%. The Philadelphia Semiconductor Index dropped 5.6%.

•US futures are lower early Oct 23: As of 8:00am ET, S&P futures are 1.0% lower at 7,720.75 while Nasdaq futures are down 1.7% at 29,507.50 and Dow futures are 0.6% lower.

AI Capex - The Driver:

•Bloomberg sums up the overnight mood succinctly: "AI nerves are back." The bar for an AI beat has moved from ambition to monetization.

•Meta lifted the bottom of its 2026 capex range to $135 billion from $130 billion and guided above consensus, Tesla cut its capex target after third-quarter spending came in at $4.73 billion vs $7.95 billion expected, and both stocks are lower.

•Tesla drops 4.4% after cutting its 2026 capex target to about $20 billion from more than $25 billion.

Commodities & Geopolitics - Oil Jumps:

•Oil prices surged amid reports of possible renewed US and Israeli strikes against Iran. Brent crude rose 4% to US$113.17 a barrel, while West Texas Intermediate gained 2.39% to US$99.47.

•Brent rose as much as 3.3% to $112.43 and WTI briefly topped $100 after two attacks on an Aramco oil field and an airport in Saudi Arabia's Eastern Province. COMMODITIES/METALS: Gold falls 2% but recovers, palladium +5%, platinum +5%. Oil spikes 2% on U.S. inventory drawdown.

Global Markets:

•Australian shares are set to open lower, with S&P/ASX 200 futures down 21 points, or 0.2%, to 8,786.

•France's 10Y yield hit 5.14% and its risk premium over bunds widened to 177bps, the most since 2011.

•Asian selloff: The CSI 300 briefly entered a bear market, down 20% from its June highs. South Korea's Kospi sank 3.5% and Hang Seng fell 3%, its biggest drop since March.

India - Top Business Headlines (The Hindu BusinessLine Morning Report):

•1. PHP flaws spark global alarm; Indian firms scramble to patch systems — Around 67 per cent of websites using India's .in domain reportedly run on PHP.

•2. eMudhra issue: Government looking at domestic alternatives after compromise of private keys linked to eight eMudhra intermediate certificates.

•3. Indian Food Ministry asks States to ensure no sugar is diverted for ethanol — Centre has barred sugar mills and distilleries from producing ethanol from sugarcane juice during 2026-27.

•4. Modi, Tusk push for doubling of Indo-Polish trade, early India-EU trade pact — agreed to work towards doubling bilateral trade by 2030.

•5. CoinDCX confirms functioning of rogue wallets, syphoning user funds worth $16 million.

•Jio Platforms IPO: Reliance Industries' digital services arm, Jio Platforms, received strong investor demand for its ₹30,213-crore initial public offering (IPO).

•OYO parent company Prism has reportedly reduced the proposed size of its initial public offering from ₹6,650 crore to ₹3,350 crore.

•Indian equity markets remained sensitive to international developments and rising crude oil prices.

Earnings Watch Today Oct 23:

•U.S. earnings, including T-Mobile, Intel, Union Pacific Corp, IBM, Blackstone, Honeywell. IBM falls 5% after posting third quarter results.

Citations (5)

1reuters.comNews and mediaquality 1.00
Trading Day: Wall Street's hunt for red October
Backs: “Today's Top Business / Market Headlines - October 23, 2026: US Markets - Mixed to Lower, Tech-led Selloff: U.S. stocks fell on Wednesday, as a Reuters report that the U.S. is considering curbs on a wide range of exports to China ratcheted up U.S.-Sino trade war fears and added to gloom surrounding Netflix's earnings…”
2sharecafe.com.auNot yet classified
ASX set to fall 0.2% as Nasdaq tumbles
Backs: “Shares / Sectors: Netflix plunges 10%, Tesla slips in after-hours trade despite record Q3 revenue, as profit misses. On Thursday, US stocks finished mostly lower as renewed concerns about artificial intelligence spending triggered heavy selling in technology shares.”
3freedombunker.comNot yet classified
Futures Slide As Market Runs Out Of AI Patience, Oil Jumps On Saudi Attacks
Backs: “AMD tumbled more than 8%, Micron Technology lost 6%, and Nvidia declined 4%. The Philadelphia Semiconductor Index dropped 5.6%. US futures are lower early Oct 23: As of 8:00am ET, S&P futures are 1.0% lower at 7,720.75 while Nasdaq futures are down 1.7% at 29,507.50 and Dow futures are 0.6% lower.”
4thehindubusinessline.comNews and mediaquality 0.72
BL Morning Report | Top Business & Market Headlines Today | October 23, 2026
Backs: “India - Top Business Headlines (The Hindu BusinessLine Morning Report): 1. PHP flaws spark global alarm; Indian firms scramble to patch systems — Around 67 per cent of websites using India's .in domain reportedly run on PHP.”
5educationtimes.comNews and media
School assembly news headlines for 23rd October 2026: Top National, International, Sports and Business updates
Backs: “CoinDCX confirms functioning of rogue wallets, syphoning user funds worth $16 million. Jio Platforms IPO: Reliance Industries' digital services arm, Jio Platforms, received strong investor demand for its ₹30,213-crore initial public offering (IPO).”