What are today's top business/market headlines?

Here's a roundup of today's top business and market headlines (October 23, 2026):

Markets Selling Off on AI Jitters & Oil Spike
Stocks have been under heavy pressure this week as a tech rout and Middle East risk drove investors toward bonds. A nearly 7% plunge in chipmakers sent the Nasdaq 100 to its worst day since June after Meta Platforms' plans to boost capital spending reignited fears that tech firms will issue more debt to finance the AI buildout, with the S&P 500 falling 1.2% as an oil rally also weighed on sentiment. By Friday, the main US500 index fell to 7659 points, losing 0.06% from the previous session.

Oil Prices Surging on Iran Tensions
Brent crude topped $113, its highest level since May, after Trump hinted at action on Iran. This follows reports that the U.S. pulled diplomats from Saudi Arabia as it reportedly readies Iran strikes after midterms.

Meta Hit Hard by AI Spending Fears
Meta stock sank nearly 7% as AI spend pushed free cash flow negative. Separately, Meta is facing legal trouble — it was ordered to pay $25 billion in a New Mexico case over the Cambridge Analytica scandal.

CoreWeave Debt Drama Roiling Wall Street
CoreWeave's market confidence is eroding as bond yields spike and its stock sinks, with Wall Street increasingly scrutinizing the massive debt companies are taking on to fund the AI boom.

OpenAI Nearing Massive New Funding Round
OpenAI is nearing up to a $30 billion funding round at a $1.25 trillion valuation, led by UAE investors.

Corporate Layoffs Continue
eBay announced it will lay off 9% of its workforce in its second round of job cuts this year. Meanwhile, Kroger is cutting thousands of corporate jobs amid AI expansion.

Earnings & Corporate News

Global Market Stress
Chinese markets showed a weak tone overnight, with the CSI 300 index closing 1.8% lower, marking the start of a bear market as losses since June topped 20%.

Bond Market Flight to Safety
The U.S. 10-year Treasury yield fell as investors sought safety, nearing the 5% mark, while European bond markets continued selling off amid concerns over sovereign debt sustainability, with French bonds underperforming.

Markets remain highly volatile this week, driven primarily by AI infrastructure spending concerns, rising oil prices tied to Middle East tensions, and a broader rotation away from tech stocks.