Key Takeaways
- • Asian shares were mostly lower on Friday, Oct. 23, 2026, after another sell-off in AI stocks, with the S&P 500 posting its worst day since July on Thursday, when it fell 1.2% and the Nasdaq composite tumbled 2.6%, according to the Associated Press.
- • Nvidia fell 4.4%, CoreWeave dropped 10.1% on debt concerns, Meta lost 7% despite stronger-than-expected revenue, and Tesla slipped 3.1% after a profit beat that was offset by weaker revenue.
- • Brent crude traded at $113.73 per barrel, up 0.5%, and U.S. crude at $100.08, both near their highest levels since May amid the war with Iran.
- • Kospi fell 2.4% and Japan's Nikkei 225 lost 1.7%, while Hong Kong's Hang Seng gained 0.2%, and Shanghai's Composite dropped 1.3%.
- • The 10-year Treasury yield fell to 4.97% from 5.13% on Wednesday and above 5.30% earlier in October, as investors sought safety in government bonds.
Summary
Asian shares were mostly lower on Friday after renewed weakness in artificial-intelligence stocks weighed on markets worldwide, according to the Associated Press. The selloff followed a sharp Thursday session in which the S&P 500 fell 1.2% and the Nasdaq composite tumbled 2.6%. The decline in technology stocks was so pronounced that it obscured gains elsewhere in the U.S. market, where most stocks actually rose, and the Dow Jones Industrial Average added less than 0.1%.
AI-related shares have been volatile on concerns that the sector's boom may be under threat because borrowing to build data centers and purchase AI chips has become more expensive. Investors also worry that valuations rose too far during a multiyear rally, even though companies in the industry continue to report growth. Nvidia, the largest company on Wall Street by total market value, fell 4.4% and was the single biggest drag on the S&P 500. CoreWeave, which borrows to buy Nvidia chips and rents them to cloud customers, dropped 10.1% amid debt worries.
Meta Platforms lost 7% after reporting stronger-than-expected quarterly revenue, though its profit fell short of forecasts. The company, which is promoting its Muse AI agent, also said it plans to create a new class of stock to raise funds for AI investments and other expenses. Tesla fell 3.1% after reporting a stronger summer-quarter profit than analysts expected, though its revenue was weaker than forecast.
Oil prices remained near their highest levels since May on concern over the war with Iran. Brent crude rose 0.5% to $113.73 per barrel and U.S. benchmark crude added 0.6% to $100.08. Brent had climbed 4% on Thursday and has risen from less than $97 at the start of the month, reflecting uncertainty over when the global energy industry can return to normal.
Bond markets reflected broader fiscal and inflation concerns. Government debt burdens and strained budgets weigh on nearly every developed economy, and protests in France have increased pressure on the government to spend more. U.S. Treasury yields had recently reached their highest levels in decades, but the 10-year yield fell to 4.97% from 5.13% late Wednesday and from above 5.30% earlier this month as investors bought government bonds for safety. A separate report showed fewer U.S. workers filed for unemployment benefits last week, suggesting layoffs remain low.
Regional indexes were mixed. Japan's Nikkei 225 fell 1.7% to 61,825.26 and South Korea's Kospi declined 2.4% to 5,403.32. Hong Kong's Hang Seng rose 0.2% to 22,983.80, Shanghai's Composite slipped 1.3% to 3,610.52, and Australia's S&P/ASX 200 shed 0.2% to 8,777.00. In currency markets, the dollar rose to 156.93 Japanese yen from 156.77, and the euro was unchanged at $1.1215.
AI-related shares have been volatile on concerns that the sector's boom may be under threat because borrowing to build data centers and purchase AI chips has become more expensive. Investors also worry that valuations rose too far during a multiyear rally, even though companies in the industry continue to report growth. Nvidia, the largest company on Wall Street by total market value, fell 4.4% and was the single biggest drag on the S&P 500. CoreWeave, which borrows to buy Nvidia chips and rents them to cloud customers, dropped 10.1% amid debt worries.
Meta Platforms lost 7% after reporting stronger-than-expected quarterly revenue, though its profit fell short of forecasts. The company, which is promoting its Muse AI agent, also said it plans to create a new class of stock to raise funds for AI investments and other expenses. Tesla fell 3.1% after reporting a stronger summer-quarter profit than analysts expected, though its revenue was weaker than forecast.
Oil prices remained near their highest levels since May on concern over the war with Iran. Brent crude rose 0.5% to $113.73 per barrel and U.S. benchmark crude added 0.6% to $100.08. Brent had climbed 4% on Thursday and has risen from less than $97 at the start of the month, reflecting uncertainty over when the global energy industry can return to normal.
Bond markets reflected broader fiscal and inflation concerns. Government debt burdens and strained budgets weigh on nearly every developed economy, and protests in France have increased pressure on the government to spend more. U.S. Treasury yields had recently reached their highest levels in decades, but the 10-year yield fell to 4.97% from 5.13% late Wednesday and from above 5.30% earlier this month as investors bought government bonds for safety. A separate report showed fewer U.S. workers filed for unemployment benefits last week, suggesting layoffs remain low.
Regional indexes were mixed. Japan's Nikkei 225 fell 1.7% to 61,825.26 and South Korea's Kospi declined 2.4% to 5,403.32. Hong Kong's Hang Seng rose 0.2% to 22,983.80, Shanghai's Composite slipped 1.3% to 3,610.52, and Australia's S&P/ASX 200 shed 0.2% to 8,777.00. In currency markets, the dollar rose to 156.93 Japanese yen from 156.77, and the euro was unchanged at $1.1215.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.