Stock market week in review, Oct. 19–22, 2026: Meta sinks chips, the 10-year falls under 5%
S&P 500 7,663.43 (+0.05% on the week). Nasdaq 26,008.86 (−0.50%). Dow 52,867.98 (+1.66%). On Thursday Meta fell 6.98% on its spending plan, chips 6.72%, and the 10-year yield closed under 5%, at 4.953%, as Brent hit $113.17. The equal-weight S&P 500 rose 1.93%.
· 12 min read
Week of Monday, October 19 to Thursday, October 22, 2026. The S&P 500 closed Thursday at 7,663.43, up 0.05% on the week, while the equal-weight S&P 500 rose 1.93%. On Thursday Meta Platforms fell 6.98% on its spending plan, chips lost 6.72% and the 10-year Treasury yield closed under 5%, at 4.953%.
This review stops at Thursday's close, so it could go out on Friday; Friday's session is on the stock market close. The money that left AI stocks did not leave the market. It went to consumer staples, health care and the Dow, and the average stock had its best week since August.
The scorecard
| Close | Oct. 16 | Oct. 22 | Week |
|---|---|---|---|
| S&P 500 | 7,659.44 | 7,663.43 | +0.05% |
| Nasdaq | 26,140.03 | 26,008.86 | −0.50% |
| Dow | 52,002.41 | 52,867.98 | +1.66% |
| Russell 2000 | 2,721.37 | 2,784.03 | +2.30% |
| PHLX Semiconductor (SOX) | 11,137.29 | 10,731.98 | −3.64% |
| S&P 500 Equal Weight | 8,674.08 | 8,841.27 | +1.93% |
| 10-year yield | 5.098% | 4.953% | −0.145 |
| VIX | 19.99 | 19.03 | −0.96 |
| Dollar index (DXY) | 101.84 | 101.61 | −0.23% |
| WTI crude, Dec. 2026 | $99.02 | $99.47 | +0.45% |
| Brent crude, Dec. 2026 | $109.86 | $113.17 | +3.01% |
On Thursday alone the S&P 500 fell 1.21%, the Nasdaq 2.60% and the Dow rose 0.02%. Year to date the S&P 500 is up 11.9%, the Nasdaq 11.9%, the Dow 10.0% and the Russell 2000 12.2%. Every close, session by session: the stock market close · S&P 500 · Nasdaq · Dow · Russell 2000 · VIX.
Meta's spending plan, and chips' worst day since June
Meta Platforms (META) reported on Wednesday evening, October 21. Revenue rose 26% to $64.60 billion. The company narrowed its 2026 capital spending plan to $135–145 billion, from $130–145 billion, and said that beyond 2026 it expects "to continue investing aggressively." Capital spending of $34.91 billion in the quarter was more than the $32.79 billion its operations brought in, so free cash flow was minus $2.12 billion. Operating income fell 37% from a year earlier, to $12.99 billion, after a $9.89 billion charge for its settlement with 52 state attorneys general; without the charge it would have been $22.88 billion.
On Thursday the stock fell 6.98%, its worst day since July 30, 2026. Meta also said it will create a non-voting Class C share and hand one out for every share held, from January 2027, which it expects to work like a two-for-one split.
The same evening Lam Research (LRCX), which makes the machines that etch chips, reported revenue up 22% on the quarter to $8.22 billion and guided to $8.60 billion for the December quarter. It fell 11.76% on Thursday, its worst day since March 18, 2020. The PHLX Semiconductor Index lost 6.72%, its worst day since June 23, 2026: Intel −8.04%, AMD −8.10%, SanDisk −8.51%, Marvell −8.70%. The eight listed neoclouds fell 9.10% on average that day, CoreWeave 10.06%. The Nasdaq Composite had its worst session since June 5, 2026. Over the four sessions chips lost 3.64%, after 11.41% the week before.
16 earnings reports, and what each stock did the next session
Sixteen large companies reported from Monday to Thursday. We measured each stock from its last close before the results to the close of the first session that traded on them:
| Company | Session that traded on the results | Stock | S&P 500, same session |
|---|---|---|---|
| Blackstone (BX) | Thu., Oct. 22 | +8.38% | −1.21% |
| SpaceX (SPCX) | Wed., Oct. 21 | +7.79% | +0.58% |
| 3M (MMM) | Tue., Oct. 20 | +5.78% | +0.28% |
| Procter & Gamble (PG) | Thu., Oct. 22 | +5.58% | −1.21% |
| Danaher (DHR) | Wed., Oct. 21 | +4.29% | +0.58% |
| Honeywell (HON) | Thu., Oct. 22 | +1.67% | −1.21% |
| RTX (RTX) | Tue., Oct. 20 | +0.64% | +0.28% |
| IBM (IBM) | Thu., Oct. 22 | +0.26% | −1.21% |
| Texas Instruments (TXN) | Thu., Oct. 22 | −1.81% | −1.21% |
| Intuitive Surgical (ISRG) | Wed., Oct. 21 | −2.26% | +0.58% |
| Tesla (TSLA) | Thu., Oct. 22 | −3.08% | −1.21% |
| GE Aerospace (GE) | Tue., Oct. 20 | −3.67% | +0.28% |
| Netflix (NFLX) | Wed., Oct. 21 | −5.31% | +0.58% |
| AT&T (T) | Wed., Oct. 21 | −6.45% | +0.58% |
| Meta Platforms (META) | Thu., Oct. 22 | −6.98% | −1.21% |
| Lam Research (LRCX) | Thu., Oct. 22 | −11.76% | −1.21% |
8 of the 16 fell. SpaceX aside, the biggest gains went to the kind of company the market bought all week: Blackstone, 3M, Procter & Gamble, Danaher. The four worst were Lam Research and Meta, an AI equipment maker and an AI spender, then AT&T and Netflix.
A good quarter was not enough. Netflix forecast fourth-quarter revenue of $13.4 billion and cut its 2026 advertising forecast to about $2.7 billion, from about $3 billion; analysts had expected $13.51 billion for the quarter, Yahoo Finance reported. Tesla's adjusted earnings of $0.48 a share topped the $0.44 analysts expected (Bloomberg consensus, via Yahoo Finance), and the stock still fell. In our study of 1,476 US earnings reports, 47.3% of the companies that beat forecasts closed lower the next session.
Tesla (TSLA) is the one we had measured beforehand. Revenue was $28.05 billion, flat on the year, and free cash flow $1.5 billion, the company's update said. The stock had risen 8.95% in the three sessions before the report; on Tuesday evening, on SpaceX's call, Elon Musk said both companies had formed committees to study a merger, Yahoo Finance reported. On Thursday Tesla fell 3.08%, against 2.60% for the Nasdaq. Counted the way our study of Tesla's results reports counts them, that makes 32 falls in 60 reports. The size is the unusual part: 48 of the 59 reports before it moved the stock more, and the median move was 6.65%. See the Tesla analysis.
The average stock rose 1.93%
The S&P 500 weighs companies by size. On October 16, Nvidia, Apple and Microsoft were 21.36% of the iShares Core S&P 500 ETF (IVV), by the issuer's file; its 400 smallest holdings together were 23.82%. The S&P 500 Equal Weight Index gives each of the 500 companies the same weight. This week it rose 1.93%, against 0.05% for the S&P 500, its best week since the one that ended August 7, 2026.
Thursday showed the split best. The equal-weight index rose 0.77% while the S&P 500 fell 1.21%. That gap of 1.97 points is the widest since July 11, 2024. Consumer staples (XLP) had their best day since April 9, 2025, +3.31%, and Procter & Gamble rose 5.58% after reporting organic sales up 4%.
It was the second week of the same move. The week before, staples rose 5.02% while technology fell 7.70%. This week the Dow rose 1.66% and the Russell 2000 2.30%, both their best week since the one that ended August 7, 2026. On Tuesday 3M rose 5.78% after raising its 2026 earnings forecast to $9.10–$9.15 a share, and the Dow rose 529.85 points. Health care (XLV) closed at a record on Tuesday and again on Thursday, at $181.30.
The 10-year closed under 5% while Brent hit $113
The 10-year Treasury yield fell from 5.146% on Wednesday to 4.953% on Thursday, a drop of 0.193 points. It was the largest one-day fall in the Cboe 10-year index since March 10, 2023, the day Silicon Valley Bank failed, and its first close under 5% since September 22, 2026, after 21 sessions in a row over it. On the Treasury's own yield curve the 10-year fell 0.17 points to 4.96%, the most since August 2, 2024, and the 2-year 0.16 points to 4.65%. The whole curve is on Treasury yields today.
Oil went the other way. December Brent rose 4.00% on Thursday to $113.17, and Yahoo Finance reported Brent's highest prices since May. Saudi Arabia said Dammam's airport and an Aramco oil field had been attacked, and The New York Times reported, citing unnamed US officials, that the US and Israel had drawn up plans for renewed strikes on Iran after the November 3 midterms. Rising oil usually pushes yields up through inflation fears. This time money ran from AI stocks into Treasurys. Yahoo Finance's live blog noted that the climb in yields since February has been "almost all about real rates — not inflation."
Weekly jobless claims fell to 194,000, the fewest since the week ended July 18, 2026, the Labor Department said on Thursday. The Federal Reserve meets on October 27–28. Core inflation is the number to watch for stocks: in the 20 times since 1963 the 10-year rose a point or more in a year, the S&P 500 ended lower 7 times, all 7 with core CPI at 3% or more (do stocks fall when bond yields rise?).
What carried the index
| Company | Week | Thursday | Close Oct. 22 |
|---|---|---|---|
| Tesla (TSLA) | +5.60% | −3.08% | $374.58 |
| Apple (AAPL) | +1.39% | +1.23% | $348.22 |
| Amazon (AMZN) | +0.15% | −4.57% | $250.38 |
| Nvidia (NVDA) | −0.90% | −4.40% | $212.21 |
| Microsoft (MSFT) | −1.51% | −2.23% | $521.08 |
| Broadcom (AVGO) | −1.68% | −4.31% | $323.24 |
| Alphabet (GOOGL) | −4.81% | −3.15% | $324.22 |
| Meta (META) | −8.53% | −6.98% | $648.85 |
Meta fell the most of the eight big technology names this review follows every week, 8.53% over the four sessions. Tesla rose the most, 5.60%, all of it before its report. Alphabet lost 4.81% ahead of its own results on October 28.
The sectors
- Consumer staples (XLP) +2.70%
- Health care (XLV) +2.60%
- Consumer discretionary (XLY) +2.27%
- Financials (XLF) +2.04%
- Utilities (XLU) +1.56%
- Materials (XLB) +1.51%
- Real estate (XLRE) +0.85%
- Industrials (XLI) −0.61%
- Technology (XLK) −0.62%
- Energy (XLE) −0.98%
- Communication (XLC) −2.63%
Seven of the eleven sectors rose. Consumer staples led for a second week, health care closed at records, and communication, the sector of Meta and Alphabet, fell the most.
Six weeks of reviews: every close since September 18
Our first week in review covered the week ending September 18. Six weeks later, here is the run, each week linked to the review that covered it:
| Week ending | S&P 500 | Week | Nasdaq, week | Equal weight, week | 10-year | The review |
|---|---|---|---|---|---|---|
| Sept. 18 | 7,650.50 | −0.08% | +0.72% | −1.26% | 4.998% | Fed hike, 5% yields |
| Sept. 25 | 7,743.41 | +1.21% | +2.06% | −0.20% | 5.184% | the 10-year at 5.18% |
| Oct. 2 | 7,722.72 | −0.27% | +0.45% | −0.71% | 5.277% | the 10-year's highest since 2002 |
| Oct. 9 | 7,811.54 | +1.15% | +0.64% | +1.57% | 5.244% | two records, then an AI scare |
| Oct. 16 | 7,659.44 | −1.95% | −4.48% | +0.48% | 5.098% | chips fall 11.41%, oil tops $100 |
| Oct. 22 (Thu.) | 7,663.43 | +0.05% | −0.50% | +1.93% | 4.953% | this review |
Six weeks in, the S&P 500 is 0.08% over its September 11 close and the 10-year 0.022 points under it. Underneath, it is not the same market: the equal-weight index is up 1.79%, the Russell 2000 down 4.13% and chips down 9.24%. An index that stands still can hide two markets going opposite ways.
Day by day: every close from October 19 to October 22, 2026
| Session | S&P 500 | Nasdaq Composite | Dow | Russell 2000 | 10-year yield |
|---|---|---|---|---|---|
| Oct. 19 | 7,690.73 (+0.41%) | 26,430.89 (+1.11%) | 51,966.03 (−0.07%) | 2,728.30 (+0.25%) | 5.136% |
| Oct. 20 | 7,712.57 (+0.28%) | 26,424.82 (−0.02%) | 52,495.88 (+1.02%) | 2,773.42 (+1.65%) | 5.117% |
| Oct. 21 | 7,757.17 (+0.58%) | 26,702.86 (+1.05%) | 52,856.09 (+0.69%) | 2,781.02 (+0.27%) | 5.146% |
| Oct. 22 | 7,663.43 (−1.21%) | 26,008.86 (−2.60%) | 52,867.98 (+0.02%) | 2,784.03 (+0.11%) | 4.953% |
Monday, October 19, 2026
On Monday, October 19, 2026, the S&P 500 closed at 7,690.73, up 31.29 points (+0.41%). The Nasdaq Composite closed at 26,430.89, up 290.86 points (+1.11%), and the Dow Jones Industrial Average at 51,966.03, down 36.38 points (−0.07%). The Russell 2000 closed at 2,728.30 (+0.25%). The 10-year Treasury yield closed at 5.136%, up from 5.098%.
Technology bounced after the previous week's fall. Amazon (AMZN) rose 4.98% and the PHLX Semiconductor Index 1.61%, while the Dow slipped.
Tuesday, October 20, 2026
On Tuesday, October 20, 2026, the S&P 500 closed at 7,712.57, up 21.84 points (+0.28%). The Nasdaq Composite closed at 26,424.82, down 6.07 points (−0.02%), and the Dow Jones Industrial Average at 52,495.88, up 529.85 points (+1.02%). The Russell 2000 closed at 2,773.42 (+1.65%). The 10-year Treasury yield closed at 5.117%, down from 5.136%.
3M rose 5.78% after raising its 2026 earnings forecast to $9.10–$9.15 a share, on the day the Dow gained 529.85 points. Health care (XLV) rose 2.37% to a record, with Eli Lilly up 3.49% and UnitedHealth 3.04%. GE Aerospace fell 3.67% after its results. After the close, SpaceX reported revenue up 161% to $14.6 billion and Netflix cut its 2026 advertising forecast.
Wednesday, October 21, 2026
On Wednesday, October 21, 2026, the S&P 500 closed at 7,757.17, up 44.60 points (+0.58%). The Nasdaq Composite closed at 26,702.86, up 278.04 points (+1.05%), and the Dow Jones Industrial Average at 52,856.09, up 360.21 points (+0.69%). The Russell 2000 closed at 2,781.02 (+0.27%). The 10-year Treasury yield closed at 5.146%, up from 5.117%.
SpaceX rose 7.79% and Netflix fell 5.31%. AT&T lost 6.45% after adding 379,000 postpaid phone customers, under the 387,410 analysts expected (Bloomberg consensus, via Yahoo Finance). Brent jumped intraday on a report of an attack on an Aramco field and closed little changed. Tesla, Meta, Lam Research, IBM and Texas Instruments reported after the close. The S&P 500 rose for a third day in a row.
Thursday, October 22, 2026
On Thursday, October 22, 2026, the S&P 500 closed at 7,663.43, down 93.74 points (−1.21%). The Nasdaq Composite closed at 26,008.86, down 694.00 points (−2.60%), and the Dow Jones Industrial Average at 52,867.98, up 11.89 points (+0.02%). The Russell 2000 closed at 2,784.03 (+0.11%). The 10-year Treasury yield closed at 4.953%, down from 5.146%.
Meta fell 6.98% and Lam Research 11.76%; the PHLX Semiconductor Index lost 6.72%, its worst day since June 23. The 10-year fell 0.193 points to 4.953%, its first close under 5% since Sept. 22. The equal-weight S&P 500 rose 0.77%. Procter & Gamble rose 5.58% and Blackstone 8.38%; Moderna (MRNA) fell 17.57% after leaked results from a cancer-vaccine study, Yahoo Finance reported. December Brent closed at $113.17.
What your fund did this week
Most portfolios are a few funds, not the indexes on the news. Here is the week of the same twelve funds as last week, price change from the October 16 close to the October 22 close:
| Fund | What it holds | Week |
|---|---|---|
| Schwab US Dividend Equity (SCHD) | 100 US dividend payers | +3.06% |
| iShares Russell 2000 (IWM) | US small companies | +2.30% |
| iShares 20+ Year Treasury Bond (TLT) | long US Treasury bonds | +2.11% |
| Vanguard Real Estate (VNQ) | US real estate trusts | +0.97% |
| Vanguard Total Bond Market (BND) | US investment-grade bonds | +0.76% |
| JPMorgan Equity Premium Income (JEPI) | US stocks plus sold options | +0.44% |
| Vanguard Total Stock Market (VTI) | the whole US market | +0.22% |
| Vanguard S&P 500 (VOO) | the S&P 500 | +0.10% |
| Invesco QQQ (QQQ) | the Nasdaq-100 | −0.75% |
| Vanguard Total International Stock (VXUS) | stocks outside the US | −0.84% |
| VanEck Semiconductor (SMH) | chip makers | −3.05% |
| SPDR Gold Shares (GLD) | gold | −3.41% |
SCHD gained 3.06% while QQQ lost 0.75%: 3.81 points apart in four sessions, the second week in a row the dividend fund beat the Nasdaq fund. Long Treasurys (TLT) rose 2.11% as the 10-year fell, and gold (GLD) lost 3.41% in a week when Brent rose.
What a week like this means for your portfolio
A portfolio built on an S&P 500 fund barely moved: VOO rose 0.10%. That small number holds two opposite weeks. Meta, the chip makers and the AI equipment suppliers fell; staples, health care, banks and industrial companies rose. If most of what you own sits in the first group, Thursday is the day you felt. If it sits in the second, it was a good week. Both directions count, and the same split can turn the other way. This is not investment advice.
Add what you own below to see which week you had, from the October 16 close to the October 22 close:
you, Oct 16 close → Oct 22
+?.?%worst day
−0.0%
lowest point
−0.0%
You did better than the S&P 500. One holding cost you the most, another added the most.
what moved it
Two checks worth doing now:
- How much of what you own is the AI build-out? The free portfolio X-ray looks through your funds to the companies inside them, so Meta inside an S&P 500 fund and Meta inside a Nasdaq fund show up as one position.
- How would it hold up in a real fall? The crash test replays 2022 and other drawdowns on your own holdings.
Next week, the Federal Reserve decides on Wednesday, October 28. Microsoft and Alphabet report after the close that day and Amazon on Thursday, October 29; every date is on the earnings calendar.
The week before, with chips' worst week since April 2025: week in review, Oct. 12–16.
Figures are daily closes; weekly changes compare the October 16 and October 22 closes. This review ends on Thursday's close; Friday, October 23 is on the stock market close page. Oil is the December 2026 WTI and Brent contracts. Not investment advice.
Sources: S&P 500 history · Nasdaq Composite history · Dow Jones history · Russell 2000 history · S&P 500 Equal Weight Index history · PHLX Semiconductor Index history (SOX) · 10-year yield history (TNX) · US Treasury, daily par yield curve rates · Meta, third-quarter 2026 results (SEC) · Lam Research, September 2026 quarter results (SEC) · Tesla, Q3 2026 update (SEC) · Netflix, Q3 2026 letter to shareholders (SEC) · 3M, third-quarter 2026 results (SEC) · Labor Department initial claims via FRED (ICSA) · Yahoo Finance, live coverage, Oct. 21, 2026 · Yahoo Finance, live coverage, Oct. 22, 2026
#market-news#stock-market#treasury-yields
Keep reading
cite: Julien Esnault, “Stock market week in review, Oct. 19–22, 2026: Meta sinks chips, the 10-year falls under 5%”, Portfolio Terminal, 2026-10-23. plain-text version for AI tools
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