Stock Market Midday, Oct. 22: Tech Weakness Drags Nasdaq Lower as AI Spending Concerns Mount

As of 11:35 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 1.28% to 7,658, the Nasdaq Composite (NASDAQINDEX:^IXIC) is down 2.18% to 26,121 on tech weakness, and the Dow Jones Industrial Average (DJINDICES:^DJI) has slipped 0.23% to 52,736.

Gold is trading at $4,054.09, down 2.10% as of 11:31 AM ET, and the 10-Year Treasury yield is up 0.24% to 5.01%. Consumer defensive and utility stocks are the biggest gainers, while industrials and basic materials are dragging the market lower.

Meta Platforms is dragging indexes lower, despite an earnings beat, as artificial intelligence (AI) spending concerns resurface. AI bellwether Nvidia fell, and memory stocks like Micron Technology also declined. Tesla slipped on profit concerns following its Q3 results. Conversely, Spotify soared over 9% on improved margins, and Dow Inc edged upwards after its quarterly results beat expectations.

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