Stock Market Update
22-Oct-26 14:25 ET
Power names dragged down by AI worries
Dow -44.69
at 52811.61,
Nasdaq -669.89
at 26053.41,
S&P -98.58
at 7658.66
[BRIEFING.COM] The S&P 500 (-1.4%) has endured a rough session today, falling from its best close in a week back below its 50-day moving average (7703) toward its lowest settlement since mid-September.
Once again, AI-related stocks like CoreWeave (CRWV 55.23, -6.59, -10.66%) have been at the forefront of the weakness, but the selling has also dragged down derivative plays like power suppliers for the group and power management names. GE Vernova (GEV 826.45, -99.47, -10.74%), Quanta Services (PWR 549.73, -51.41, -8.55%), and Eaton (ETN 369.76, -24.18, -6.14%). These names are on course to end the day at multi-week lows while the industrials sector (-1.4%) trades in the red, though still ahead of technology (-2.8%).
On the upside, transport stocks have been a pocket of relative strength today, thanks in large part to above-consensus results from Ryder System (R 258.02, +17.71, +7.37%), CSX (CSX 51.63, +3.23, +6.67%), Norfolk Southern (NSC 335.58, +7.49, +2.28%), Union Pacific (UNP 295.90, +8.02, +2.79%), and Southwest Air (LUV 41.44, +1.56, +3.90%). These names have helped the Dow Jones Transportation Average (+1.5%) extend its October advance to 4.4%.
