Stock Market Update
22-Oct-26 12:30 ET
Some notable pockets of strength despite tech selloff
Dow -116.39
at 52739.91,
Nasdaq -669.28
at 26054.02,
S&P -108.16
at 7649.08
[BRIEFING.COM] The major averages remain little changed from their previous levels, with pronounced weakness in technology stocks continuing to weigh on the S&P 500 and Nasdaq Composite despite pockets of strength elsewhere in the market.
Lower-beta stocks are finding favor as investors reassess growth expectations and spending commitments across the AI industry. The health care sector (+2.7%) is among today's strongest performers, while Procter & Gamble (PG 166.49, +9.65, +6.15%) is benefiting from a well-timed earnings report that has helped reinforce buying interest in defensive stocks.
Spotify (SPOT 569.92, +44.58, +8.49%) is another notable winner, surging more than 9% following strong quarterly results. Revenue increased 16.3% to €4.97 billion, while premium subscribers grew 9% to 306 million, providing a favorable contrast to the disappointing earnings reactions among several influential technology companies.
