Stock Market Update
23-Feb-26 14:30 ET
S&P 500 Leads Losses, IBM, Workday, Expedia Slide; PayPal Rises on Takeover Buzz
Dow -808.49
at 48816.37,
Nasdaq -279.03
at 22607.05,
S&P -76.39
at 6833.11
[BRIEFING.COM] The S&P 500 (-1.11%) is down about 76 points, good enough for "first" place on an otherwise firmly lower session.
Briefly, S&P 500 constituents IBM (IBM 231.71, -25.45, -9.90%), Workday (WDAY 126.14, -11.67, -8.47%), and Expedia Group (EXPE 187.88, -15.60, -7.67%) pepper the bottom of the standings. IBM falls as Anthropic's AI automation of COBOL modernization threatens its legacy mainframe and consulting moat, with the market amplifying fears amid a broader tech selloff, while WDAY caught a Jefferies downgrade to Hold this morning citing exec turnover and AI risks, and EXPE caught a target cut to $225 (from $281) out of Citigroup.
Meanwhile, PayPal (PYPL 43.98, +2.33, +5.59%) is today's top performer after a Bloomberg report suggested the company was fielding takeover interest amid its recent stock losses.
