The Nasdaq Composite fell 2.6% to 26,008 and the S&P 500 dropped 1.2% to 7,663, while the Dow Jones edged up 0.02% to 52,867, as tech stocks sold off after poorly received Magnificent 7 earnings and concerns about AI spending. Meta Platforms slid 7% despite third-quarter revenue of $64.6 billion beating estimates, as earnings of $3.83 per share fell short, free cash flow turned negative, and the low end of its full-year capex range was raised to bring it to $135 billion–$145 billion. Meta's board also approved non-voting Class C shares that will begin trading in January 2027, along with a two-for-one stock split for Class A shares. Tesla reported EPS of 48 cents on $28 billion in revenue, above expectations but below a year earlier, with operating expenses up 39%, and cut its full-year capex forecast to $20 billion from $25 billion. Procter & Gamble rose 5.6%, its best day since March 26, 2020, after results beat expectations.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Nasdaq Sinks 694 Points as Meta Stock Slumps : Stock Market Today
Read the original on kiplinger.com ↗
Keywords
NasdaqMETAtech stocksDow JonesTesla
Open a keyword to see other news on the same topic.
Related tickers and likely impact
META
▼ Likely negativeMeta Platforms
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.9T |
| Close on 10/22/2026 | 648.91 |
| Change that session | -6.97% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/22/2026 | 704.59 |
| Change that session | -2.84% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: high
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/22/2026 | 764.02 |
| Change that session | -1.17% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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