US stocks opened lower on October 23, 2026, as pressure on artificial intelligence shares continued and concerns about potential competition from SpaceX hit wireless carriers. The Dow Jones Industrial Average led the major indexes lower, while telecom tower operators rallied sharply.
Key Takeaways
- The S&P 500 and Nasdaq touched five-week lows after a volatile stretch for AI-linked shares.
- Wireless carriers fell on reports of SpaceX talks, while Crown Castle and American Tower rose.
- Energy shares provided support as higher oil prices added to inflation concerns ahead of the October 27–28 Fed meeting.
Table of Contents
- US stocks extend losses after an AI reversal
- SpaceX talks split carriers and tower operators
- Energy gains precede the October Fed meeting
- Conclusion
US stocks extend losses after an AI reversal
The early-session declines followed a nearly 3% drop in the Nasdaq on Thursday. Both the Nasdaq and S&P 500 touched their lowest levels in five weeks as investors weighed the cost and financing of AI investment.
Meta fell another 1.3% on Friday after losing nearly 8% in the previous session following its disclosure of its first cash outflow in more than a decade. Concerns centered on the cash demands of its AI spending. CoreWeave, whose debt burden had also unsettled investors this month, edged up 0.3%.
The moves were not uniform across AI-linked companies. Kim Forrest, chief investment officer at Bokeh Capital Partners, characterized the short-term selling as extreme and argued that investors had underestimated the length of the AI investment cycle. That was her assessment, rather than evidence that the selloff had ended.
| Item | Details |
|---|---|
| Dow Jones Industrial Average | 52,332.44; down 747.49 points, or 1.41%, in early trading. |
| S&P 500 | 7,634.09; down 0.38% in early trading. |
| Nasdaq Composite | 25,986.76; down 0.08% in early trading. |
SpaceX talks split carriers and tower operators
Reports that SpaceX was discussing a nationwide wireless carrier program with cellular infrastructure companies raised concerns about potential competition for established operators. AT&T, Verizon and T-Mobile fell between 3% and 4.7%, while the S&P 500 communication services index lost 1%.
Tower operators moved in the opposite direction: Crown Castle gained 12.6% and American Tower rose 6.9%. The contrast highlighted the different potential implications of a new wireless entrant for carriers and infrastructure owners. The reported talks did not establish that a nationwide service had been launched.
Energy gains precede the October Fed meeting
The S&P 500 energy index reached a record high as oil prices climbed, providing some support against losses elsewhere. Brent crude remained near a more than five-month high amid concerns about Middle East supplies.
Higher oil prices also added to inflation concerns before the next policy decision. The Federal Reserve's FOMC meeting calendar lists October 27–28, 2026, as the next scheduled meeting; it does not indicate what action policymakers will take.
Conclusion
The opening snapshot showed pressure on AI shares and wireless carriers alongside gains in towers and energy, rather than uniform selling across the market. The next scheduled policy checkpoint is the Federal Reserve's October 27–28 meeting.
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