QQQ Falls 2.86% as Technology Drops; Staples ETF Gains 3.31%
SPY fell 1.18% and QQQ 2.86% on Oct. 22 as XLK dropped 3.29%, while consumer staples rose 3.31%; AMD and META led large-cap decliners.
Technology shares fell sharply on Thursday, Oct. 22, while defensive sectors advanced. QQQ dropped 2.86% to 704.47 and SPY declined 1.18% to 763.96. The Dow-tracking DIA edged up 0.04% to 527.89, and the small-cap IWM rose 0.07% to 276.67.
The Technology Select Sector SPDR (XLK) slumped 3.29% to 182.34, the weakest sector, followed by communication services (XLC, -1.42%), industrials (XLI, -0.94%), energy (XLE, -0.87%) and consumer discretionary (XLY, -0.45%). Consumer staples (XLP) jumped 3.31% to 89.99, utilities (XLU) gained 2.07%, health care (XLV) 1.32%, and real estate (XLRE) and financials (XLF) each rose 1.09%. Materials (XLB) added 0.72%.
Among large caps valued at $10 billion or more, AMD fell 8.10% to 507.93, META dropped 6.98% to 648.85, CAT lost 4.88% to 704.05, AMZN fell 4.57% to 250.38 and NVDA declined 4.40% to 212.21.
Gainers were led by ACN, up 7.69% to 258.74, ADBE, up 6.07% to 270.55, and INTU, up 5.75% to 354.90. PG rose 5.58% to 165.59 on the day it reported quarterly results above estimates, and HD gained 4.33% to 327.73, rounding out the top five.
Outside equities, gold futures fell 2.16% to $4,060.40 and bitcoin dropped 3.23% to $81,307.16, while WTI crude futures rose 2.39% to $99.47. WSJ headlines said U.S. tech stocks dropped on AI spending concerns. Barron's reported that even market bull Ed Yardeni sees irrational exuberance in chip stocks.
Data
| Instrument | Close | Change |
|---|---|---|
| SPY | 763.96 | -1.18% |
| QQQ | 704.47 | -2.86% |
| DIA | 527.89 | +0.04% |
| IWM | 276.67 | +0.07% |
| XLK | 182.34 | -3.29% |
| XLP | 89.99 | +3.31% |
| AMD | 507.93 | -8.10% |
| ACN | 258.74 | +7.69% |
Data: FMP, FRED. Figures are close-to-close unless stated.
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Neutral market summary for information only; not investment advice.
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