Market Close: Worst Day For Nasdaq In 5 Months, Oil Prices Rise, P&G Bucks Trend 10-22-2026

0:02I'm Peter Schacknow, CNBC. The factors that have swayed the stock market in both directions were clearly pointed to the downside today. The S &P 500 saw its biggest one-day percentage drop since July 29th, the Nasdaq since June 5th. The Dow was the exception to the rule, adding 12 points to close at 52 ,868. But the S &P 500 lost 1.2 percent, or 94 points. The Nasdaq tumbled 2.6 percent or 694 points and closed at a more than one month low. The artificial intelligence trade was a key factor, especially after Meta Platforms disappointed investors by not changing its capital spending plans. Meta fell 7 percent in today's trading, but Brad Erickson, Internet analyst at RBC Capital, is still bullish on the stock.

0:48The growth was great. The guidance was incredible. Definitely there's cash burns coming. definitely we can debate the equity issuance that probably is coming next year to raise some capital. All of that is, you can poke holes in it, but for the moment, again, we have imperfect information, meaning this quarter and the guidance for next quarter, it's underwritable at these levels. Tesla also contributed to AI-related gloom by cutting its own capital spending plans. Tesla shares fell 4%. Higher oil prices proved to be a discouraging factor, with WTI crude settling up 2.4%. Procter & Gamble was the Dow's biggest percentage gainer today, jumping more than 5.5 % after upbeat earnings, despite warnings about higher commodity costs.

1:34Andre Schulten is the consumer products giant's chief financial officer. We are seeing headwinds, and it's mostly driven by oil prices, as you can imagine. We have increased our commodity outlook from a herd of$1 billion after tax at the beginning of the year to now$1.4 billion after tax. And that is certainly a headwind that we'll have to deal with. We know how to do this. We've done it before. But it is something that is informing our guidance, which therefore is relatively wide at this point in time in the year. Today's market slide notwithstanding, plenty of well-known stocks hit all-time highs today, including Apple, Coca-Cola, Chevron, Exxon, Berkshire Hathaway, MasterCard, Visa, and Eli Lilly.

2:14Peter Schachnow, CNBC. Introducing Fidelity Trader Plus, the next generation of advanced trading from Fidelity. Customize your tools and charts and access them seamlessly across desktop, web, and mobile. For faster trades anywhere you go. Try the all-new Fidelity Trader Plus. Learn more about our most powerful trading platform yet at fidelity.com slash trader plus. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSE SIPC.