Market Open: Stocks Slide On AI Worries, Meta & Tesla Earnings In Focus, Jobless Claims Fall 10-22-2026

0:01I'm Peter Schacknow, CNBC. Stocks have opened lower as oil prices rise and fresh quarterly reports from Meta and Tesla spark worries about the artificial intelligence sector. The Dow falling 127 points at 52 ,729, the S &P 500 66 points lower or 0.8 % and the Nasdaq taking the hardest hit 1.4 % or 380 points. Meta is down about 3 % this morning. It did report better than expected profit and revenue for its latest quarter, but it left projected AI spending unchanged. News like that tends to sour volatile investor sentiment regarding AI. But Brad Erickson, Internet analyst at RBC Capital, says Meta has made a lot of money for investors over the years and will continue to do so.

0:46The 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. It was a similar story for Tesla, which reported better than expected quarterly results, but cut its expected capital expenditures for the current quarter. Tesla shares are down 4%. Another mover this morning, this one to the upside, is consumer products giant Procter & Gamble, which beat Wall Street forecasts with its quarterly numbers.

1:27First-time claims for jobless benefits fell to 194 ,000 last week, according to the Labor Department. That's down by 6 ,000 from the prior week and the lowest since July. Peter Schachnow, CNBC. Hey, Fidelity. Can I get a second opinion on stocks in the Fidelity app? with fidelity it's easy to get an outside opinion from independent experts in a single score and then when you're ready trade u.s stocks and etfs with no commissions that's right i am always right investing involves risk including risk of loss zero dollar commission does not apply to customers designated by fidelity as a professional equity trader a limited number of etfs are subject to a service fee of 100 see details at fidelity.com slash commissions fidelity brokerage services This is LSE, member NYSE SIPC.