Stocks fell Friday, Oct. 23, as oil prices jumped on fears the U.S.-Iran conflict could flare up again. The Dow lost 652.82 points, or 1.23%, to 52,215.16, the S&P 500 slipped 0.52% to 7,623.68 and the Nasdaq dipped 0.21% to 25,955.34, CNBC reported.
Why it matters: Thursday's selloff hit Bay Area chip and AI stocks hard. On Friday, tech held up better, with the Nasdaq paring losses as the AI rout eased.
The week
- S&P 500: down 0.5%. Nasdaq: down 0.7%. Dow: up 0.4%.
- U.S. oil (WTI) settled up 3.8% at $103.27 a barrel; Brent rose 3.1% to $116.72, its highest settle since April.
- The 10-year Treasury yield was around 5%, after dipping below that level Thursday.
Bay Area names
- Chips: Micron gained nearly 3% and AMD almost 2% after Thursday's slide.
- Nvidia (Santa Clara): Seaport kept a sell rating and a $180 price target, below Thursday's $212 close, citing power and construction bottlenecks for data centers.
- ServiceNow (Santa Clara): Bank of America raised its target to $180 ahead of earnings on Oct. 28, citing AI demand.
- Oracle: Goldman Sachs kept a buy rating and $206 target but flagged questions about its AI spending and financing.
Also Friday: American Express fell more than 3% after saying it would cut about 5% of its workforce, and the University of Michigan's consumer sentiment index was flat at 48.
Earlier: Bay Area chip stocks plunge Oct. 22.