Stock Market Today: Chip Stocks' Worst Day Since June, Meta Sinks, Yields Below 5% | Oct. 23

AI-generated source summary

The market experienced a broad decline in chip stocks, with the SOX index dropping 6.7%, its worst day since June. NVDA fell 4.4%, MU 6.26%, META 6.98%, AMD 8.10%, CRVW 10.06%, and LRCX 11.76%. This downturn was attributed to concerns over artificial intelligence spending and Meta's significant spending plans. In contrast, the 10-year Treasury yield fell below 5% for the first time in a month, signaling a flight to safety as investors moved into bonds amid inflation fears and a sell-off in tech. The jobless claims report also showed a three-month low, suggesting a resilient labor market. Brent crude futures hit their highest close since May, reaching $113.17, driven by geopolitical tensions including an Iran strike report and Saudi attacks, alongside plans for renewed strikes on Iran. U.S. crude also rose above $100. American Express (AXP) is set to report earnings before the bell, with analysts expecting $4.58 per share. The market is also anticipating the Federal Reserve's rate decision next week, with expectations of rates remaining on hold. Microsoft and Alphabet are also slated to release earnings next week.

AI-generated summary based on the source content.