Weekly Market Insights | Challenging Week for Tech Stocks:
Markets were mixed last week, though persistent pressure on technology stocks made the week feel more challenging for some investors.
The S & P 500 Index lost 0.47 percent, while the Nasdaq Composite Index declined 0.71 percent. The Dow Jones Industrial Average gained 0.41 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, fell 1.58 percent.1,2
Source: Bloomberg Finance L.P. (Performance data normalized 10/16/26 = 0)
Tech Leads Both Ways
The week began with an AI-led rebound as investors looked ahead to a heavy slate of corporate earnings reports. On Tuesday, investors cheered the first wave of corporate results and falling oil prices, which helped boost investor sentiment.
Tech swung back into favor midweek as investors applauded reports that two of the largest megacap tech firms formed a committee to evaluate a potential merger, lifting all three averages. The Nasdaq gained more than 1 percent, while the S & P posted its third straight winning close.3,4
Boomerang Effect
But the boomerang started to come back on Thursday as AI debt worries returned while oil prices rose again amid fresh geopolitical concerns. The Nasdaq slid more than 2½ percent over the session, while the S & P fell more than 1 percent, posting their steepest daily declines since June and July, respectively.5
The week wrapped up with technology stocks again in the spotlight due to persistent AI-related worries. The Dow closed Friday down more than 1 percent, while the S & P 500 and Nasdaq were under pressure into the close.6
Housing Watch
With everything going on last week, the housing market didn’t get much coverage. But there were some important housing developments.
First, housing starts fell 5.2 percent in September over the prior month, below expectations for a 2 percent rise. It was the second straight month when economists expected starts to rise, and instead they fell, and the third consecutive month of declines.7
Meanwhile, pending home sales fell to their lowest level on record in September in part due to an increase in mortgage rates.8
Sources: U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Charles Schwab
This Week: Key Economic Data
Source: Bloomberg Finance L.P.
This Week: Companies Reporting Earnings
Source: EarningsWhispers
Author
Gary Aiken
Chief Investment Officer
Concord Asset Management
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Footnotes and Sources
1WSJ.com, October 23, 2026
2Investing.com, October 23, 2026
3CNBC.com, October 20, 2026
4CNBC.com, October 21, 2026
5CNBC.com, October 22, 2026
6WSJ.com, October 23, 2026
7WSJ.com, October 20, 2026
8WSJ.com, October 20, 2026
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