What Happened Today, Friday October 16, 2026, 5:00 PM ET close
Tech Selloff Deepens as the Nasdaq Falls 4.5% for the Week
Investors kept moving out of AI and chip stocks while oil climbed toward six month highs.
ES and NQ at the close
NQ, Nasdaq 100 futures
29,391.50
-2.50% on the day
Day range 29,268.75 to 30,225.00
ES, S&P 500 futures
7,704.25
-1.11% on the day
Day range 7,676.00 to 7,809.50
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The story
Tech sold off again on Friday. The Nasdaq fell 2.14% to 26,140, the S&P 500 lost 1.09% to 7,659 and the Dow slipped 0.34% to 52,001. For the week, the Nasdaq fell 4.48% and the S&P 500 lost 1.95%, while the Dow rose 0.67%. Chip stocks fell for an eighth straight day as investors moved out of the AI trade. Oil climbed, with Brent settling at $109.86, its highest since May 19.
The MAG7 and the megacaps
Big tech and chipmakers led the decline as investors questioned AI spending and the debt behind it. CoreWeave was headed for a weekly loss of more than 15% over worries about its $50 billion debt load.
After the bell
AI rotation
Investors kept selling AI and chip stocks, and the semiconductor index fell for an eighth straight day.
Oil near six month highs
Brent settled at $109.86, its highest since May 19, and December US crude settled at $99.02.
Rate hike bets
This week's hot CPI and PPI reports raised bets on another Fed rate hike, though the 10 year yield ended the week lower at about 5.10%.
Deal news
Varonis agreed to be acquired by Proofpoint for $49.75 a share in cash, a $6.3 billion deal. Strategy fell after MSCI said some companies could be removed from its indexes.
Crypto
Bitcoin fell 0.15% to about $81,382, trading between roughly $80,729 and $81,649. Crypto does not always move with stocks, so it is worth tracking on its own.
Into the night
Iran signaled it was open to talks, but oil still rose after a Saudi led coalition intercepted missiles and drones. NATO was reported to be weighing a response to drone attacks in the Black Sea. European satellite stocks rallied as Ukraine flagged limits on Starlink.
What is coming next
Netflix earnings
Next week
One of the first big tech reports of the season.
Brent crude
$109.86
Friday's settle, the highest since May.
Fed meeting
Oct 27 to 28
Markets expect a hold, with hikes possible later.
Next week brings big tech earnings and more Middle East headlines. The items above are things to watch, not predictions.
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Educational market recap, not financial advice. Futures and options trading carry substantial risk of loss. Prices reflect the 2026-10-16 session close; charts are live and interactive. Always verify before acting.