S&P 500 falls 1.0 percent as AI jitters hit midday

Published on 10/22/2026 at 19:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The S&P 500 trades at 7,681 points after technology falls 2.7 percent on AI spending concerns; flash PMI data are due Friday at 9:45 a.m. ET.

AI spending concerns hit technology

The S&P 500 traded at 7,681 points at 12:21 p.m. ET, down 76 points or 1.0 percent.
Technology fell 2.7 percent as renewed concerns about AI spending pressured growth stocks.
Lam Research fell 10.0 percent, while Spotify gained 8.0 percent after earnings.
U.S. flash purchasing managers' indexes are due October 23 at 9:45 a.m. ET.

S&P 500, US78378X1072, Illustration mit AI erstellt.

The S&P 500 traded at 7,681 points at 12:21 p.m. ET on October 22, down 76 points or 1.0 percent. Technology fell 2.7 percent as renewed concerns about AI spending pressured growth stocks, Reuters reported.

Lam Research fell 10.0 percent after its outlook disappointed investors, while Spotify gained 8.0 percent after its earnings and forecast improved margin expectations, Investopedia reported.

Why is the S&P 500 down at midday?

AI-linked shares led the decline as investors reassessed spending plans at major technology companies. Oil also rose to its highest level since May, adding pressure to the market backdrop. The S&P 500 opened at 7,695 points after Wednesday's close at 7,757 points, according to Reuters.

Initial jobless claims fell to 194,000 for the week ended October 17, below the 200,000 consensus forecast. The Conference Board's leading economic index was unchanged at 99.6 in September after falling 0.1 percent in August, Reuters and The Conference Board said.

Winners and losers in the S&P 500

Intraday stock movers cited by Investopedia included:

Spotify up 8.0 percent: earnings showed stronger subscriber growth.
Lockheed Martin up 7.0 percent: the defense contractor raised its outlook.
Procter & Gamble up 6.0 percent: sales and profits beat expectations.
Lam Research down 10.0 percent: its earnings outlook disappointed investors.
Meta Platforms down 6.4 percent: higher AI spending weighed on shares.
IBM down 2.0 percent despite an earnings beat.

What comes next for the S&P 500

October 22, 2026, 1:00 p.m. ET: Five-year Treasury Inflation-Protected Securities auction, Cannon Trading lists.
October 22, 2026, 4:30 p.m. ET: Federal Reserve balance-sheet data are scheduled, Cannon Trading lists.
October 23, 2026, 9:45 a.m. ET: Flash U.S. manufacturing, services and composite purchasing managers' indexes are due, with prior readings of 55.9, 58.8 and 58.4, Trading Economics lists.

S&P 500 price data for October 22, 2026

The S&P 500 traded at 7,681 points at 12:21 p.m. ET on October 22, down 76 points or 1.0 percent from the previous close of 7,757 points. It opened at 7,695 points, MarketScreener reported.

S&P 500 by the numbers on October 22, 2026

Index: S&P 500
Home exchange: NYSE and Nasdaq, United States
Level at 12:21 p.m. ET on October 22, 2026: 7,681 points
Change versus previous close of October 21, 2026: down 76 points (down 1.0 percent)
Previous close: 7,757 points
Open: 7,695 points
Top gainer: Spotify up 8.0 percent
Top loser: Lam Research down 10.0 percent
Next scheduled event: October 23, 2026, 9:45 a.m. ET: Flash U.S. purchasing managers' indexes