Markets

Dow Logs Third Straight Weekly Gain Despite Friday Drop as S&P 500 and Nasdaq Slip for the Week

The Dow closed Friday down 1.23% at 52,215.16 yet rose 0.4% for the week, its third weekly gain in a row, while the S&P 500 fell 0.5% and the Nasdaq 0.7% on oil and AI-spending worries.

Oct 24, 2026 - 12:15

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U.S. stocks finished a volatile week mixed, with the Dow Jones Industrial Average holding on to a weekly gain even after a steep Friday decline, while the S&P 500 and the Nasdaq Composite closed out the week lower as rising oil prices and doubts about artificial-intelligence spending weighed on sentiment.

Friday's close

On Friday, October 23, 2026, the Dow fell 652.82 points, or 1.23%, to 52,215.16, the S&P 500 lost 39.75 points, or 0.52%, to 7,623.68, and the Nasdaq Composite slipped 53.52 points, or 0.21%, to 25,955.34, Reuters reported. The small-cap Russell 2000 declined 8.13 points, or 0.29%, to 2,775.90, according to Kitco News.

For the week, the S&P 500 fell 0.5% and the Nasdaq dropped 0.7%, while the Dow rose 0.4%, notching its third straight weekly gain, Reuters said. MSCI's gauge of stocks across the globe fell 0.35% on Friday to 1,118.97.

Energy up, defensives and blue chips down

Brent crude rose 3.1% to settle at $116.72 a barrel on Friday, its highest settlement since April, amid reports that the U.S. and Israel may be planning renewed attacks on Iran, CNBC reported. The S&P 500 energy sector rose 2.5% to a record high, according to Reuters, and ExxonMobil, Chevron and ConocoPhillips all traded at all-time highs, CNBC reported.

More defensive groups, including consumer staples, utilities and health care, ended lower, CNBC said. Within the Dow, American Express fell 3.7% after announcing job cuts, The Wall Street Journal reported, while Caterpillar slipped about 2% and Goldman Sachs lost more than 1%, according to CNBC.

Technology shares steadied after Thursday's rout. An index of semiconductor stocks rose 0.4% a day after posting its biggest one-day percentage drop since June, and the S&P 500 technology sector also gained 0.4%, Reuters reported. Micron Technology rose nearly 3% and Advanced Micro Devices gained almost 2%, according to CNBC.

The 10-year Treasury yield was around 4.999% late in the session, up more than 4 basis points on the day, after falling below 5% on Thursday for the first time in a month, CNBC reported. The Cboe Volatility Index rose above 20 during Friday's session after jumping 14% to 19.03 on Thursday, the network said.

A week shaped by megacap results

Meta Platforms shares slumped more than 9% over the week after the company reported negative free cash flow for the first time since its public debut, while Tesla ended the week up about 5% after initially falling on its results, CNBC reported. Alphabet shares were down more than 5% for the week, and Amazon and Microsoft were each down about 1%.

The divergence extends across October. As of Friday, the Nasdaq was on course to end the month down more than 3%, while the Dow was set to finish the month nearly 3% higher, according to CNBC, which also noted that semiconductor stocks were down more than 15% for the month. An S&P 500 index that excludes AI-related companies was up about 6.6% in October through Thursday, compared with a decline of roughly 0.4% for the full S&P 500, CNBC reported separately.

Earnings and the week ahead

Of the S&P 500 companies that had reported third-quarter results as of Friday, 82% beat expectations, CNBC said. Third-quarter S&P 500 earnings are on pace to rise more than 32% from a year earlier, according to LSEG data cited by Reuters, which noted that the benchmark index is up 11% in 2026.

Next week is the busiest of the reporting season, with 163 S&P 500 companies scheduled to report, according to CNBC. Alphabet and Microsoft report on Wednesday, October 28, and Amazon on Thursday. The Federal Reserve concludes a two-day policy meeting on Wednesday and is widely expected to hold its target range at 3.75% to 4.00%. Fed funds futures late Friday implied a less-than-10% chance of a rate hike at the meeting and roughly an 80% probability of a hike in December, Reuters reported, citing LSEG data. The September personal consumption expenditures price index, the Fed's preferred inflation gauge, and the first estimate of third-quarter GDP are due on Thursday, October 29. U.S. midterm elections follow on November 3.