Chip-Stock Rout Drags Nasdaq Down 2.6% as AI Spending Fears Return; Dow Edges Higher
A sell-off in chipmakers sent the Nasdaq down 2.6% on 22 October as Meta’s spending plans and a Lam Research supply warning revived worries about the AI boom. The Dow edged higher as investors moved into defensive stocks and bonds, while oil hit a five-month high.