Global Stocks Fall Again as AI Worries, $114 Oil and French Yields Weigh

Global stock markets were broadly lower again on 22 and 23 October 2026. A sharp sell-off in artificial-intelligence-linked shares on Wall Street on Thursday was followed on Friday by lower European markets, mixed trading in Asia and a further rise in oil prices, according to The Associated Press, Euronews and Fortune.

The S&P 500 dropped 1.2% on Thursday and the Nasdaq composite fell 2.6%, according to Euronews, or 2.9%, according to Fortune. The Associated Press reported that investors are concerned about whether AI valuations are justified and that high interest rates are making the borrowing to fund AI investment more expensive. Oil and French government bond yields added to the pressure. Brent crude rose above $114 a barrel on worries about the war with Iran, and France’s 10-year yield reached a record near 5.1%.

What Happened on Wall Street on Thursday

Euronews put the S&P 500 decline at 1.2% and the Nasdaq composite’s at 2.6%, while noting that most individual US stocks still rose. Fortune gave the S&P 500 move as 1.21% and the Nasdaq decline as 2.9%. The Dow added less than 0.1%, Euronews said.

Several large names led the fall. Euronews reported that Nvidia lost 4.4% and was the biggest drag on the S&P 500. Meta Platforms dropped 7%, Tesla fell 3.1% and CoreWeave tumbled 10.1%. Fortune put CoreWeave’s fall at 10.06% and said the stock was down 22% for the year.

Meta fell after reporting revenue above analyst expectations, Euronews said, though its profit fell short. Euronews also reported that the company plans a new class of non-voting shares to fund AI investments and other expenses. Tesla beat profit expectations but missed on revenue, Euronews reported.

Euronews said AI stocks sold off on concerns about expensive borrowing for data centres and chips, and linked CoreWeave’s drop to worries about its debt. Fortune, citing reports, said private equity investors had forced OpenAI to cut the valuation it sought in its latest fundraising, from $1.4 trillion to $1.25 trillion.

Treasury Yield Swing
Euronews reported that the US 10-year Treasury yield fell 16 basis points to 4.97% on Thursday, from 5.13%, after trading above 5.30% earlier in October.

How Europe and Asia Traded on Friday

In early trading in Europe, Euronews reported that the Stoxx 600 eased 0.4%, the FTSE 100 fell 0.3%, the CAC 40 dropped 0.8% and the DAX lost 0.5%. Fortune put the Stoxx 600 at 0.36% lower and the FTSE 100 at 0.56% lower in early trading.

Single-stock moves were also sharp in Europe. Euronews said Kering’s shares fell more than 11% after Gucci sales dropped 6% year on year in the third quarter, adjusted for currency and business changes, slightly worse than analysts expected.

In Asia, Fortune reported that South Korea’s Kospi rose 0.30% and China’s CSI 300 gained 1.71%. Japan’s Nikkei 225 slipped 0.34% and India’s Nifty 50 fell 0.96%. The CSI 300 is down 15% so far this year, which Fortune described as correction territory.

Before the New York open, Fortune said Nasdaq futures were up 0.28% and S&P 500 futures were flat. Bitcoin fell to $81,683, it reported.

Oil Prices and the War With Iran

Euronews reported that Brent crude was at $114.73 a barrel on Friday, up 0.9% after a 4% jump the previous session. US crude rose 1.3% to $100.75. It linked the rally to the war with Iran and to deadly attacks in Saudi Arabia on Thursday.

Fortune reported that Brent touched $114 after a Financial Times report that President Trump’s envoy to the UN said the US was prepared to fight Iran for at least another year, and that it later eased to $113. The Associated Press put Brent at $115.86, up 2.4%, and said it had surged from less than $97 at the start of October.

Shipping costs are adding to the pressure. Euronews, citing MarketWatch, said that by mid-October shipping crude from the Gulf to Asia on a large tanker cost more than $37 a barrel, over five times the pre-war level. Dutch TTF gas for November delivery traded above €93 per megawatt-hour.

The Associated Press said the war has severely cut the world’s oil supply, pushing up the cost of gasoline, food and clothing.

Brent crude rose above $114 a barrel on worries about the war with Iran, and France’s 10-year yield reached a record near 5.1%.

French and US Bond Yields

Fortune reported that France’s 10-year government bond yield reached a record 5.1% before falling back to 5.05%, reflecting investor doubts about the government’s budget plan. Euronews put the yield at about 5.07%, against 3.33% for Germany, a gap of more than 170 basis points. Italy’s 10-year yield dipped below 4.6%, Euronews said.

The Associated Press said yields have been rising globally, partly over concerns about governments taking on too much debt.

In the US, Euronews reported that the 10-year Treasury yield fell 16 basis points to 4.97% on Thursday, from 5.13%. It had traded above 5.30% earlier in October. Fortune gave the level as 4.9% and said it suggested some traders again regarded Treasuries as a haven.

On Friday, the Associated Press reported the 10-year yield at 4.99%, up from 4.96% late Thursday, following sharp drops on Thursday.

Inflation, the Fed and What Comes Next

The Associated Press reported that US inflation remains above 3% and that the Federal Reserve raised its benchmark rate at its last meeting to try to cool it. Wall Street expects the Fed to hold rates steady at its meeting next week, but leans heavily toward another hike in December. The Fed’s preferred inflation gauge, the PCE index, is expected to show inflation rose at a 3.6% rate in September, well above the Fed’s 2% target.

Jim Reid of Deutsche Bank, quoted by Fortune, said the wobbles of recent weeks had “all collided at once.” Chris Beauchamp of IG called the move “digestion, not a crash.” He noted that the Nasdaq 100 hit a record a few weeks earlier and is up about 20% from a year ago, and that the Nikkei 225 is up 24% from March.

Earnings from Microsoft, Amazon and Alphabet are due next week. The Associated Press said investors are watching them to see whether AI spending is paying off.

Euronews said the Federal Reserve announces its rate decision on Wednesday 28 October. Preliminary business activity surveys for the eurozone, UK and US are due on Friday, 23 October, and investors will watch them for signs of how higher energy prices and borrowing costs are affecting growth.

Euronews reported the dollar at 156.93 yen, the euro at $1.1205 and sterling at $1.3381. Gold futures fell 0.8% to $4,027.40 an ounce. US weekly jobless claims fell by 6,000 to 194,000, the lowest since July.

Figures are as of 23 October and were reported during the session, so closing levels may differ.