Nasdaq futures slide as AI fears, oil spike

Nasdaq 100 futures fell 1.93% on October 22, 2026, with broader Nasdaq futures sliding more than 1%, as growth stocks came under pressure from a new wave of concern over artificial intelligence spending. The move followed a strong prior session in which the tech-heavy Nasdaq had led Wall Street higher on optimism about AI-linked stocks. The shift in sentiment came after earnings from Tesla (TSLA) and Meta (META) Platforms failed to ease doubts about the heavy capital required for AI initiatives and the unclear timeline for returns.

S&P 500 futures dropped 1.1% and Dow futures declined 0.69%, underscoring that the caution extended beyond the technology sector. The renewed worries also pushed the CBOE Volatility Index higher, with the gauge rising 1.57 points to 18.25 after three straight sessions of losses, signaling a pickup in expected equity market swings.

Tesla shares fell 3.6% in premarket trading after the company cut its annual capital expenditure forecast, raising questions about the pace of its AI and robotics ambitions.

Meta’s stock slipped 2% after the company introduced new non-voting shares to help fund its costly AI expansion.

The renewed AI capex anxiety weighed on a wider set of technology and AI-related names. SpaceX (SPCX), which had previously supported AI optimism with robust results, fell between 1.9% and 2.3% in premarket trading, while Super Micro (SMCI) declined between 3.1% and 4.7% as investors focused more on the broader AI narrative than on recent earnings strength. The pullback highlighted sensitivity to any signals that AI investments may be more costly or slower to pay off than hoped.

Other major technology and chip stocks also retreated. Amazon (AMZN) dropped 1.6%, Nvidia (NVDA) lost 2.4%, and Intel (INTC) declined 5.1%, while other chip stocks fell between 2.9% and 5.3%. The selling suggested caution across the AI hardware and cloud ecosystem as investors reassessed the balance between high capital spending and near-term profitability.

At the same time that equity futures weakened, oil prices surged. Brent crude (UKOUSD) climbed more than 3% to about $112 a barrel, a level described as near a five-month high, as further Houthi attacks in Saudi Arabia raised fears of supply disruptions and a wider Middle East conflict. The dual impact of higher energy costs and AI spending concerns added to risk aversion in financial markets.

The rise in oil came alongside moves in other asset classes. The yield on the 10-year U.S. Treasury fell to around 5.085%, suggesting some demand for safer government debt, while Bitcoin (BTCUSD) dropped 3.4%. Together, the shifts in equities, commodities, bonds and crypto pointed to a broader repricing of risk amid uncertainty over both technology investment returns and geopolitical stability.