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Nasdaq futures drop over 1% as AI worries resurface, oil climbs

By Thomson Reuters Oct 22, 2026 | 4:38 AM

Oct 22 (Reuters) – Nasdaq futures slid more than 1% on Thursday as high-growth stocks faced renewed pressure after earnings from Tesla and Meta Platforms did little to allay concerns ​over AI spending, while a rebound in oil prices ‌further dampened sentiment.

The weakness follows a strong session on Wednesday when the tech-heavy Nasdaq led Wall Street higher as robust results from SpaceX and Super Micro rekindled optimism around AI-linked stocks.

SpaceX dropped 2.3% and Super Micro fell 4.7% in ‌premarket ​trading on Thursday as investors shifted their ⁠focus from earnings to the ⁠mounting cost of the AI buildout.

Tesla fell 5.3% after the electric-vehicle maker cut its annual capital expenditure forecast, raising questions about the pace of its AI and robotics expansion.

Meta’s shares slipped 1.9% ​after the social media giant introduced new non-voting shares to help fund its costly AI push, reviving investor scrutiny of the ⁠substantial capital required to stay competitive in ⁠the race.

The ‘Magnificent 7’ stocks were also down, with ​Amazon.com declining 1.6% and Nvidia down 2.4%.

Chip stocks dropped, too. Intel was ​down 5.1%, while AMD, Qualcomm, Marvell Technology, Broadcom and ‌Micron Technology slipped between 2.9% and 5.3%.

At 04:56 a.m. ET, Dow E-minis were down 367 points, or 0.69%, S&P 500 E-minis were down 85.5 points, or 1.1%, and Nasdaq 100 E-minis were down 578.5 ⁠points, or 1.93%.

Brent crude climbed more than 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia stoked fears of ⁠supply disruptions and ‌a wider Middle East conflict. [O/R]

A flight to safety ⁠pushed the 10-year yield down to around 5.085%.

Bitcoin ​fell 3.4%, ‌reflecting a broader risk-off mood as investors sought ​safer-haven assets.

Later ⁠in the day, earnings from Spotify, Blackstone, American Airlines and Honeywell International are expected to offer a broader read on corporate performance across sectors.

IBM fell 5.7% even after raising annual software revenue forecast and reporting third-quarter ahead of Wall Street expectations.

(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing ​by Shilpi Majumdar)