2026-10-22 · AI Doubts Sink Tech, Dow Holds
Doubts about AI spending hit chips and the Nasdaq hard while the Dow finished flat, and the scan turned away from technology toward steadier names.
The Signal
The Nasdaq had its worst day since early June and the S&P 500 fell, while the Dow closed flat. Buying flows still outnumber selling flows, but structure is cautious, with lower highs far outnumbering higher highs. Bearish turns cluster in health care, bullish turns in financials.
The Noise
The story is that the AI trade is breaking. Meta slid on its first cash outflow in over a decade and chips extended their slide. The data says the…
The skinny
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