Stock Market Today With IBD Tech Stocks Hit, Yields Plunge As AI Trade Fizzles: NetApp, Amgen, Nasdaq In Focus
Oct 22, 2026
A difficult market session sends the Nasdaq and chip stocks lower as the AI trade loses momentum and Treasury yields plunge. Technology weakness drives investors toward defensive sectors, while NetApp shows resilience. Amgen and Nasdaq stand out with notable breakouts, and mixed earnings reactions from Western Digital, Bloom Energy, and MaxLinear add to the market’s caution.
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Nasdaq Breaks Down As Broader Indexes Hold Up
- The Nasdaq fell 2.6%, returning below 26,000 and undercutting its recent low.
- The S&P 500 lost 1.2% but stayed above its prior low, while the Dow and Russell 2000 gained slightly.
Bond Rally Exposes Weakness In AI Stocks
- A sharp 10-year Treasury yield plunge and flight to safety overwhelmed positive Meta earnings news.
- Semiconductor and AI stocks led the damage, with SMH approaching its 200-day moving average and CoreWeave falling again.
Watch Chip Stocks At Their 200-Day Lines
- Watch SMH around its widely followed 200-day moving average after a 6% decline.
- AMD’s heavy down-day volume and break below recent lows confirmed weakening support.