US stock markets ended lower on Friday, October 23, as investors reassessed the cost of artificial intelligence investments and telecommunications companies faced pressure from potential competition from SpaceX.
The Dow Jones Industrial Average fell 1.23 per cent to 52,215.16 points, while the S&P 500 declined 0.52 per cent to 7,623.68. The Nasdaq Composite slipped 0.21 per cent to 25,955.34 points, extending a volatile week for technology stocks.
Concerns over the financing and profitability of artificial intelligence infrastructure weighed on investor sentiment. The sell-off intensified on Thursday after Meta Platforms shares dropped nearly eight per cent following concerns about its AI-related spending and its first cash outflow in more than a decade.
Telecommunications stocks also suffered after reports emerged that SpaceX was exploring plans to establish a nationwide wireless carrier in the United States.
AT&T and T-Mobile shares fell nearly eight per cent, while Verizon declined 1.2 per cent. In contrast, tower operators benefited from expectations that a new wireless service could increase demand for telecommunications infrastructure. Crown Castle gained nine per cent, while American Tower rose four per cent.
For the week, the S&P 500 lost 0.5 per cent and the Nasdaq declined 0.7 per cent. The Dow advanced 0.4 per cent, recording its third consecutive weekly gain.
Meanwhile, the energy sector climbed 2.5 per cent to a record high as rising crude oil prices, driven by concerns over Middle East supply disruptions, supported energy stocks.
Investors are now preparing for earnings reports from major technology companies, including Alphabet, Microsoft and Amazon, with their projected AI spending expected to shape market sentiment. The Federal Reserve’s forthcoming interest-rate decision is another key focus.
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