{
  "id": 16251566,
  "title": "US stocks finish down; all eyes on Fed, oil prices",
  "url": "https://urgent.news/2026/10/24/us-stocks-finish-down-all-eyes-on-fed-oil-prices",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-24T00:09:30.000Z",
  "source": {
    "name": "RTHK News - Finance",
    "slug": "rthk-news-finance",
    "url": "https://news.rthk.hk/rthk/en/component/k2/1875154-20261024.htm"
  },
  "original_language": "en",
  "account": "US stock markets closed lower on Friday as investors grappled with rising oil prices and anticipation of a Federal Reserve interest rate policy meeting. The Nasdaq Composite experienced a slight decline following its biggest single-day drop in six months, driven by worries about financing costs for substantial AI investment spending. Over the coming week, approximately one-third of S&P 500 companies, including AI giants Alphabet, Microsoft, and Amazon, are scheduled to release their quarterly earnings, with Alphabet's stock performance serving as a cautionary tale. Kristina Hooper, chief market strategist at Man Group, noted the potential for reduced investment in AI data centers next year compared to earlier projections.\n\nThe Dow Jones Industrial Average dropped 652.82 points, or 1.23%, to 52,215.16, while the S&P 500 fell 39.75 points, or 0.52%, to 7,623.68, and the Nasdaq Composite slipped 53.52 points, or 0.21%, to 25,955.34. Telecom stocks faced pressure, contributing to the communication services sector's decline, following reports that SpaceX was seeking to establish thousands of cell sites for a fourth wireless carrier. The energy sector staged a 2.5% gain, reaching a record high, as Brent crude oil prices surged to their highest level since late April, following Houthi attacks in Saudi Arabia, raising concerns about potential disruptions to Middle Eastern energy supplies.\n\nAmerican Express shares fell 3.7%, impacting the Dow Jones Industrial Average. The company had raised its profit forecast and announced plans to cut five percent of its workforce. A recent University of Michigan survey indicated that US consumer sentiment slipped near a record low in October, reflecting heightened concerns over rising prices due to the Middle East conflict and negatively influencing households' perception of the economy's health. Market attention remains concentrated on the earnings season, with strong corporate profit growth fueling gains in major equity indexes throughout the year. The Federal Reserve is expected to maintain interest rates unchanged in its upcoming policy statement, but investors are keen to learn whether the central bank will consider raising rates during its meeting in December.\n\nIn addition to economic developments, Wall Street is increasingly scrutinizing the November 3 midterm elections, which will determine control of the US Congress and potentially shape the political landscape for the remainder of President Biden's term.",
  "summary": "US markets closed lower on Friday, with investors concerned by rising oil prices, and also looking ahead to a Federal Reserve interest rate policy meeting. The Nasdaq Composite posted a slim loss a day after suffering its biggest one-day drop since June, as concerns flared over financing costs to support heavy AI investment spending. Next week, about one-third of S&P 500 companies report…",
  "key_points": [
    "US stocks closed down on Friday amid rising oil prices and Fed meeting anticipation",
    "Nasdaq Composite fell 0.21%, Nasdaq down 53.52 points to 25,955.34",
    "Fed meeting in December watched closely for potential rate hike decision"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}