Key Highlights

  • At 7,623.68 on October 23, 2026, the S&P 500 had lost 0.52% on Friday and approximately 0.5% across the week.
  • A second consecutive weekly Nasdaq Composite decline left that benchmark at 25,955.34, whereas the Dow added about 1.4% for a third weekly advance.
  • Thursday brought a 2.9% Nasdaq 100 drop, the steepest since June, and semiconductor shares surrendered approximately 3.2% over five sessions.
  • Brent crude climbed about 6.2% for the week and settled at USD 116.72, encouraging movement toward energy and value shares as AI-linked growth stocks weakened.

Why Did Technology Exposure Leave SPY Behind the Dow?

The SPY fund (NYSEARCA:SPY) lost approximately 0.5% during the week through Friday, October 23, 2026, because weakness in its largest technology holdings outweighed strength elsewhere. A 0.52% final-session retreat put the S&P benchmark at 7,623.68.

By comparison, the Dow completed a third positive week with an advance of about 1.4%, despite Friday’s 1.23% loss. The Nasdaq Composite registered its second weekly loss and finished at 25,955.34. October 22 produced most of the damage when the Nasdaq 100 dropped 2.9%, its sharpest single-session setback since June, amid renewed concern about returns from AI investment.

Semiconductors were especially weak. The Philadelphia Semiconductor Index declined roughly 3.2% for the week despite rebounding 0.44% Friday. Brent’s five-session gain of about 6.2%, to USD 116.72, its highest finish since April 29, supported energy shares.

How Did Benchmark Construction Divide the Week?

The SPDR S&P 500 ETF Trust assigns weight according to market capitalization. Its biggest technology and AI-related members therefore have an outsized effect, so doubts about the payoff from their capital expenditure can pull down the entire benchmark. A few heavyweight moves can consequently dominate the weekly performance.

The Dow instead contains only 30 price-weighted constituents and has greater exposure to industrial, financial and consumer businesses. Those areas advanced through much of the week, explaining why its result differed from the S&P 500 and Nasdaq.

Friday also revealed weakness beyond mega-cap technology. RSP (NYSEARCA:RSP), the Invesco S&P 500 Equal Weight ETF, declined 0.77%, compared with 0.52% for the capitalization-weighted index. That gap indicates that the typical constituent performed worse even as large technology shares steadied.

Which Earnings, Rate and Oil Risks Matter Now?

The next test is whether debate over AI outlays reaches the S&P 500’s heaviest positions. Microsoft (NASDAQ:MSFT) releases figures Wednesday, October 28, following the closing bell. Alphabet (NASDAQ:GOOGL) reports that evening, and Amazon.com (NASDAQ:AMZN) follows Thursday, October 29.

Rates add another source of pressure. The 10-year Treasury yield ended at 4.999%, while futures assigned approximately 71% odds to a December Federal Reserve increase. Brent remained above USD 116. That level creates a further inflation risk. Approximately one-third of index members are scheduled to report during the week.

The Federal Reserve announcement arrives Wednesday, October 28. September PCE inflation and third-quarter GDP are due Thursday, October 29, before the midterm elections Tuesday, November 3. The weekly results therefore reflected where each benchmark placed its greatest weight, rather than one uniform market move.

What to Watch Next: Can October 28 and 29 Catalysts Change SPY’s Direction?

The weekly split reflected benchmark weights rather than a broad collapse. AI-linked technology losses pressed the S&P 500, while the Dow’s value tilt preserved a gain. Friday’s equal-weight result nevertheless warns that pressure had spread to the average stock.

Microsoft, Alphabet and the Fed lead the October 28 agenda, with Amazon and the economic releases following October 29. The November 3 midterms are the next dated event. A weekly direction is not permanent, and this is not a recommendation.