Key Highlights

● Keysight closed at $311.52 on October 22 as tech hardware stocks fell.

● Keysight makes instruments and software that engineers use to design and test electronics.

● Teradyne closed at $308.75, down $36.74, and reports on October 27.

● The S&P 500 technology sector was among the weakest performers.

Keysight Technologies (NYSE:KEYS) sank on Thursday, October 22, 2026, closing at $311.52 as tech hardware stocks took a beating on the S&P 500. The electronic test and measurement company released no company-specific news. Its shares moved with the wider selloff in hardware and semiconductor names.

Keysight makes instruments and software that engineers use to design and test electronics, from wireless networks and chips to data-center equipment. Its business tends to track spending on new technology, including the AI build-out.

A chain reaction from Meta and Lam

The selloff began after Meta Platforms (NASDAQ:META) reported on Wednesday evening. Meta posted record revenue of $64.60 billion, but it narrowed its 2026 capital spending range to $135 billion to $145 billion and reported negative free cash flow of $2.12 billion. Was Meta's first cash outflow in more than a decade.

Lam Research (NASDAQ:LRCX)'s report added to the pressure. Lam guided December-quarter revenue to $8.6 billion, plus or minus $400 million, a midpoint slightly below consensus, and cited supply constraints. Lam's chief executive said clean-room and component constraints will "limit chip makers and equipment companies' ability to fully meet end demand" into 2027.

The Philadelphia Semiconductor Index had its biggest one-day drop since June 23.

Test and hardware peers fell

Keysight had plenty of company. Teradyne (NASDAQ:TER), which makes semiconductor test equipment, closed at $308.75, down $36.74, with no company news. Teradyne reports on October 27. Corning (NYSE:GLW), Amphenol (NYSE:APH) and Arista Networks (NYSE:ANET) also dropped sharply.

Nvidia (NASDAQ:NVDA), one of the biggest drags on the S&P 500 according to market reports, closed at $212.21. Nvidia's chief executive said, "The demand of the capital is much greater than the availability of the capital."

Where the money went

The S&P 500 fell 93.74 points to 7,663.43, its worst day since July. The Nasdaq Composite lost 694.00 points to 26,008.86, its steepest decline since June 5, and about $1 trillion in market value, according to market data. The Dow Jones Industrial Average edged up 11.89 points to 52,867.98.

Money did not leave the market so much as move within it. About two of every three S&P 500 stocks rose, according to market reports. Consumer staples had their best day since April 2025 and hit a record, led by Procter & Gamble (NYSE:PG). Health care hit a record. Homebuilders rallied as the 10-year Treasury yield fell back below a closely watched threshold for the first time since September 22. Railroads Union Pacific (NYSE:UNP) and CSX (NASDAQ:CSX) rose after earnings.

The S&P 500 technology sector was among the weakest performers.

Keysight Takes Cues From Teradyne's Report

Teradyne's results on October 27 will be an early read on demand for test equipment after Thursday's slide.

The hyperscalers follow. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report on October 28, and Amazon (NASDAQ:AMZN) reports on October 29. Their data-center spending plans will set the tone for tech hardware stocks.

The Federal Reserve announces its policy decision on October 28. Third-quarter GDP and September PCE inflation data arrive on October 29, the same day Intel (NASDAQ:INTC) and Caterpillar (NYSE:CAT) are scheduled to report, according to the earnings calendar.

In evening trading, S&P 500 futures were roughly flat at 7,707.0, according to market data.