S&P 500 Slips 0.53% as Dow Drops 1.23%; Energy and Tech Buck the Selloff

The S&P 500 closed at 7,622.86, down 0.53% on the day, while the Dow Jones Industrial Average fell further, losing 1.23% to 52,215.16. The Nasdaq Composite held up better, slipping just 0.21% to 25,955.34, and the Russell 2000 of smaller companies eased 0.29% to 2,775.90. The 10-year Treasury yield rose 0.73% to 4.989%, and the VIX, a measure of expected market volatility, climbed 2.21% to 19.45, reflecting rising caution among investors.

The biggest S&P 500 moves

Crown Castle led gainers, up 9.05%, after Barron's reported that SpaceX is pursuing access to wireless cell towers as part of a broader push to become a full-service wireless provider, a move that lifted tower operators. CrowdStrike rose 8.25% and Palo Alto Networks gained 7.22%; CNBC linked the advance in cybersecurity stocks to a warning from U.S. security agencies about vulnerabilities in the PHP programming language used widely across the internet. Schlumberger added 7.08% and Halliburton rose 5.21%, with Reuters noting that Halliburton had forecast stronger 2027 revenue growth tied to a recovery in Middle East activity.

On the downside, Bloom Energy dropped 11.24%; CNBC reported that despite beating earnings expectations and raising its full-year guidance, the company's quarter showed negative free cash flow, which unsettled investors. Comfort Systems USA fell 9.26% and Globe Life declined 8.09%, both without an explanation in the available sources. AT&T slid 7.96% and T-Mobile US dropped 7.67%; Investor's Business Daily reported that a report on SpaceX's interest in cell site access intensified competitive concerns for traditional wireless carriers.

Sectors

Only 3 of the 11 sectors finished higher. Energy led by a wide margin, up 2.59%, followed by technology, which gained 0.51%, and real estate, up 0.12%. Consumer staples lagged furthest, down 1.92%, with communication services and consumer discretionary also among the weakest performers.

New highs and lows

Seventeen S&P 500 stocks touched a 52-week high Friday, while eight fell to a 52-week low. Among the highs were APA Corporation, American Tower and ConocoPhillips, all energy-linked or tower names. On the low side, T-Mobile US, MGM Resorts and Howmet Aerospace each touched new 52-week lows.

On the calendar

The S&P Global Services PMI for October came in at 57.9, just under the consensus of 58, while the Manufacturing PMI beat expectations at 56 versus a forecast of 55.5. The Composite PMI matched consensus at 57.6. Michigan Consumer Sentiment for October registered 48, above the consensus of 46.3, though Axios noted the reading remained essentially flat from September's 48.1 amid continued frustration over the cost of living.

Looking ahead to Monday, October 26, Verizon will report earnings before the market opens, with an EPS estimate of $1.27. After the close, results are expected from Alexandria Real Estate Equities, Brown & Brown, Cadence Design Systems, Cincinnati Financial, Hartford, Nucor, Principal Financial Group, Public Storage and Welltower.