Nasdaq Futures Sink 1.9% as AI Spending Fears Return and Oil Tops $112

Nasdaq-100 futures fell 1.93% in premarket trading on Thursday, October 22, as earnings from Tesla and Meta revived investor worries about the cost of the AI buildout — and Brent crude jumped more than 3% past $112 a barrel, near a five-month high, on fears of oil supply disruption in Saudi Arabia.

What happened in markets this morning?

At 4:56 a.m. ET, Dow futures were down 367 points (0.69%), S&P 500 futures were down 85.5 points (1.1%), and Nasdaq-100 futures were down 578.5 points (1.93%), according to Reuters. The selloff reversed Wednesday's strong session, when the Nasdaq led Wall Street higher on robust results from SpaceX and Super Micro Computer.

Tesla fell 5.3% premarket after cutting its annual capital expenditure forecast, raising questions about the pace of its AI and robotics expansion. Meta slipped 1.9% after introducing new non-voting shares to help fund its costly AI push. SpaceX dropped 2.3% and Super Micro fell 4.7%, as investors shifted focus from earnings beats to the mounting cost of building AI infrastructure.

Why are chip and AI stocks falling together?

The pressure was broad across semiconductors. Intel was down 5.1% premarket, while AMD, Qualcomm, Marvell Technology, Broadcom and Micron Technology slipped between 2.9% and 5.3%. Nvidia fell 2.4% and Amazon declined 1.6%. Separate reporting citing Bloomberg noted Nasdaq-100 futures down about 1.8% and the S&P 500 down about 1%, with chip-equipment maker Lam Research also under pressure after guidance that disappointed investors — reinforcing the theme that markets are now asking how quickly heavy data-center spending will pay off.

Memory stocks were hit too: Micron dropped about 3.57% premarket in separate coverage, giving back part of Wednesday's gain, as investors weighed how long strong AI demand can support current valuations ahead of earnings from SanDisk and SK Hynix later this month.

Why did oil jump past $112?

Brent crude futures climbed $3.35, or 3.08%, to $112.17 a barrel by 0818 GMT — the highest since May 18 — after hitting $112.55 earlier in the session, according to Reuters reporting on the oil market. U.S. West Texas Intermediate crude gained $2.68, or 2.76%, to $99.83. Reuters reported that further Houthi attacks in Saudi Arabia stoked concerns over a broader escalation and further disruption to crude supplies from the world's key exporting region. U.S. crude stocks also fell 3.06 million barrels last week, according to EIA data cited in the same report, adding to the tight-supply picture.

Higher oil matters for stocks because it feeds inflation pressure at the same moment investors are already uneasy about interest rates staying high — a combination that tends to hit high-growth technology shares hardest.

What else moved in the risk-off shift?

A flight to safety pushed the 10-year U.S. Treasury yield down to around 5.085%, as government bonds gained. Bitcoin fell 3.4%, reflecting the broader risk-off mood, with separate market coverage putting bitcoin near $82,000 and ether down about 3% as well. In short: money moved out of growth stocks and crypto and into bonds, all before the opening bell.

Why is this blowing up?

Two of the year's biggest market stories collided in one morning. First, the AI spending question: Tesla and Meta both reported solid headline numbers this week, yet the market reaction focused not on revenue but on what the AI race costs — Tesla trimming its spending forecast, Meta creating a new share class to fund its push. Second, the oil shock: Brent above $112 revives the inflation worry that has shadowed this market all autumn. When both stories hit at once, futures traders headed for the exits together, which is why the move showed up across tech, chips, crypto and bonds at the same time.

What's next?

Later Thursday, earnings from Spotify, Blackstone, American Airlines and Honeywell International are expected to offer a broader read on corporate performance across sectors, according to Reuters. Traders will also watch whether Brent holds above $112, how the cash market opens after the premarket slide, and whether upcoming results from SanDisk (October 29) and SK Hynix (October 27) reassure investors on AI demand. This post reports what happened and why markets reacted; it is not financial advice, and nothing here is a recommendation to buy, sell or hold any security.

Sources

• Reuters — Nasdaq futures drop over 1% as AI worries resurface, oil climbs
• Reuters via LSE — Oil jumps on escalating Middle East conflict
• PANews citing Bloomberg — AI ROI concerns mount, risk-off sentiment drives Treasuries higher
• Summa Money — Stock market today: Dow, S&P 500, Nasdaq futures fall as traders assess Tesla, Meta earnings

FAQ

Why did Nasdaq futures fall on October 22, 2026?

Nasdaq-100 futures fell 1.93% premarket because Tesla and Meta earnings did little to ease concerns about the cost of AI spending, while a jump in oil prices added to the risk-off mood, according to Reuters.

How high did Brent crude go?

Brent climbed 3.08% to $112.17 a barrel, its highest since May, after further attacks in Saudi Arabia raised fears of supply disruption; WTI rose to $99.83.

Which stocks fell the most premarket?

Tesla fell 5.3% and Intel fell 5.1%, with Super Micro down 4.7% and AMD, Qualcomm, Marvell, Broadcom and Micron down between 2.9% and 5.3%; Meta slipped 1.9% and Nvidia 2.4%.

What should traders watch next?

Thursday earnings from Spotify, Blackstone, American Airlines and Honeywell, whether Brent holds above $112, and upcoming chip results from SK Hynix and SanDisk later this month.