S&P 500 Closes Down 84 Points as Tech Stocks Lead the Selloff
As seen on the 24/7 Wall St. homepage on October 16, 2026.
- S&P 500-1.09%
- Dow Jones Industrial Average-0.54%
- Nasdaq Composite-2.30%
The Nasdaq's 2.3% drop was more than four times the Dow's loss, concentrating the damage in the crowded tech trade. Anyone overweight big tech felt this close far more than the index headline suggests.
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The S&P 500 ended the session at 7,659.75, and the roughly 1.1% index headline understates the pain for investors concentrated in the tech-heavy corners of the market.
The Nasdaq Composite dropped 2.3%, more than four times the Dow Jones Industrial Average's loss of about 0.5%. That gap shows the selling was aimed squarely at the crowded big-tech trade.
Both indexes held modestly positive early before pressure built through the afternoon, with the S&P 500 touching its steepest losses in the final hour of trading.
Investors who were overweight large-cap technology felt this close far more acutely than the broad index figure suggests. A portfolio that mirrors the S&P 500 equally weighted would have looked very different from one tilted toward the names that dominate the Nasdaq.