Update: Equities Slide Intraday as AI Spending Concerns Drive Tech Sell-Off

02:16 PM EDT, 10/22/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes declined as renewed unease over artificial intelligence spending weighed on the technology sector. The tech-heavy Nasdaq Composite slid 2.4% to 26,050.8 after midday Thursday, while the S&P 500 fell 1.3% to 7,658.5. The Dow Jones Industrial Average edged down 0.1% to 52,791.5. Wall Street finished Wednesday trading higher, with the S&P 500 extending its winning streak to a third straight session. Among sectors, tech led the laggards with a 2.8% decline intraday Thursday, while consumer staples paced the gainers. Meta Platforms (META) shares tumbled 7.3% intraday. The Facebook parent expects capital expenditures in a range of $135 billion to $145 billion, reflecting a higher bottom end versus the previous guidance of $130 billion. Meta vowed to continue investing aggressively to support its core business and AI initiatives. Its quarterly free cash flow turned negative, Saxo Bank said in a report Thursday. "The investor lesson: a profitable core business can finance ambitious projects, but growing revenue does not automatically translate into growing cash for shareholders," Saxo Bank said. "Meta faces the risk that AI infrastructure costs grow faster than the profits they generate." Tesla's (TSLA) stock fell 2.1% intraday. Tesla's disappointing third-quarter operating margin reflects a ramp in AI investments that could weigh on the electric vehicle manufacturer's near-term earnings, Truist Securities said in note on Wednesday. Procter & Gamble (PG) was up 5.8%, the biggest gain on the Dow. The consumer goods giant lifted its full-year sales growth outlook to reflect an acquisition, while its fiscal first-quarter earnings unexpectedly increased year over year. Moderna's (MRNA) shares plunged nearly 24% intraday, the biggest decline on the S&P 500, following a potential leak of data related to its personalized melanoma vaccine developed with Merck (MRK), Bloomberg reported. Merck was down 1.5%. Treasury yields slumped intraday, with the two-year rate retreating by 17.3 basis points to 4.65% and the 10-year rate off 18.1 basis points to 4.97%. West Texas Intermediate crude oil was up 2.2% at $99.30 a barrel intraday, while Brent climbed 3.3% to $112.44. The US and Israel have drawn up specific plans to resume military operations against Iran after the midterm elections in November, The New York Times reported Wednesday, citing sources. The targets are likely to include Iran's energy infrastructure, nuclear facilities, and missile and drone assets, according to the report. The US has also ordered non-emergency government employees and their families to leave Saudi Arabia amid its ongoing conflict with Yemen's Iran-aligned Houthi rebels, CNBC reported. Spot gold slid 2.3% to $4,047.57 per troy ounce, while silver lost 4.8% to $54.97 per ounce.