Wall Street ended a rough week lower on Friday, October 16, led by another sell-off in technology stocks. The tech-heavy Nasdaq Composite fell about 2%, the S&P 500 (the broad measure of the 500 biggest US companies) dropped about 1%, and the Dow Jones Industrial Average slipped 0.6%. For the week, the Nasdaq lost 4.6%, its worst week since early June, and the S&P 500 fell about 2%. Only 10 days ago, both indexes were at record highs. The main worry is whether companies spending huge sums on artificial intelligence (AI) can earn enough to repay what they’ve borrowed. CoreWeave, a heavily indebted company that rents out AI computing power, was the center of that fear again, falling about 14% on Friday and losing roughly a quarter of its value for the week. Chip stocks fell for an eighth straight day, a losing streak not seen since 2008. Oil also jumped, with the global benchmark Brent near $110 a barrel. There was some good news on interest rates. Federal Reserve Chair Kevin Warsh avoided hinting at another rate hike, and the odds of a hike at the Fed’s late-October meeting dropped to about 15% from roughly 27%. Goldman Sachs now expects the Fed to pause in October and raise rates one last time in December.
Daily Digest ·
Wall Street ended a rough week lower on Friday, October 16, led by another…
What moved Wall Street and the PSEi, and what it means for your money, in plain language.
Today, in Two Lines
The day’s biggest story in each market.
Wall Street ended a rough week lower on Friday, October 16, led by another sell-off in technology stocks.
Philippine stocks had a strong finish to the week.
US & PH Markets at Last Close
Where each market finished its most recent trading session before this issue went out.
US markets
| S&P 500 | 7,659.44 -1.09% |
| Dow Jones | 52,002.41 -0.34% |
| Nasdaq | 26,140.03 -2.15% |
| 10-Yr Treasury Yield | 5.10% |
Philippine markets
| PSEi | 5,782.70 +2.11% |
| USD/PHP | 62.99 +0.26% |
| BSP Rate | 5.00% |
Winners & Losers
The stocks that moved most, and why.
USUnited States
- CRWV CoreWeave-14.0%
Fell again on worries about its heavy debt load and whether AI spending will pay off; down about a quarter this week (late-session figure)
- FOXF Fox Factory-9.0%
Its CEO stepped down and the company trimmed its full-year revenue outlook (midday figure)
- AA Alcoa+6.6%
Rose after stronger-than-expected quarterly results; among the Russell 1000’s top gainers (midday figure)
- MOG Moog+4.0%
Rose after Morgan Stanley upgraded the stock to overweight, meaning it expects the stock to beat its peers (midday figure)
PHPhilippines
- RCR RL Commercial REIT+9.1%
Top gainer at ₱6.75 on strong foreign buying, with its next quarterly dividend announcement typically due in early November
- ICT International Container Terminal Services+4.8%
Index heavyweight rebounded to ₱860 and helped lead the services sector
- TEL PLDT Inc.+4.2%
Climbed on a second straight day of strong foreign buying, helping lead the rally
- DMCI DMCI Holdings-1.4%
Main index laggard, slipping to ₱7.27
Today’s Full Story
USUnited States
PHPhilippines
Philippine stocks had a strong finish to the week. The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, jumped 2.11% to 5,782.70, its second straight gain. Gainers outnumbered losers 106 to 78. Foreign investors were net buyers for a second day, buying about ₱148 million more than they sold. Services stocks led the rally, powered by port operator ICTSI and telecom giant PLDT, while conglomerates (companies that own many different businesses) slipped. Analysts credited bargain hunting, lower bond yields and oil prices during Asian trading, and a surprising regional development: index provider MSCI warned it may downgrade neighboring Indonesia’s stock market, which could send some foreign investment toward other emerging markets, including the Philippines. The peso also caught a break. After hitting a new intraday record low of ₱63.23 per dollar, it recovered to close at ₱62.985, stronger than Thursday’s record-low close of ₱63.06. Still, analysts cautioned that trading volume was light, which suggests investors aren’t fully convinced yet. Geopolitical risks and the local economy remain key worries.
US–PHHow US news affects the Philippines
Two stories outside the Philippines helped local markets on Friday. The first came from the US. Fed Chair Warsh’s careful remarks made a US rate hike this month look much less likely. When the chance of higher US interest rates fades, the US dollar tends to lose some of its pull, which takes pressure off currencies like the peso. That helped the peso bounce back from a record low, and it matters for ordinary Filipinos because a stronger peso eases the cost of imported fuel, food, and goods. The second story was next door. MSCI’s warning on Indonesia triggered that market’s worst single-day crash since the 1998 Asian financial crisis, and some foreign funds may move money into other emerging markets like the Philippines. Foreign investors were net buyers of Philippine stocks on Friday. There is a catch to watch. Oil prices dropped during Asian trading, which helped the PSEi, but rebounded toward $110 a barrel later in US trading. Because the Philippines imports most of its fuel and pays in dollars, higher oil can push the peso and local prices back up. For OFW families, the peso’s weakness still means more pesos per dollar sent home, but that benefit is partly eaten up by higher prices at home. The Bangko Sentral ng Pilipinas (BSP) decision on October 22 and the Fed meeting at the end of October will be the next big signals.
Sa Taglish
Dalawang kwento mula sa labas ng Pinas ang nakatulong sa market natin nitong Friday. Una, galing US. Maingat magsalita si Fed Chair Warsh, kaya bumaba nang malaki ang chance na magtaas ulit ng interest rates ang US ngayong buwan. Pag lumalabo ang rate hike sa US, medyo humihina ang hatak ng dollar, kaya nakakahinga ang piso. Kaya ayun, nakabawi ang piso mula sa record low nito. Mahalaga ‘yan sa ating lahat kasi pag mas malakas ang piso, mas mura ang imported na gasolina, pagkain, at iba pang bilihin. Pangalawa, sa kapitbahay nating Indonesia. Nagbabala ang MSCI na baka i-downgrade nila ang stock market doon, kaya bumagsak ito nang pinakamalala mula pa noong 1998 Asian financial crisis. Ang ibang foreign funds, baka ilipat ang pera nila sa ibang emerging markets tulad natin, at nag-net buy nga ang mga foreigner sa PSE noong Friday. Pero may dapat bantayan. Bumaba ang presyo ng langis habang bukas ang Asian markets, kaya natulungan ang PSEi, pero umakyat ulit ito papuntang $110 kada barrel sa US trading. Dahil halos lahat ng fuel natin imported at binabayaran in dollars, puwede ulit nitong idiin ang piso at ang presyo ng bilihin. Para sa mga pamilyang may OFW, mas maraming piso pa rin ang natatanggap sa bawat dollar na pinapadala, pero nababawasan ang benefit na ‘yan dahil mas mahal ang bilihin dito. Abangan natin ang desisyon ng BSP sa October 22 at ang Fed meeting sa end of October.
USD/PHP
Biggest mover: Nasdaq -2.15%
What to Watch
- The BSP’s policy meeting on October 22 is next, so watch whether it raises rates again to support the peso and fight inflation.
- The Fed meets October 27–28, and while markets now see only about a 15% chance of a hike, a surprise would hit the peso and local stocks.
- Watch whether oil stays near $110 and whether foreign money keeps flowing into Philippine stocks as the MSCI review of Indonesia unfolds.
Sources
The original reporting behind this issue.
US markets
- Stock market today: Tech selloff weighs on stocks to end volatile week
US stocks fell Friday as tech led the way down amid continued doubts about AI, while oil prices climbed sharply.
- Nasdaq sinks more than 2% as investors raise questions about AI debt
Tech stocks had a turbulent week as worries about higher interest rates and growing AI-related debt dragged on investor confidence.
- Nasdaq 100 Falls 2.5% on AI Jitters as Oil Climbs: Markets Wrap
Another wave of tech selling shook Wall Street as investors questioned whether the AI boom can deliver returns on its massive spending.
- Warsh Boosts Market Expectations Of Fed Rate Hold In October
Fed Chair Warsh said little about policy at an IMF event, and traders cut their bets on an October rate hike.
- Stocks making the biggest moves midday: CoreWeave, Moog, J.B. Hunt, Alcoa & more
A roundup of Friday’s notable midday movers, including bank earnings beats, an analyst upgrade for Moog, and a CEO exit at Fox Factory.
- Nasdaq 100 Slides As Micron, SanDisk, CoreWeave Sink: Stock Market Today
US stocks split at midday as AI-financing fears pulled down the Nasdaq 100 while investors rotated into value and defensive names.
PH markets
- PSEi climbs 2.11% on bargain hunting, lower oil prices
Local stocks rallied on bargain hunting, helped by lower global bond yields and oil prices.
- PSEi surges as MSCI Indonesia warning, lower yields lift sentiment
The PSEi ended the week strong as investors bought local stocks that could benefit from MSCI’s warning on Indonesia.
- PSE Index Surges 2.11% as ICTSI and PLDT Lead Rally
The index jumped as investors bought selected blue chips after recent declines, with ICTSI and PLDT leading the way.
- October 16, 2026
October 16, 2026 | A daily recap of Philippine stock moves highlighting RL Commercial REIT as the top gainer and strong foreign buying in PLDT.
- Peso rebounds from record low, closes at P62.985:$1
The peso recovered against the dollar after touching a new intraday record low, closing stronger than Thursday.
Cross US–PH
- Peso rebounds from record low, closes at P62.985:$1
The peso bounced back on Friday after an early slide to a fresh record low.
- Fed’s Warsh withholds rate signal, praises recent global tightening
Speaking in Bangkok, Fed Chair Warsh declined to say whether the Fed will raise rates again this month.
- Indonesia’s IHSG Plunges 8% and Trading Halted After MSCI Proposes Reclassification to Standalone Market
Indonesia’s main stock index suffered its biggest one-day drop since 1998 after MSCI proposed downgrading the market.
- PSEi climbs 2.11% on bargain hunting, lower oil prices
A local broker said MSCI’s Indonesia warning could shift some foreign money toward other emerging markets, including the Philippines.
- Stock market today: Tech selloff weighs on stocks to end volatile week
Oil prices surged during Friday’s US session even as tech stocks dragged the market lower.
Terms to know
- Stock
- A tiny piece of ownership in a company. Buying a company's stock means you own a small part of that business.
- Stock market
- The overall marketplace where stocks are bought and sold. When we say 'the market' or show numbers like the S&P 500 or PSEi, we mean a snapshot of how stocks overall are doing that day.
- Interest rate
- The cost of borrowing money, or what you earn for saving it. When rates go up, loans get pricier, but savings can earn a bit more.
- Inflation (CPI)
- When everyday prices rise over time, so the same money buys less than before. CPI is the number used to measure it.
- Fed (Federal Reserve)
- The US central bank. It sets interest rates, which affect how expensive it is to borrow money, even here in the Philippines.
- BSP (Bangko Sentral ng Pilipinas)
- The Philippine central bank, PH's equivalent of the Fed.
- PSEi
- A single number that tracks how the Philippines' biggest company stocks are doing overall, like a report card for the PH stock market.
- bps (basis points)
- A small unit for measuring interest rate changes: 100 bps = 1%. Used because rate changes are usually tiny.
- 10-Yr Yield
- The interest rate the US government pays to borrow money long-term. When it rises, loans and mortgages tend to get pricier everywhere, not just in the US.
- USD/PHP
- How many pesos it takes to buy one US dollar.
- OFW remittances
- Money sent home by overseas Filipino workers, a key driver of peso demand.
Summaries, mover explanations, and forward-looking notes in this issue are AI-written from real market data and sourced news. Not financial advice.