US stocks ended a volatile week lower on Friday, October 23, as rising oil prices spread the selling beyond technology. The Dow Jones Industrial Average, which tracks 30 large US companies, fell 1.2%, about 600 points. The S&P 500, the broad measure of the 500 biggest US companies, slipped 0.5%, and the tech-heavy Nasdaq dipped 0.2% after its steep drop on Thursday. The S&P 500 and Nasdaq posted their second straight weekly loss, while the Dow still finished the week with a gain. Oil was the main pressure. Brent crude, the global oil benchmark, climbed above $117 a barrel, its highest level since March, after Houthi attacks in Saudi Arabia raised fears of more supply disruptions from the Middle East. About three out of four S&P 500 stocks fell, though big oil companies like ExxonMobil and Chevron hit all-time highs. Telecom stocks dropped on a report that SpaceX is moving closer to becoming a wireless carrier. One bright spot was cybersecurity: Palo Alto Networks, Cloudflare, and CrowdStrike each jumped about 7% after an Evercore ISI survey found company security budgets are growing. The rally began after critical flaws in PHP, a widely used web programming language, were found with help from AI. The Federal Reserve meets next week, on October 27–28.
Daily Digest ·
US stocks ended a volatile week lower on Friday, October 23, as rising oil…
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.
US stocks ended a volatile week lower on Friday, October 23, as rising oil prices spread the selling beyond technology.
Philippine stocks fell for a second day on Friday as investors weighed the BSP’s big rate hike.
US & PH Markets at Last Close
Where each market finished its most recent trading session before this issue went out (markets were closed, so these repeat the last trading session).
US markets
| S&P 500 | 7,623.68 -0.52% |
| Dow Jones | 52,215.16 -1.23% |
| Nasdaq | 25,955.34 -0.21% |
| 10-Yr Treasury Yield | 4.99% |
Philippine markets
| PSEi | 5,728.63 -0.88% |
| USD/PHP | 63.56 +0.31% |
| BSP Rate | 5.50% |
Winners & Losers
The stocks that moved most, and why.
USUnited States
- NET Cloudflare+7.4%
Rose with cybersecurity stocks after a survey showed stronger security budgets
- PANW Palo Alto Networks+7.2%
Led a cybersecurity rally driven by stronger spending signals and AI-discovered software flaws
- CRWD CrowdStrike+7.0%
Jumped on the same Evercore ISI survey of rising security budgets (afternoon figure)
- OKTA Okta+5.8%
Rose with the identity and security group (afternoon figure)
- T AT&T-5.0%
Fell on a report that SpaceX is taking another step toward becoming a wireless carrier (premarket figure)
PHPhilippines
- AEV Aboitiz Equity Ventures+3.2%
Top index gainer for the week (weekly change, not daily)
- ALI Ayala Land+2.1%
Second-best index performer for the week (weekly change, not daily)
- RCR RL Commercial REIT-9.5%
Steepest weekly decline among index stocks (weekly change, not daily)
- CNPF Century Pacific Food-7.6%
Among the week’s biggest index losers (weekly change, not daily)
- MER Manila Electric Co.-6.5%
Among the week’s biggest index losers (weekly change, not daily)
Today’s Full Story
USUnited States
PHPhilippines
Philippine stocks fell for a second day on Friday as investors weighed the BSP’s big rate hike. The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, dropped 0.88% to 5,728.63. Losers outnumbered gainers 111 to 66, and trading was light at about ₱4.53 billion. Analysts said the BSP’s 0.5-percentage-point hike on Thursday should help fight inflation but could also slow an already weak economy. Losses across Asian markets and the weak peso added to the caution. For the week, the PSEi fell 0.94%. The peso hit yet another record low, closing at ₱63.615 per dollar after touching ₱63.62. It set a new record low every trading day this week. Since the start of the year, the peso has lost about 8% of its value against the dollar. Closer to home, diesel prices are expected to rise again next week, a direct result of the oil surge.
US–PHHow US news affects the Philippines
Oil was the thread connecting both markets on Friday. Houthi attacks in Saudi Arabia pushed Brent crude above $117 a barrel, up from under $97 at the start of October. In the US, that dragged down most stocks. In the Philippines, it hits even harder, because the country imports nearly all its fuel and pays in dollars. Higher oil prices raise demand for dollars, which helped push the peso to another record low despite the BSP’s jumbo rate hike a day earlier. They also feed directly into local prices, starting with another expected diesel price increase next week. This is the bind the BSP warned about: inflation is already at 7.2%, and rising fuel costs threaten to push it higher, while higher interest rates make loans more expensive for families and businesses. OFW families get more pesos for each dollar sent home, but that gain is being eaten up by pricier fuel, transport, and food. Next week’s Fed meeting matters too. If the Fed signals more rate hikes, the US dollar could strengthen further and add to the peso’s pressure.
Sa Taglish
Langis ang nagdugtong sa dalawang market nitong Friday. Dahil sa atake ng Houthi sa Saudi Arabia, umakyat ang Brent crude sa lampas $117 kada barrel, mula sa mas mababa sa $97 nung simula ng October. Sa US, hinila nito pababa ang karamihan ng stocks. Sa Pinas, mas matindi ang tama, kasi halos lahat ng fuel natin imported at binabayaran in dollars. Pag mas mahal ang langis, mas maraming dollar ang kailangan natin, kaya bumagsak ulit ang piso sa panibagong record low kahit nag-jumbo rate hike pa ang BSP nung isang araw. Direkta rin itong tatama sa presyo ng bilihin, simula sa inaasahang dagdag-presyo ng diesel next week. Ito ‘yung sitwasyong binabalaan ng BSP: nasa 7.2% na ang inflation, at puwede pang tumaas dahil sa mahal na fuel, habang ang mas mataas na interest rates naman ay nagpapamahal sa pag-utang ng pamilya at negosyo. Ang mga pamilyang may OFW, mas maraming piso ang natatanggap sa bawat dollar na padala, pero kinakain ‘yan ng mas mahal na gasolina, pamasahe, at pagkain. Importante rin ang Fed meeting next week. Kung magpahiwatig ang Fed ng dagdag na rate hikes, puwedeng lalong lumakas ang dollar at lalong maipit ang piso.
USD/PHP
Biggest mover: Dow Jones -1.23%
What to Watch
- The Fed’s October 27–28 decision is next week’s biggest event, and any hint of more hikes could push the peso past its new record low.
- Diesel prices are expected to rise again next week, so watch for knock-on effects on transport fares and food prices.
- Watch whether Brent crude stays above $115 as Middle East attacks continue, since oil is the main driver of both the peso’s slide and US market jitters.
Sources
The original reporting behind this issue.
US markets
- Stock market today: Dow sinks 600 points, S&P 500, Nasdaq drop to cap a volatile week, oil prices rise
US stocks fell Friday as selling spread beyond the AI trade and oil prices climbed, leaving the S&P 500 and Nasdaq with a second weekly loss.
- Rising oil prices cause Wall Street to lose ground
Rising oil prices weighed on most stocks as Brent crude reached its highest level since March.
- Dow, S&P 500 fall, tech steadies to end rocky week
The Dow and S&P 500 fell while tech steadied, as investors looked ahead to more earnings and next week’s Fed meeting.
- Stock market news for Oct. 23, 2026
Selling shifted from tech to other sectors as Middle East tensions rose, while telecom stocks fell on a SpaceX wireless report.
- Palo Alto and Crowdstrike Jumped 6%, and Okta Up 5% as Evercore Survey Flags Stronger Cyber Demand
Cybersecurity stocks rallied after a survey of channel partners found company security budgets getting stronger.
PH markets
- PSEi falls to 5,728 on rate hike, weaker peso
Local stocks fell as investors weighed how higher borrowing costs could affect growth, while the weaker peso added to the jitters.
- Peso sinks to 31st record low in 2026 at P63.615:$1
The peso set a new record low on Friday after hitting all-time lows every trading day this week.
- Peso hits fresh record low of P63.615 against dollar
The peso closed weaker than Thursday’s previous record, according to Bankers Association of the Philippines data.
- Peso hits new low; stock mart retreats
Analysts said the peso’s lasting recovery will depend more on confidence in the domestic economy than on interest rate gaps with the US.
Cross US–PH
- Rising oil prices cause Wall Street to lose ground
Brent crude surged from below $97 at the start of October to its highest level since March.
- Morning Preview: October 23, 2026
Oil hit a more than five-month high after Houthi attacks in Saudi Arabia raised fears of further Middle East supply disruptions.
- PSEi falls to 5,728 on rate hike, weaker peso
Brokers said the BSP’s hike could slow growth even as it fights inflation, and noted that diesel prices are poised to climb next week.
- Peso hits new low; stock mart retreats
A trader said US market forces could dilute the peso support from the BSP’s 50-basis-point hike.
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.