MarketCatalystThe S&P 500 is down 0.62% with technology off 1.67% and communication services off 1.54%, yet about 55% of its stocks are advancing. Investors are rotating out of crowded AI trades as borrowing costs rise and doubts grow about the sustainability of AI spending. Here is what moved at midday on Oct. 16.
CrowdStrike and Palo Alto Networks closed Wednesday more than 13% below their Oct. 6 records as CIBR lost 5.9% on the week. Hot CPI, AI-financing jitters, a report that OpenAI is eyeing security firm Trail of Bits and stretched valuations all hit at once, even as Citi raised targets.
Tesla jumped about 4% to 5% on its new Roadster, CoreWeave fell 4% on AI debt concerns, and Alcoa rose after a Q3 profit beat as futures edged up following a hot PPI report. Plus bank earnings, the week-ahead calendar & what to watch.
U.S. equities closed mixed on Oct 15, 2026, with the Dow up 1.13% and the Nasdaq down 0.15%. Lower Treasury yields, a firmer gold price and a bounce in Bitcoin helped lift risk assets even as tech lag
Adjusted earnings of $5.09 a share topped the $4.91 estimate and tangible returns reached 18.3%, while revenue of $6.56 billion fell about $50 million short. PNC now expects total revenue to rise about 13.7% in 2026.
Adjusted earnings rose 29% to $1.69 a share, beating estimates, and clients brought in $190.4 billion of core net new assets. Revenue of $7.17 billion landed just under forecasts, and shares fell in premarket trading.