AI Spending Fears Trigger Market Sell-Off Before Halloween

U.S. markets experienced a sell-off as renewed concerns over artificial intelligence company spending triggered declines, with the tech-heavy Nasdaq falling over 2% and the S&P 500 dropping 1.2%, while oil prices jumped amid rising geopolitical tensions. Meta led losses, slumping nearly 7% after reporting negative free cash flow of $2.12 billion in the third quarter and raising its full-year capital expenditure forecast to $135-$145 billion. Meanwhile, the 10-year Treasury yield slid below 5% for the first time in a month, and Brent crude closed at $113.17 per barrel. The oil surge followed reports that U.S. and Israeli militaries have drawn up plans for renewed strikes on Iran after next month's midterm elections. Separately, Elon Musk has committed roughly $366 million to the 2026 election cycle, making him the midterms' biggest individual donor.