Wall Street mixed as Nasdaq slides 700 points on tech sell-off

U.S. stocks closed mixed on Wednesday, October 22, with the Dow Jones Industrial Average edging up 11.89 points, while the Nasdaq plunged nearly 700 points amid a heavy sell-off in technology shares. The Dow closed at 52,867.98 points, up 0.02%. The S&P 500 fell 93.74 points, or 1.21%, to 7,663.43, and the Nasdaq dropped 693.998 points, or 2.60%, to 26,008.859. The Philadelphia SE Semiconductor Index (SOX) tumbled 6.7%, its steepest daily drop since June 23, though it remains up 51.5% year-to-date. Analysts attributed the tech sell-off to investor concerns about AI investment limits. Geopolitical tensions also weighed on markets, as Houthi attacks on Saudi Arabia and reported U.S.-Israel plans to strike Iran pushed oil prices to a five-month high. WTI crude rose 2.39% to $99.47 per barrel, while Brent gained 4% to $113.17.