U.S. stocks approached the end of a turbulent week with investors confronting a difficult combination: resilient economic growth, renewed inflation pressure, expensive artificial intelligence infrastructure and another rise in oil prices. Technology’s sharp Thursday retreat exposed growing concern about the cost of financing the AI expansion, while Friday’s selling spread into other parts of the market. The week’s central investment question was not whether the economy was growing. It was whether strong demand and corporate investment could keep supporting earnings without producing another round of inflation and financing stress. October business surveys showed expansion remained robust, even as selling prices accelerated and supply bottlenecks intensified. For many, selectivity increasingly mattered more than simply choosing between growth and defensive stocks.

Market Scorecard: October 23 Snapshot

Equity percentage changes represent the displayed daily moves, not weekly returns.

How the Week Unfolded

The week’s most consequential reversal came Thursday. The Nasdaq Composite fell 2.60%, while the S&P 500 lost 1.21%. The Dow managed a 0.02% advance, illustrating how uneven the retreat had become across the market. Friday did not deliver a straightforward flight to safety. CNBC reported pressure in consumer staples, utilities and healthcare, alongside weakness in the Dow. Technology attempted to stabilize during parts of the session, but all four major U.S. equity benchmarks lower on the day.

Macroeconomic Report: Growth Remains Strong, but Pricing Pressure Is Building

October’s preliminary business surveys delivered a clear message: the U.S. economy continued expanding at a healthy pace, but the inflation backdrop became less comfortable. The flash U.S. composite purchasing managers’ index from S&P Global (NYSE: SPGI) slipped to 57.6 from 58.4 in September. Because readings above 50 indicate expansion, the decline signaled slower growth rather than contraction. October still represented one of the strongest activity readings since 2022. The underlying picture was mixed:

• Manufacturing PMI increased to 56.0 from 55.9, reaching a 53-month high.
• Services PMI eased to 57.9 from 58.8, indicating continued expansion at a slower pace.
• New orders rose to 58.2, their strongest reading since March 2022.
• The output-price index climbed to 59.8, its highest level since August 2022.

That combination matters. Strong orders support corporate revenue, but they also give companies more room to pass higher costs to customers. Reuters reported that suppliers’ delivery performance deteriorated further, adding another source of pricing pressure alongside elevated energy costs. The macroeconomic interpretation is therefore more nuanced than a simple slowdown story. Demand remained strong enough to support activity, while supply constraints made that growth more inflationary. That is a less forgiving environment for companies that depend on cheap capital or lack pricing power.

Consumers Remain Uneasy

Household sentiment offered a stark contrast to the business surveys. The University of Michigan’s final October consumer sentiment index stood at 48.0, marginally below September’s 48.1, although above the preliminary October reading of 46.3. Consumers’ one-year inflation expectations increased to 4.7%, while their five-year outlook rose to 3.5%, according to CNBC’s coverage of the survey. The divergence is important: expanding business activity does not automatically translate into stronger household confidence. Companies can report healthy orders while consumers remain frustrated by the cumulative cost of living.

Federal Reserve Outlook: A Bond Rally Does Not Resolve the Inflation Problem

Treasury trading reflected the market’s competing concerns. Thursday’s technology sell-off helped drive investors into government bonds, pulling the 10-year yield below 5%. By the supplied Friday ‘s end, the benchmark yield stood at 4.988%. Reuters recently reported that the Federal Reserve had raised its policy rate in September to a range of 3.75% to 4.00%. Economists cited in that report expected officials to hold rates steady at the next meeting, with an increase still anticipated in December. Those were forecasts, not announced policy decisions. The policy tension is straightforward. Financial-market stress can argue for caution, but strong demand, higher selling prices and rising inflation expectations make an easier monetary stance harder to justify. A rally in Treasury bonds can reflect demand for safety without signaling that the inflation problem has disappeared.

AI Stocks: The Financing Model Takes Center Stage

Artificial intelligence remained a major source of economic investment, but investors increasingly questioned how that spending would be financed and when it would produce sufficient cash flow. Meta Platforms (NASDAQ: META) illustrated the problem. Despite reporting better-than-expected quarterly revenue, its shares fell sharply Thursday as attention shifted toward infrastructure spending. The company raised the lower end of its capital expenditure forecast to $135 billion to $145 billion, from $130 billion to $145 billion. CoreWeave (NASDAQ: CRWV) faced a related challenge. CNBC reported that Morgan Stanley (NYSE: MS) reduced its price target to $70 from $99, citing financing uncertainty even while acknowledging solid operational execution. These developments suggest a more demanding phase for the AI trade. Revenue growth remains important, but many are also scrutinizing debt costs, customer concentration, construction schedules and the cash required to turn contracted demand into operating capacity.

SK Hynix Shelves Solidigm’s Proposed IPO

SK Hynix (SKHY), as identified in the supplied report) halted plans for a U.S. listing of its Solidigm flash-memory subsidiary, citing market conditions and share-price trends. A key distinction matters: the proposed transaction reportedly targeted $10 billion to $15 billion in proceeds at a valuation of up to $150 billion. It was not a plan to raise $150 billion. The decision underscored the widening gap between demand for AI infrastructure and investors’ willingness to finance every expansion plan at an ambitious valuation.

Anthropic Presents a Different Capital-Markets Test

At the same time, Anthropic’s anticipated public offering highlighted the continuing appetite for leading AI platforms. Bloomberg reported a latest private valuation of $965 billion and discussed the possibility of an IPO valuation as high as $2 trillion. The higher figure was a potential outcome, not a completed transaction or established public-market value. Investors including Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN) and Nvidia (NASDAQ: NVDA) could benefit from appreciation in their stakes. However, private valuation gains do not establish what an eventual public offering will price at or how the shares will trade afterward. Taken together, the prospective Anthropic offering and the postponed Solidigm listing illustrate a market becoming more discriminating about which parts of the AI ecosystem deserve fresh capital.

Oil Above $100 Adds Another Inflation Risk

Energy provided one of the week’s clearest pressure points. The supplied December crude contract showed $103.58, up 4.13% on the day, while reporting from Yahoo Finance placed U.S. benchmark crude above $100 and international benchmark Brent above $110. The reporting linked elevated prices to concerns about an extended U.S.-Iran confrontation and the possibility of renewed military escalation. Although alternative shipping routes and pipelines had helped support regional exports, traders remained concerned that further fighting could disrupt those improvements. For the broader economy, sustained expensive oil matters beyond gasoline. October’s business survey already identified higher energy, transportation and raw-material costs as contributors to rising selling prices. That creates a channel through which geopolitical risk can reach corporate margins and consumer inflation.

Healthcare: Cancer Vaccine Progress Meets Elevated Expectations

Moderna (NASDAQ: MRNA) and Merck (NYSE: MRK) demonstrated how a meaningful clinical development can still disappoint the stock market. CNBC reported that their personalized cancer vaccine, intismeran autogene, combined with Keytruda reduced the relative risk of melanoma recurrence or death by 42% compared with Keytruda alone in a Phase 3 trial involving approximately 1,100 patients after surgery. The combination also reduced the relative risk of distant spread or death by 38%. These figures describe relative risk reductions, not absolute percentage-point improvements. Specialists interviewed by CNBC described the findings as clinically meaningful. Many, however, had been looking for results closer to those of an earlier trial, and Moderna (NASDAQ: MRNA) experienced a sharp Thursday sell-off. Important questions remained about overall survival, durability, manufacturing capacity, cost and regulatory review. The results supported further development, but they did not constitute regulatory approval or establish effectiveness in other cancers. The investment lesson mirrors the AI debate: progress can be real while the valuation already assumes an even better outcome.

Defense and Satellite Communications: Sovereign Control Gains Importance

Ukraine’s defense ministry signed a letter of intent with Nokia (NYSE: NOK) and privately held satellite company ICEYE to develop defense and satellite communications capabilities, according to CNBC. The initiative followed reported restrictions affecting certain uses of Starlink, operated by SpaceX (SPCX), as identified in the supplied market coverage). The agreement was an expression of intent, not evidence of a completed replacement network or a disclosed material revenue contract for Nokia (NYSE: NOK). CNBC also reported that an immediate, fully interchangeable replacement for Starlink was not available. Nevertheless, the development highlighted a broader investment theme: governments increasingly view communications infrastructure as a matter of operational control and national security, not simply connectivity.

What Many Should Watch Next

Three developments stand out for the following week:

1. Federal Reserve communication. Many will look for how officials balance strong business activity against renewed inflation pressure and financial-market volatility,
2. The advance third-quarter GDP report. Reuters reported that economists expected approximately 3.0% annualized growth, supported principally by consumer spending and AI-related investment. That figure was an expectation, not a released result,
3. AI financing and cash flow. Further earnings commentary will help establish whether infrastructure spending is producing sufficient operating returns and whether borrowers can secure funding on sustainable terms,

October’s evidence has pointed to an economy with considerable momentum, but less room for financial complacency. Strong demand remained a support for earnings. Higher energy costs, pricing pressure and ambitious capital commitments made the quality of those earnings, and the balance sheets behind them, increasingly important,

Today’s VP Watchlist Corporate Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $13.57.

AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.

Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.

The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.65) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.87), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.75), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, announced (October 15) the launch of two innovative digital education resources designed to assist people living with diabetes build familiarity and confidence with insulin therapy ahead of formal training on the Pivot insulin delivery system. Developed in partnership with Relevate Health Games, the new tools use game-based technology to walk patients through the skills needed for insulin pump therapy. The resources are designed to help reduce barriers to adoption by allowing prospective users to become familiar with pump therapy before beginning formal onboarding. The first educational module gives users a virtual, hands-on walkthrough of the Pivot insulin delivery system. In approximately 15 minutes, users can visualize how to unpack the system, prepare and apply the pump, and understand the basic operational functions. The Pivot module was first previewed at the ADCES 2025 Annual Conference in August 2025. Healthcare providers may also use the platform to gauge a patient’s interest in pump therapy and ability to navigate basic operational tasks associated with insulin delivery devices. The experience offers clinicians valuable insight into patient engagement, learning readiness, and willingness to transition from multiple daily injections to a more advanced insulin delivery approach.

MODD announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $33.39) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity and Wolters Kluwer Health, announced (Oct. 20) that UpToDate’s trusted, evidence-based, clinical content will be accessible directly within Doximity’s fast-growing AI clinical decision support tool, Ask.

DOCS announced (Oct. 13) it has extended its 13-year partnership with U.S. News & World Report, the nation’s most trusted source of independent healthcare information, rankings and guidance to help patients identify the best care for their needs.

Nvidia (NVDA, $210.96)

NVIDIA Corp. (NASDAQ: NVDA), at its GTC event in Berlin recently, the company unveiled its DSX POD, a reference design for an AI data center packed into a box about the size of a standard shipping container. According to Nvidia, the Vera Rubin-powered DSX PODs will arrive on site, ready to be plugged into the power, cooling, and networking infrastructure, reducing deployment time from six months to 14 days. The company said DSX PODs won’t replace traditional data centers, but will serve as a means to start running AI applications before brick-and-mortar facilities are ready.

The Sources

1. CNBC: Stock Market Live Updates, October 23, 2026
2. Yahoo Finance: Dow, S&P 500 Drop, Nasdaq Rises After Sharp Tech Sell-Off
3. Bloomberg via Yahoo Finance: U.S. Business Activity Expands, Prices Surge by Most Since 2022
4. Reuters: U.S. Business Activity Cools in October; Strong Demand Fueling Price Pressures
5. MT Newswires via Fidelity: Daily Roundup of Key U.S. Economic Data for October 23
6. Charles Schwab: Tech Falters, Yields Slump on Oil, Meta’s Spending
7. Yahoo Finance: SK Hynix Pulls a $150 Billion IPO as Its Own Record U.S. Listing Sits Underwater
8. Bloomberg via Yahoo Finance: Anthropic IPO to Drive Blockbuster Gains for Iconiq, Spark, GIC
9. Yahoo Finance: Trump Floats Extended Iran Standoff as Possibility of Protracted War Grows
10. CNBC: Doctors Call Moderna, Merck’s Cancer Vaccine Data a Major Advancement, Even as Stocks Fall
11. CNBC: In Hunt for Starlink Alternative, Ukraine Partners With Nokia and Satellite Maker ICEYE