Breaking News
Nasdaq-100 slides 2.9% as space and tech stocks lose ground
AST SpaceMobile shares neared a 52-week low after ViaSat challenged its overseas spectrum request. A class action and a strong SpaceX quarter also weighed on the shares. A Nasdaq-100 index fund lost about $29 for each $1,000 held, and tech-heavy portfolios could stay sensitive to similar swings.
At Thursday’s close: S&P 500 −1.21%, Nasdaq-100 −2.90%, Dow +0.02%
Quick Read
- The Nasdaq-100 slid 2.9% as technology and space stocks led the market lower.
- AST SpaceMobile shares neared a 52-week low after ViaSat challenged its request for spectrum outside the U.S., with a class action adding pressure.
- SpaceX shares tumbled 9.1% despite a quarter described as strong.
- More stocks rose than fell, and consumer staples and utilities funds gained.
What happened to the Nasdaq-100 on Thursday?
The Nasdaq-100 slid 2.9% on Thursday, Oct. 22, closing at 28,958.69. The index follows the largest non-financial companies on the Nasdaq exchange. Technology firms make up much of it.
Why it matters: The S&P 500, a broad index of large U.S. companies, slid 1.2% to 7,663.43.
By the numbers: A technology sector fund tumbled 3.3%, and a communication services fund slid 1.4%. Space-related shares were among the weakest names of the session.
The Nasdaq-100 has now tumbled 4.8% since the start of October. The latest drop added to losses that had built up earlier in the month.
Why did AST SpaceMobile shares fall?
AST SpaceMobile shares moved close to a 52-week low. The main pressure came from ViaSat, which objected to AST's request for spectrum outside the U.S.
Spectrum is the set of radio airwaves a wireless network uses to carry calls and data. Without it, a network cannot operate in a given country.
A shareholder class action added to the strain. That is a lawsuit filed on behalf of a group of investors. Reports also pointed to a strong quarter from SpaceX as a weight on AST.
How did SpaceX shares trade?
SpaceX shares tumbled 9.1% to $144.79, even after a quarter described as strong. The company lost $190 billion in market value.
That left SpaceX worth about $1.9 trillion. Trading was heavy, with roughly $27 billion of its stock changing hands during the day.
Did most stocks fall on the day?
Not entirely. Across the stocks tracked, 715 rose and 553 fell. The losses sat mostly in large technology and space names.
Consumer staples funds rose 3.3%, and utilities gained 2.0%. Many investors view these groups as steadier holdings when growth stocks lose ground.
Treasury yields declined as well. The 10-year yield slid 17 basis points to 4.96%. When yields fall, the prices of existing bonds tend to rise.
What could happen next for investors?
What’s next: For AST, the open question is how regulators handle ViaSat's challenge. No date for a ruling has been announced.
For the wider market, the University of Michigan releases its final October consumer survey on Oct. 23 at 10 a.m. ET.
The Federal Reserve announces its next rate decision on Oct. 28 at 2 p.m. ET, followed by the chair's press conference. The advance estimate of quarterly GDP and the PCE price index arrive on Oct. 29 at 8:30 a.m. ET.
For readers
What it could mean for you: A 401(k) or IRA may hold a Nasdaq-100 or S&P 500 index fund. Its owner feels days like this through the heavy weight of big technology names. AST SpaceMobile's spectrum dispute barely registers in a broad fund on its own. But large tech and space companies carry big weights, so their swings may move a retirement balance more than the count of falling stocks implies. If the Fed's Oct. 28 decision shifts rate expectations, that could reach nearly every holding in such funds.
Questions and answers
Why did AST SpaceMobile stock fall today?
ViaSat challenged AST's request for spectrum outside the U.S., and the shares neared a 52-week low. A shareholder class action and a strong SpaceX quarter also weighed on the stock, according to reports.
How much did the Nasdaq-100 fall on Oct. 22, 2026?
The Nasdaq-100 slid 2.9% to 28,958.69. The S&P 500 slid 1.2%.
What is spectrum in wireless networks?
Spectrum is the range of radio airwaves that wireless networks use to carry calls and data. In the U.S., the FCC licenses it, often through auctions.
When is the next Fed interest-rate decision?
The Federal Reserve announces its next rate decision on Oct. 28 at 2 p.m. ET. The chair holds a press conference afterward.
The numbers
| Space Exploration Technologies (SPCX) price | $144.79 |
|---|---|
| Space Exploration Technologies (SPCX) change | −9.11% |
| Space Exploration Technologies (SPCX) market value | $1.9 trillion |
| S&P 500 change | −1.21% |
| 10-year Treasury yield | 4.96% |
Thursday’s close
Companies in this story
Share this story
The WallStreetDigest daily arrives at 6:15 a.m. ET every trading day.
Not investment advice.