Published Oct 22, 2026, 4:37 PM ET
Today's move, what drove it, and what the available information cannot explain.
Capitalisation weighted, so a move in the largest companies moves it more than a move in the smallest.
Every Nasdaq listing, weighted by capitalisation and heavy in technology.
Thirty names weighted by price rather than by capitalisation, so it can disagree with the S&P for arithmetic reasons alone.
Small capitalisation names. Read against the S&P, it is the size half of how broad a day was.
The same five hundred companies weighted equally, so the largest names count no more than the smallest. Read against the cap-weighted index, the gap is how much of the day belonged to the biggest companies.
The equal-weighted index outran the cap-weighted one, so the session was broader than the headline index makes it look.
25%
2 of 8 tracked indices above their 50-day average
Counted over ^GSPC, ^IXIC, ^DJI, ^RUT, ^FTSE, ^N225, ^GDAXI, 000001.SS. This is a reading across whole market indices, not a count of the companies inside any one of them.
CNN's own index, stored at the close. Context for whether sentiment confirms the tape or contradicts it.
Expected thirty day volatility from S&P 500 options. Rising with the index is the contradiction worth seeing.
Bond yields near 15% signal financing stress, consistent with the sharp decline in shares.
News event dated 2026-10-15, CNBC Top News: CoreWeave bond yields spike near 15% amid AI debt financing concerns
Moved 10.1%, at or above the 3% floor for this strip
The evidence read for this company over the 7 days before the session was its own SEC filings, its stored corporate actions, the headline feed collected for its ticker, the clustered news events this system collects every two hours across every category and the same events that name the company in their own text. Rows naming this company were read inside that window and none of them was resolved to this session's move.
Moved 8.1%, at or above the 3% floor for this strip
The evidence read for this company over the 7 days before the session was its own SEC filings, its stored corporate actions, the headline feed collected for its ticker, the clustered news events this system collects every two hours across every category and the same events that name the company in their own text. Rows naming this company were read inside that window and none of them was resolved to this session's move.
Moved 8.0%, at or above the 3% floor for this strip
The evidence read for this company over the 7 days before the session was its own SEC filings, its stored corporate actions, the headline feed collected for its ticker, the clustered news events this system collects every two hours across every category and the same events that name the company in their own text. None of them holds a row for this company inside that window.
Moved 7.7%, at or above the 3% floor for this strip
AI spending pushed free cash flow negative, matching the reported 6% plus decline in shares.
News event dated 2026-10-22, CNBC Top News: Meta stock sinks 6% as AI spending pushes free cash flow negative despite Muse roadmap
Moved 7.0%, at or above the 3% floor for this strip
Q3 earnings report timing noted as a scheduled event that could drive the share move.
News event dated 2026-10-15, MarketWatch Top Stories: ASML Set to Report Q3 Earnings as Europe's Largest Tech Company
Moved 6.9%, at or above the 3% floor for this strip
The evidence read for this company over the 7 days before the session was its own SEC filings, its stored corporate actions, the headline feed collected for its ticker, the clustered news events this system collects every two hours across every category and the same events that name the company in their own text. None of them holds a row for this company inside that window.
Moved 5.7%, at or above the 3% floor for this strip
Built in code from the movers whose evidence did not resolve, so no written summary can shorten this list.
The headline index fell 1.21% while the equal weight fund rose 0.73%, a gap of 1.94 points, pointing toward broad weakness concentrated outside the average constituent.
Nasdaq fell 2.60% while the Dow rose 0.02% and the Russell 2000 rose 0.11%, showing growth heavy names underperforming smaller and value oriented names sharply.
Sector returns ranged from Consumer Staples up 3.31% to Technology down 3.29%, a wide six and a half point spread beneath a negative headline index move.
Participation fell to 2 of 8 tracked indices above their 50-day average from 4 of 8 the prior session, a notable drop in breadth despite the equal weight fund's gain.
One session, from the stored closes of the eleven sector ETFs. Each bar is scaled against the widest move of the day, so the shape is the spread and not an absolute size.