Josh Kohn-Lindquist, The Motley Fool Fri, October 16, 2026 at 6:09 PM EDT 3 min read FOXF -13.30% PLTR -7.22% F +0.97% AA +2.55% ^GSPC -1.09% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
The S&P 500 (SNPINDEX:^GSPC) fell 1.07% to 7,661 as AI-related software stocks faced a sharp reversal, while the Nasdaq Composite (NASDAQINDEX:^IXIC) plummeted 2.15% to 26,140 on broad technology selling, and the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.34% to 52,002, outperforming its peers to record its second straight weekly gain.
Gold prices rose 0.43% to $4,187.90 as of U.S. market close, the 10-Year Treasury yield declined to 5.10%, and Energy led sector gainers while Communication Services paced the decliners, followed by significant weakness in Technology.
Alcoa (NYSE:AA) shares jumped 5.80% on a third-quarter earnings beat, while Fox Factory (NASDAQ:FOXF) plummeted after announcing an unplanned CEO departure and a lower financial outlook.
Palantir Technologies (NASDAQ:PLTR) entered correction territory as software valuations pulled back, and Ford (NYSE:F) gained 2% as investors rotated into defensive blue chip names.
Neocloud CoreWeave (NASDAQ:CRWV) ended the week down 25% after Goldman Sachs (NYSE:GS) released a note saying that hedge funds sold AI stocks at the second-fastest pace in over a year. The firm considered the move a "tactical rotation" away from smaller AI names (like CoreWeave) toward steadier AI names, such as the Magnificent Seven, or even non-AI stocks altogether.
Netflix (NASDAQ:NFLX) named former Disney (NYSE:DIS) chair Peter Rice its new chief content officer, but NFLX stock slid 3% anyway.
Lastly, Apple (NASDAQ:AAPL) announced that preorders for its foldable $1,999 iPhone Duo sold out within minutes today. While this looks like a promising development on the surface, some analysts and Apple experts think this may be more of a supply constraint than pure, unbridled demand for the next-gen iPhone.
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Josh Kohn-Lindquist has positions in Netflix and Palantir Technologies. The Motley Fool has positions in and recommends Apple, Goldman Sachs Group, Netflix, Palantir Technologies, and Walt Disney. The Motley Fool has a disclosure policy.
Stock Market Today, Oct. 16: Tech Stocks Plunge as AI Software Valuations Reverse was originally published by The Motley Fool
