2026's top-performing stocks drop amid rate and AI worries

Wall Street tumbled Friday, Oct. 16, 2026, as the S&P 500 fell 1.22% to 7,649.71, the Nasdaq fell 2.19% to 26,128.13 on track for a weekly loss over 4%, and the Dow fell 0.55% to 51,891.77. CoreWeave slumped 12%, roughly 25% over five sessions, with bond yields above 15%. Broadcom fell 3.6%, the PHLX chip index sank 2.5% for an eighth day, and oil jumped more than 3% on Middle East supply worries. The S&P 500 saw its steepest weekly loss since January; the Nasdaq its sharpest since June. Rob Haworth of U.S. Bank Wealth Management said "There is some fear in the market," citing high oil prices weighing on price/earnings multiples. Jensen Huang said CoreWeave was improving and did not need a financial backstop. Jim Cramer called Micron's China-competition selloff "nonsense." Reuters reported some Anthropic investors are weighing a lower IPO valuation. Barclays expects 25-basis-point rate hikes in December and January. Tesla dropped 2.5% after unveiling a redesigned Roadster developed with SpaceX, days after NHTSA opened a robotaxi speeding petition review. Earnings from Tesla, Meta Platforms and others are due next week.