U.S. Stocks Fall as Oil Prices Hit Six-Month High

U.S. stock markets closed lower on October 23, 2026, driven by a surge in Brent crude oil prices to a six-month high of $116.72 per barrel. The Dow Jones Industrial Average fell 652.82 points, while the S&P 500 and Nasdaq Composite also declined. The market volatility followed reports that the Federal government of the United States and the Cabinet of Israel are planning military strikes against Iran after the November 3 midterm elections, alongside Houthi attacks in Saudi Arabia.

Corporate news added to the downward pressure. American Express reported record third-quarter revenue but announced a 5% global workforce reduction. In the technology sector, shares for AT&T and T-Mobile tumbled following reports that Space Exploration Technologies Corp. is planning to launch a nationwide wireless carrier. Simultaneously, OpenAI lowered its target valuation to $1.25 trillion for a $30 billion fundraising round.

Investors are now focusing on the Federal Reserve System's meeting on October 27-28, where policymakers are expected to maintain current interest rates.