The Nasdaq Composite slid 2.58% to close at 26,008.86 and the S&P 500 shed 1.19% to end at 7,664.77 after corporate earnings reports reignited unease over heavy AI infrastructure outlays, while the Dow Jones Industrial Average inched higher, adding 0.03% to finish at 52,873.60.
Tesla lowered its 2026 capital spending outlook to about $20 billion from more than $25 billion after underspending on AI and robotics in the third quarter, sending shares down 2%.
Tesla's third-quarter adjusted profit of $0.48 a share beat the $0.44 consensus, helped by a wider gross margin and surprise positive free cash flow, even as total revenue of about $28.05 billion slipped just under the roughly $28.13 billion expected.