Closing Bell: Dow Slides as Oil Nears $104, Tech Stabilizes After AI Rout

U.S. stocks traded mixed Friday as surging crude oil prices and renewed Middle East tensions pressured the broader market, while technology shares stabilized following Thursday’s sharp AI-driven selloff.

The tech-heavy Nasdaq-100 (NDX) was flat, and the PHLX Semiconductor Sector Index (SOX) rebounded 0.44% after Thursday’s steep decline. But while the S&P 500 (SPX) fell 0.52%, and the Dow Jones Industrial Average ($DJI) dropped 1.23%. With the 10-year Treasury yield rebounding toward 4.99% following Thursday’s sharp decline, rate-sensitive small caps retreated, with the Russell 2000 (RUT) down 0.29%.

Volatility remained elevated, with the CBOE Volatility Index (VIX) up nearly 4% to 19.77. WTI crude (/CL) climbed nearly 4% to $103.54, as Houthi attacks in Saudi Arabia and broader concerns about renewed Middle East supply disruptions pushed energy prices higher.

Economic data remained relatively firm. S&P Global’s preliminary October manufacturing PMI increased to 56.0, while services came in at 57.9 and the composite index registered 57.6, signaling continued expansion in U.S. business activity. October consumer sentiment remained at a multi-month low.

Five things to watch from Friday’s market:

Bloom Energy Sinks 11%

Shares of Bloom Energy (BE) fell more than 11% on Friday, making it the biggest decliner in the S&P 500. It reported earnings Thursday that beat third-quarter expectations, but traders and investors soured on its planned spending on plants and equipment. The on-site fuel cell maker raised its revenue forecast to $4.4 billion-$4.6 billion from $3.9B-$4.2B, above Wall Street’s estimate of $4.097B. But it issued caution on the timing of a few year-end deliveries. CEO K.R. Sridhar said the U.S. power grid is “overwhelmed by the concentrated and huge power needs of data centers,” and needs on-site power generation to meet rapid demand growth. See WDC & BE Slide After Earnings as Crude Crosses $100; MRNA Cancer Vaccine Data Leak

SpaceX Gets Rare Double Upgrade

Phillip Securities upgraded SpaceX (SPCX) to Buy from Sell and more than tripled its price target to $250 from $75 following SpaceX quarterly results and stronger growth expectations. SpaceX shares rose about 2% on Friday to $147.53.

Crown Castle Pops, Cellular Players Lower, as SpaceX Seeks Access

Crown Castle (CCI), a real estate investment trust (REIT), rallied about 8.5% Friday after reports that SpaceX is seeking access to at least 80,000 U.S. cell sites for a possible nationwide wireless network. The prospect of a new major tower customer boosted infrastructure stocks, while pressuring AT&T (T), Verizon (VZ) and T-Mobile (TMUS) on concerns about increased competition. KG on SPCX Acquiring 80,000 Cell Towers, Crude's Rally & Key SPX Levels

Baird Raises Western Digital Target to $900

Baird raised its Western Digital (WDC) price target to $900 from $630 while maintaining an Outperform rating, citing expectations for accelerating enterprise hard-drive shipment growth and improving product mix. Western Digital fell slipped 3.4%. See Example Trades: WDC, DECK, BE | Fast Market

American Express Cuts 3,500 Jobs

American Express (AXP) fell more than 3.6% despite reporting higher quarterly profit as the company announced plans to reduce its global workforce by about 5%, or roughly 3,500 employees. Management said the reductions are aimed at improving efficiency and reducing organizational layers. See U.S. Consumers Still Swiping: AXP Earnings Beat, K-Shaped Economy Widens

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