Squawk on the Street · Oct 23, 2026 · 46m · 41m saved
The Dow Jones Industrial Average dropped 533 points to 52,340 on October 23. It was a second straight day of selling tied to the same worries that had already cut 2.6% off the Nasdaq and 1.2% off the S&P 500 a day earlier.
Outside Apple's Fifth Avenue store, the mood ran the other way. Customers lined up for the company's new foldable iPhone Duo on its first day in stores, even as some reports blamed the long waits on production problems rather than demand.
"Apple marketing chief Greg Joswiak... told me that pre-orders were off the charts and pushed back on reporting that production problems are behind these long waits." — MacKenzie Sigalos
MacKenzie got that straight from Apple's own marketing chief, on camera outside the store, rather than from an analyst note or a leaked supply-chain memo.
The full segment is covered here so you can skip it. 46 minutes of audio, 5 minutes of reading.
Here are the 4 takeaways that matter.
Key Takeaways
The Dow fell 533 points to 52,340 on October 23, a second straight day of selling tied to AI-trade worries, oil prices and rising rates
Apple's foldable iPhone Duo went on sale with pre-orders Apple's marketing chief called "off the charts," even as some reports blamed long waits on production rather than demand
At a $2,000-to-$3,200 price range, the iPhone Duo doesn't need mass-market reach to lift Apple's iPhone revenue, per CNBC's reporting
American Express fell 2.4% even after beating profit estimates, after announcing a 5% cut to its global workforce
AT&T, Verizon and T-Mobile each dropped roughly 5% after a report that SpaceX is in talks to lease 80,000 cell towers
1. A second day of AI selling
Peter Schacknow, CNBC's business news update anchor, opened the hour by noting the market had carried Thursday's losses straight into Friday's session.
The same worries that hit stocks a day earlier were still driving Friday's trade.
"The worries that weighed on the stock market yesterday are still in evidence today." — Peter Schacknow
The Dow was down 533 points to 52,340 that morning, while the S&P 500 and Nasdaq each slipped around half a percent. The drop came a day after the Nasdaq posted its worst session since June 5, down 2.6%, and the S&P 500 its worst since July 29, down 1.2%.
Peter named the same three forces behind both days of selling.
"The usual forces are in play today. Worries about the artificial intelligence trade, higher oil prices, and rising interest rates." — Peter Schacknow
The only economic data due that morning was the University of Michigan's October consumer sentiment reading. Peter said that if the final number matched the preliminary read, it "would be the second lowest on record."
