This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- U.S. markets closed sharply lower on Friday, with the Dow Jones Industrial Average dropping over 630 points (1.2%) as geopolitical tensions and rising oil prices weighed on investor sentiment.
- Instacart (CART) shares surged 9% following reports that the grocery delivery giant is exploring a potential sale, with Uber (UBER) and DoorDash (DASH) named as preliminary suitors.
- AbbVie (ABBV) received FDA approval for a new subcutaneous induction regimen for its blockbuster drug Skyrizi, alongside a label update that eases mandatory tuberculosis testing requirements.
- S&P Global reaffirmed Greece’s long-term credit rating at 'BBB' with a stable outlook, citing the nation's consistent fiscal overperformance and declining debt-to-GDP ratio.
- The Federal Reserve released its weekly H.8 report, providing updated data on the assets and liabilities of commercial banks in the U.S. amid a shifting interest rate environment.
Wall Street Ends Week on a Downward Note
U.S. equity markets faced a broad sell-off on Friday, October 23, 2026, as initial weakness in the technology sector spread to industrials and consumer discretionary stocks. The Dow Jones Industrial Average (DIA) unofficially closed down 632.70 points, or 1.20%, at 52,235.28, marking one of its steepest declines in recent weeks.
The S&P 500 (SPY) fell 36.45 points (0.48%) to 7,626.98, while the Nasdaq Composite (QQQ) slipped 52.66 points (0.20%) to end at 25,956.20. Market volatility was exacerbated by WTI crude oil prices climbing above $100 per barrel due to escalating tensions in the Middle East, sparking fresh inflation concerns ahead of next week's Federal Reserve meeting.
Instacart Explores Strategic Sale
Shares of Instacart (CART) were a rare bright spot, jumping nearly 10% in intraday trading after The Information reported the company is working with investment banks to explore a sale. The delivery platform, currently valued at approximately $12 billion, has reportedly held early-stage discussions with Uber (UBER) and DoorDash (DASH).
While discussions are preliminary and may not result in a transaction, a deal would consolidate the highly competitive gig-economy landscape. Uber and DoorDash shares both traded lower on the news, falling 3% and 4% respectively, as investors weighed the regulatory hurdles and high cost of such an acquisition.
FDA Greenlights New Skyrizi Regimen for AbbVie
AbbVie (ABBV) announced that the FDA has approved a subcutaneous induction regimen for Skyrizi (risankizumab-rzaa) to treat adults with moderately to severely active Crohn’s disease. This new option allows patients to initiate treatment at home using an on-body injector, providing a more flexible alternative to traditional intravenous infusions.
In addition to the new delivery method, the FDA approved an update to the Skyrizi prescribing information across all indications. Healthcare providers can now use clinical judgment to determine the necessity of tuberculosis (TB) testing, removing the previous requirement for mandatory testing before starting the medication.
Greece Maintains Investment-Grade Status
S&P Global Ratings affirmed its 'BBB/A-2' sovereign credit ratings for Greece with a stable outlook. The agency noted that Greece continues to be a top fiscal performer in the euro area, with primary budgetary surpluses averaging 3.4% of GDP since 2023.
The stable outlook reflects a balance between Greece's robust economic growth—driven by tourism and investment—and its still-elevated levels of external and government debt. S&P indicated that further upgrades could occur if the nation significantly reduces its reliance on imports and continues its rapid debt-reduction trajectory.
Federal Reserve H.8 Data Release
The Federal Reserve published its weekly H.8 statistical release, detailing the assets and liabilities of commercial banks in the United States. The data showed a continued evolution in bank credit and deposit levels as the industry navigates a high-interest-rate environment.
The report noted that bank credit grew at an annual rate of approximately 3.3% in the most recent period, while commercial and industrial loans showed a robust 10% increase. This data is closely watched by economists to gauge the health of the U.S. banking system and the availability of credit to the broader economy.
Automated market updates written with AI from market data and news wire reports, published without human review.