{"id":73521,"date":"2026-10-23T16:38:27","date_gmt":"2026-10-23T20:38:27","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/"},"modified":"2026-10-23T16:38:27","modified_gmt":"2026-10-23T20:38:27","slug":"market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/","title":{"rendered":"Market Slump Deepens as Dow Drops 600 Points; Instacart Weighs Sale"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/#Wall_Street_Ends_Week_on_a_Downward_Note\" >Wall Street Ends Week on a Downward Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/#Instacart_Explores_Strategic_Sale\" >Instacart Explores Strategic Sale<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/#FDA_Greenlights_New_Skyrizi_Regimen_for_AbbVie\" >FDA Greenlights New Skyrizi Regimen for AbbVie<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/#Greece_Maintains_Investment-Grade_Status\" >Greece Maintains Investment-Grade Status<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-slump-deepens-as-dow-drops-600-points-instacart-weighs-sale\/73521\/#Federal_Reserve_H8_Data_Release\" >Federal Reserve H.8 Data Release<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>U.S. markets closed sharply lower<\/strong> on Friday, with the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> dropping over <strong>630 points (1.2%)<\/strong> as geopolitical tensions and rising <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> weighed on investor sentiment.<\/li>\n<li><strong>Instacart (<a href=\"\/stock\/CART\">CART<\/a>)<\/strong> shares surged <strong>9%<\/strong> following reports that the grocery delivery giant is exploring a potential sale, with <strong>Uber (<a href=\"\/stock\/UBER\">UBER<\/a>)<\/strong> and <strong>DoorDash (<a href=\"\/stock\/DASH\">DASH<\/a>)<\/strong> named as preliminary suitors.<\/li>\n<li><strong>AbbVie (<a href=\"\/stock\/ABBV\">ABBV<\/a>)<\/strong> received <strong>FDA approval<\/strong> for a new subcutaneous induction regimen for its blockbuster drug <strong>Skyrizi<\/strong>, alongside a label update that eases mandatory tuberculosis testing requirements.<\/li>\n<li><strong>S&amp;P Global<\/strong> reaffirmed <strong>Greece\u2019s<\/strong> long-term credit rating at <strong>&#39;BBB&#39;<\/strong> with a <strong>stable outlook<\/strong>, citing the nation&#39;s consistent fiscal overperformance and declining debt-to-GDP ratio.<\/li>\n<li>The <strong>Federal Reserve<\/strong> released its weekly <strong>H.8 report<\/strong>, providing updated data on the assets and liabilities of commercial banks in the U.S. amid a shifting interest rate environment.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Wall_Street_Ends_Week_on_a_Downward_Note\"><\/span>Wall Street Ends Week on a Downward Note<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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 <strong>Dow Jones Industrial Average (<a href=\"\/stock\/DIA\">DIA<\/a>)<\/strong> unofficially closed down <strong>632.70 points, or 1.20%<\/strong>, at <strong>52,235.28<\/strong>, marking one of its steepest declines in recent weeks.<\/p>\n<p>The <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> (<a href=\"\/stock\/SPY\">SPY<\/a>)<\/strong> fell <strong>36.45 points (0.48%)<\/strong> to <strong>7,626.98<\/strong>, while the <strong>Nasdaq Composite (<a href=\"\/stock\/QQQ\">QQQ<\/a>)<\/strong> slipped <strong>52.66 points (0.20%)<\/strong> to end at <strong>25,956.20<\/strong>. Market volatility was exacerbated by <strong>WTI crude oil<\/strong> prices climbing above <strong>$100 per barrel<\/strong> due to escalating tensions in the Middle East, sparking fresh inflation concerns ahead of next week&#39;s Federal Reserve meeting.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Instacart_Explores_Strategic_Sale\"><\/span>Instacart Explores Strategic Sale<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Shares of <strong>Instacart (<a href=\"\/stock\/CART\">CART<\/a>)<\/strong> were a rare bright spot, jumping nearly <strong>10%<\/strong> in intraday trading after <em>The Information<\/em> reported the company is working with investment banks to explore a sale. The delivery platform, currently valued at approximately <strong>$12 billion<\/strong>, has reportedly held early-stage discussions with <strong>Uber (<a href=\"\/stock\/UBER\">UBER<\/a>)<\/strong> and <strong>DoorDash (<a href=\"\/stock\/DASH\">DASH<\/a>)<\/strong>.<\/p>\n<p>While discussions are preliminary and may not result in a transaction, a deal would consolidate the highly competitive gig-economy landscape. <strong>Uber<\/strong> and <strong>DoorDash<\/strong> shares both traded lower on the news, falling <strong>3%<\/strong> and <strong>4%<\/strong> respectively, as investors weighed the regulatory hurdles and high cost of such an acquisition.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FDA_Greenlights_New_Skyrizi_Regimen_for_AbbVie\"><\/span>FDA Greenlights New Skyrizi Regimen for AbbVie<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>AbbVie (<a href=\"\/stock\/ABBV\">ABBV<\/a>)<\/strong> announced that the <strong>FDA<\/strong> has approved a subcutaneous induction regimen for <strong>Skyrizi<\/strong> (risankizumab-rzaa) to treat adults with moderately to severely active <strong>Crohn\u2019s disease<\/strong>. This new option allows patients to initiate treatment at home using an on-body injector, providing a more flexible alternative to traditional intravenous infusions.<\/p>\n<p>In addition to the new delivery method, the FDA approved an update to the <strong>Skyrizi<\/strong> prescribing information across all indications. Healthcare providers can now use <strong>clinical judgment<\/strong> to determine the necessity of tuberculosis (TB) testing, removing the previous requirement for mandatory testing before starting the medication.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Greece_Maintains_Investment-Grade_Status\"><\/span>Greece Maintains Investment-Grade Status<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>S&amp;P Global Ratings<\/strong> affirmed its <strong>&#39;BBB\/A-2&#39;<\/strong> sovereign credit ratings for <strong>Greece<\/strong> with a <strong>stable outlook<\/strong>. The agency noted that Greece continues to be a top fiscal performer in the euro area, with primary budgetary surpluses averaging <strong>3.4% of GDP<\/strong> since 2023.<\/p>\n<p>The stable outlook reflects a balance between Greece&#39;s robust economic growth\u2014driven by tourism and investment\u2014and its still-elevated levels of external and government debt. S&amp;P indicated that further upgrades could occur if the nation significantly reduces its reliance on imports and continues its rapid debt-reduction trajectory.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Federal_Reserve_H8_Data_Release\"><\/span>Federal Reserve H.8 Data Release<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Federal Reserve<\/strong> published its weekly <strong>H.8 statistical release<\/strong>, 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.<\/p>\n<p>The report noted that <strong>bank credit<\/strong> grew at an annual rate of approximately <strong>3.3%<\/strong> in the most recent period, while <strong>commercial and industrial loans<\/strong> showed a robust <strong>10%<\/strong> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. markets closed sharply lower on Friday, with the Dow Jones Industrial Average dropping over 630 points (1.2%) 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