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AI spending fears trigger market sell‑off ahead of Halloween
Investors pulled back as concerns over AI company spending sparked a sell‑off, with the Nasdaq dropping over 2% and the S&P 500 falling 1.2%, its biggest decline since July. Meta slid nearly 7% after reporting negative free cash flow and raising its full‑year capex outlook to $135‑$145 billion. Oil prices rose, Brent reaching $113.17 per barrel, while 10‑year Treasury yields fell to 4.972%. Elon Musk committed about $366 million to the 2026 midterm election, $276 million to Republican groups, and invested roughly $1 billion in Skydance. Nvidia CEO Jensen Huang said memory supply will not face a glut by 2029.