U.S. Stocks Fall as Oil Prices Hit Five-Month High

A facts-only brief, written by a local AI model from this article in The Wall Street Journal, October 23, 2026. It may contain mistakes, and it is not the article: the full story is at wsj.com.

U.S. equity markets declined on Thursday as investors shifted toward defensive assets, with the Dow Jones Industrial Average dropping 1.23% and the S&P 500 losing 0.52%. Brent crude oil prices surged 3.1% to $116.72, marking their highest level since April, after Iran threatened to attack U.S. military bases and civilian infrastructure in the Persian Gulf if American and Israeli airstrikes resume. The consumer staples sector gained 9.6% this month, positioning it for its strongest performance in 26 years, while the University of Michigan reported that consumer sentiment fell to its lowest point ahead of a major election.

Background

• Treasury yields rebounded slightly, with the 10-year note rising to 4.987% and the 30-year bond reaching 5.314%.
• American Express shares fell 3.7% after the company announced it would cut approximately 3,500 jobs, or 5% of its workforce, to streamline operations.
• Deckers Outdoor shares dropped 4.9% following a reduced sales outlook, citing cautious shoppers and waning demand for casual footwear.
• SLB closed up 7.1% after reporting quarterly revenue growth driven by recovery in its Middle East business and expansion in North America.

Read the full article at wsj.com

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