Week of October 19 - October 23, 2026

Friday's S&P 500 closed 7,659.44, down 1.1% and 1.9% on the week, with the Nasdaq at 26,140.03, down 2.1% and 4.5% for its worst week since June, as the AI-capex complex sold off into Warsh's IMF remarks. September CPI printed 3.7% year over year and 0.3% on monthly core, hotter than the 3.6% / 0.2% consensus, and PPI jumped 1.3% on the month and 6.3% on the year; Chair Kevin Warsh still declined to signal an October 28 hike, and futures pulled those odds back to about 14 to 15% with a December move still the base case. The FOMC blackout is already in force (Saturday October 17 through Thursday October 29), so this week's tape trades data and earnings with no Fed voice: Monday's China Q3 GDP (seen 4.4% after 4.3%) and Canada CPI, Tuesday's UK labour print, Wednesday's UK CPI (seen 3.4% after 3.1%) plus Tesla and Meta after the close, and Friday's global flash PMIs. WTI last printed about $101.41 with Brent at $109.86 after an 8.6 million-barrel EIA draw, gold about $4,168, bitcoin about $81,499, and the 10-year near 5.10%.