Tech stocks sold off on Wednesday, October 22, 2026, with the Nasdaq-100, the index QQQ tracks, falling about 2.9%.The Nasdaq Composite dropped 2.6% to 26,008.86, its steepest one-day decline since JuTech stocks sold off on Wednesday, October 22, 2026, with the Nasdaq-100, the index QQQ tracks, falling about 2.9%.The Nasdaq Composite dropped 2.6% to 26,008.86, its steepest one-day decline since Ju
Why Is QQQ Down Today? Meta, Nvidia and AI Spending Concerns
Tech stocks sold off on Wednesday, October 22, 2026, with the Nasdaq-100, the index QQQ tracks, falling about 2.9%.
The Nasdaq Composite dropped 2.6% to 26,008.86, its steepest one-day decline since June, while the S&P 500 lost 1.2% and the Dow finished roughly flat.
The sell-off centered on companies tied to AI infrastructure, after Meta's earnings renewed questions about how much the industry is spending on AI and how that spending will be funded.
On MEXC, the QQQUSDT perpetual contract fell about 2.8% from the October 21 close to the October 22 close, more than double the 1.2% decline in SPYUSDT.
Key Takeaways
- Index moves: Nasdaq-100 down about 2.9%, Nasdaq Composite down 2.6%, S&P 500 down 1.2% and Dow up 0.02%.
- Biggest drags: Meta fell about 7%, Nvidia about 4%, AMD more than 8%, Micron about 6% and Lam Research about 11.8%.
- The trigger: Meta's Q3 capex of $34.91 billion exceeded its $32.79 billion of operating cash flow, leaving free cash flow negative for the quarter.
- Not a rates story: The 10-year Treasury yield fell about 17 basis points, which normally supports tech, so the sell-off was driven by sector-specific concerns.
- MEXC reaction: QQQUSDT fell about 2.8%, with roughly 1.6% of the decline before the Nasdaq opened, and its funding rate rose to 0.024% at the next settlement.
Meta Turned an After-Hours Gain Into a 7% Drop
Meta's shares initially rose after its October 21 report, which showed revenue up 26% to $64.6 billion.
By the next session, investors had focused on spending: Meta's Q3 2026 earnings release showed capital expenditures of $34.91 billion against operating cash flow of $32.79 billion.
That left free cash flow at negative $2.12 billion, compared with positive $10.63 billion a year earlier.
Meta also narrowed its 2026 capex range to $135–145 billion and said it expects to keep investing aggressively in 2027.
It announced a new non-voting Class C share class, listing capital raising among its uses, which added to questions about how AI expansion will be financed.
Chip and Storage Stocks Took the Biggest Hit
The pressure spread quickly to the companies that sell into AI data centers.
Nvidia fell about 4%, AMD dropped more than 8% and Micron lost about 6%.
Lam Research fell about 11.8% after its own earnings, even though it reported record revenue, after guiding to a lower China revenue share and citing supply constraints.
Data center operator CoreWeave dropped more than 10% amid concerns about its debt and financing costs.
Among the largest companies, Amazon fell about 4.6%, Alphabet about 3.2% and Microsoft about 2.2%.
Why QQQ Fell More Than SPY
QQQ holds the 100 largest non-financial companies on the Nasdaq, so it is heavily weighted toward the same tech and semiconductor names that led the decline.
The S&P 500 includes more sectors outside tech, which cushioned its fall, and the Dow's mix kept it roughly flat.
Apple and Walmart were among the largest gainers in the Nasdaq-100, but not enough to offset the losses in AI-related stocks.
Oil also rose sharply, with Brent crude up about 3% to roughly $113 a barrel on renewed Middle East tensions, adding to the risk-off mood.
Treasury yields moved the other way: the 10-year yield fell more than 17 basis points to about 4.97%, so higher rates were not behind the tech sell-off.
What This Means for AI Spending
The sell-off was not about weak demand: Meta's revenue beat expectations, and chip suppliers continue to report strong orders.
The concern is the cost: large AI spenders are investing faster than their operating cash flow, and investors are asking how long that can continue and how it will be financed.
Not every company is spending more, however: Tesla lowered its 2026 capex outlook to about $20 billion from more than $25 billion on its October 21 earnings call.
Upcoming reports from other large AI spenders will show whether Meta's cash flow pattern is an exception or a trend.
How QQQ Futures Reacted on MEXC
Data snapshot: MEXC, QQQSTOCK_USDT, SPY_USDT, METASTOCK_USDT and NVIDIA_USDT hourly bars, index-price bars and funding history, retrieved 01:40 UTC on October 23, 2026. Figures will differ at later times.
Chart: Hourly closing prices of QQQUSDT, SPYUSDT, METAUSDT and NVDAUSDT on MEXC from 4:00 p.m. ET on October 21 to 4:00 p.m. ET on October 22, 2026, indexed to each contract's October 21 close. The dashed line marks the 9:30 a.m. ET Nasdaq open.
The comparison runs from the 4:00 p.m. ET close on October 21, when Meta reported, to the 4:00 p.m. ET close on October 22.
Price: QQQUSDT fell from 726.09 USDT to 705.99 USDT, down about 2.8%, close to the Nasdaq-100's 2.9% decline, while SPYUSDT fell about 1.2%.
Timing: about 1.6% of QQQUSDT's decline happened overnight and before the Nasdaq opened, which shows how the contract can reflect sentiment outside regular trading hours.
METAUSDT shows the reversal most clearly: it rose to about 5% above the October 21 close in the first hour after Meta's report, then fell to about 7% below it by the October 22 close.
NVDAUSDT fell about 4.2%, in line with Nvidia's decline on the Nasdaq.
Trading activity: QQQUSDT traded about 2.97 million USDT during the regular session on October 22, while SPYUSDT traded about 19.1 million USDT.
Premium to index: QQQUSDT traded about 5–7 basis points above its index price during the session.
Funding: QQQUSDT settles funding every eight hours; settlements were 0% through the morning of October 22, then rose to 0.0102% at 16:00 UTC and 0.024% at 00:00 UTC on October 23.
Because the contract stayed slightly above its index, longs paid shorts a small and rising carrying cost even as the price fell.
Positive funding is a cost signal, not a count of bullish versus bearish traders.
Following QQQ Through MEXC
The QQQUSDT perpetual contract on MEXC tracks the Nasdaq-100 ETF and can be compared with SPYUSDT to see how tech is performing against the broader market.
A useful assessment pairs price changes with funding, trading activity and the premium to index, rather than reading a contract move as the ETF's performance.
For eligible users considering share ownership, MEXC Real Stocks is a separate product route; availability and supported securities should be checked directly.
Perpetual contracts do not confer shareholder rights and carry funding, leverage and liquidation risks.
FAQ
Why is QQQ down today?
QQQ fell on October 22, 2026 as AI-related stocks sold off after Meta's earnings showed capex exceeding operating cash flow, raising concerns about AI spending and financing.
How much did the Nasdaq fall on October 22, 2026?
The Nasdaq-100 fell about 2.9% and the Nasdaq Composite dropped 2.6% to 26,008.86, its biggest one-day decline since June.
Why did QQQ fall more than SPY?
QQQ is concentrated in large tech and semiconductor companies that led the sell-off, while the S&P 500 includes more sectors that held up better.
Which stocks pulled QQQ lower?
Meta fell about 7%, Nvidia about 4%, AMD more than 8%, Micron about 6% and Lam Research about 11.8%, along with declines in Amazon, Alphabet and Microsoft.
How did QQQ futures react on MEXC?
QQQUSDT fell about 2.8% from the October 21 close to the October 22 close, compared with about 1.2% for SPYUSDT, and its funding rate rose to 0.024%.
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The articles shared on this page are sourced from public platforms and are provided for reference only. They do not represent the position or views of MEXC. All rights belong to James Mitchell. If you believe any content infringes upon the rights of a third party, please contact service@support.mexc.com for prompt removal. MEXC does not guarantee the accuracy, completeness, or timeliness of any content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be interpreted as a recommendation or endorsement by MEXC. For expert insights and in-depth analysis, visit MEXC Learn.
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