StocksMediumUpdated•Originally published 16 October 2026•Updated 16 October 2026•
1 min read
Nasdaq 100 Slides as Chip Stocks Sell Off Amid Fed Rate Concerns
Key Facts
1The Nasdaq 100 fell 1.5% at midday Friday as memory chip and AI-related stocks sold off.
2Fed Chair Kevin Warsh declined to rule out an October rate hike following hot CPI and PPI data.
3WTI crude held near $96 while the 10-year Treasury yield hovered around 5.1%.
The Nasdaq 100 index fell 1.5% at midday Friday, October 16, 2026, driven by a broad selloff in chip and artificial intelligence sectors. Benzinga reported that Federal Reserve Chair Kevin Warsh declined to rule out an interest rate hike in October following the release of hot Consumer Price Index (CPI) and Producer Price Index (PPI) data.
CoreWeave (CRWV) shares dropped more than 11% following reports that its founders sold $3.3 billion in stock since the IPO, including $2.4 billion this year. The downturn extended across cybersecurity and AI stocks, with DigitalOcean falling 12.2%, Nebius down 11.1%, and CrowdStrike dropping 7.8%, while Micron Technology (MU) closed at $931.24 on October 15, 2026.