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Stocks Hit by Momentum Unwind as Tesla Falls Late | Closing Bell
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October 22, 2025
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11:11Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec. olatility resurfaced on Wall Street in a session that saw stocks falling alongside gold and cryptocurrencies. News reports saying the Trump administration is weighing restrictions on software exports to China added to recent anxiety around trade.
Following a torrid rally, calls for a breather have emerged. The Nasdaq 100 lost 1% after a tepid outlook from Texas Instruments Inc. and a 10% slump in Netflix Inc. In late hours, Tesla Inc. slid as earnings missed estimates despite a sales surge. Traders also kept an eye on geopolitics, with Treasury Secretary Scott Bessent saying the US will ratchet up Russia sanctions.
Tesla reports results.
Wednesday was another session in which assets favored by retail momentum traders bore the worst losses, among them precious metals, crypto and companies in the artificial-intelligence space. Indexes used by quant investors to track the theme in the equity market, such as the Bloomberg US Pure Momentum Portfolio, have fallen sharply in recent days. The S&P 500 closed below 6,700. Beyond Meat Inc. whipsawed, echoing the meme-stock frenzy that periodically roil the market. The Russell 2000 lost 1.5%. In late trading, International Business Machines Corp. reported disappointing revenue in its Red Hat unit.
The yield on 10-year Treasuries fell one basis point to 3.95%. A $13 billion sale of 20-year bonds was strong. Bitcoin declined 2.6%. The dollar wavered. Gold sank as much as 2.9% before paring losses. Oil jumped.
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