JUST THE FACTS

AI spending concerns and another climb in oil prices would drive a deep selloff on Friday. By the bell, the major indices had all tumbled into the red for the day with only the Dow managing to win the week.

More than any other factor, the swings in tech stocks would dominate the week in the markets. Concerns over spending for the AI buildout would unleash a rotation out of the sector from chips to software.

Led by another surge in gas prices, costs for consumers continued their climb last month. The September CPI report found inflation heated up more than expected, pushing odds for an October hike higher.

September's producer price index report dumped even more fuel on the inflation fire. Last month's jump was its largest in more than four years as higher gas costs led the spike in inflation and retail sales.

New developments in the war with Iran, both in the Middle East and back here at home, continue to come out rapidly. For the latest on the hostilities and efforts to reach a deal, updates can be found here.

The new week will be heavily focused on earnings with SpaceX and the first of the Mag7 heavyweights reporting. SpaceX is up first on Tuesday, with Tesla and Meta both reporting after the bell Wednesday.