Update: Equities Mostly Lower Intraday as Oil Prices Soar

02:10 PM EDT, 10/23/2026 (MT Newswires) -- (Updates with latest market prices and developments.) Wall Street's benchmark equity indexes were lower intraday as fears of a re-escalation in the Middle East conflict sent US crude oil prices soaring past $100 a barrel again. The Dow Jones Industrial Average was down 1.2% at 52,238.5 after midday Friday, while the S&P 500 fell 0.4% to 7,629.7. The Nasdaq Composite edged down 0.1% to 25,984. Except energy and technology, all sectors were in the red, led by consumer staples. West Texas Intermediate crude oil, the US standard, was up 3.6% at $103.08 a barrel intraday, while Brent jumped 2.9% to $116.46. Brent is on track for the five consecutive weekly gain. Iran's military is fully prepared for "asymmetric warfare," state-affiliated Tasnim News Agency reported Thursday, citing the nation's army chief. The report comes as the US and Israel have drawn up specific plans to resume military operations against Iran after the midterm elections in November, The New York Times reported Wednesday, citing sources. "Markets are increasingly worried about renewed escalation in the Persian Gulf, a scenario that could threaten oil flows that have so far remained remarkably resilient," ING Bank said in Friday report. Elsewhere in the Middle East, Iran-aligned Houthi rebels have continued to strike Saudi Arabia, CNBC reported. "Brent has climbed above $114 per barrel and is heading for its highest weekly close since June 2022 as attacks on Saudi Arabian infrastructure raise fears of wider Middle East supply disruptions," Saxo Bank said in Friday report. Treasury yields were higher intraday, with the 10-year rate up 3.7 basis points at 4.99% and the two-year rate rising 5.1 basis points to 4.67%. In economic news, US consumer sentiment dropped to its lowest level in five months in October as inflation expectations hit the highest since May, final results of a University of Michigan survey showed. US private-sector growth eased in October, while employment increased and selling prices rose at the sharpest rate since August 2022, S&P Global's (SPGI) flash purchasing managers' index showed Friday. In company news, American Express (AXP) reported third-quarter revenue just below Wall Street's expectations, while the payments company's chief executive disclosed plans to terminate about 5% of its global workforce. The stock was down 3.9% intraday, the worst performer on the Dow. SLB (SLB) reported better-than-expected third-quarter results as a surge in North America revenue and momentum in its data center business offset Middle East headwinds. The oilfield services company's shares jumped 6.7%, the second-biggest gain on the S&P 500. Deckers Outdoor (DECK) slumped 5.5%. Truist Securities said the footwear designer and distributor's sales guidance cut amid an increasingly promotional US marketplace has fueled growth durability concerns. Spot gold dipped 0.8% to $3,994.78 per troy ounce, while silver lost 1.7% to $54.05.