Asian shares were mostly lower Friday after the latest shudder for artificial-intelligence stocks weighed on markets around the world, giving the benchmark S&P 500 its worst day since July.
Oil prices were hovering at their highest levels since May on worries about the war with Iran, with Brent crude up 0.5% at $113.73 per barrel. U.S. benchmark crude oil added 0.6% to $100.08 per barrel.
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FILE - Trader Michael Capolino works on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew, File)
FILE - Options trader Anthony Spina works on the floor of the New York Stock Exchange, Wednesday, Jan. 7, 2026. (AP Photo/Richard Drew, File)
A screen shows the Korea Composite Stock Price Index (KOSPI), SK Hynix and Samsung Electronics Co. stock price at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 23, 2026. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 23, 2026. (AP Photo/Ahn Young-joon)
Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 23, 2026. (AP Photo/Ahn Young-joon)
In share trading, Tokyo's Nikkei 225 lost 1.7% to 61,825.26, while the Kospi in South Korea declined 2.4% to 5,403.32.
Hong Kong's Hang Seng climbed 0.2% to 22,983.80 and the Shanghai Composite index slipped 1.3% to 3,610.52.
In Australia, the S&P/ASX 200 shed 0.2% to 8,777.00.
On Thursday, the S&P 500 fell 1.2%, while the Nasdaq composite tumbled 2.6%. The weakness for tech stocks was so overwhelming that it masked strength for the rest of the U.S. market, where the majority of stocks actually rose. The Dow Jones Industrial Average added less than 0.1%.
AI-related stocks have been swinging on worries that their boom may be under threat because of how expensive it’s become to borrow money to build data centers and buy more AI chips. Investors fear their prices shot too high during a yearslong frenzy, even though companies in the industry continue to report growth.
Meta Platforms, which is pushing its Muse AI agent, lost 7% after reporting stronger revenue for the latest quarter than analysts expected, though its profit fell short. The company behind Facebook and Instagram also said it’s creating a new class of stock to raise money to pay for AI investments and other expenses.
Tesla fell 3.1% after reporting a stronger profit for the summer than analysts expected, though its revenue was weaker than forecast.
The global tide against AI stocks knocked Nvidia down 4.4%. Because the chip giant is the largest company on Wall Street by total value, movements for its stock carry more weight on the S&P 500 than any other, and it was the single strongest force pulling the index lower.
CoreWeave, which has borrowed money to buy Nvidia’s AI chips that it rents out to customers over the cloud, has been particularly shaky in recent weeks because of worries about its debt. It dropped 10.1%.
Higher oil prices also have been weighing on stocks. The price for a barrel of Brent crude oil leaped 4% on Thursday and has shot up from less than $97 at the start of the month on uncertainty about when the war with Iran will allow the global energy industry to return to normal.
Worries about big government debt loads and strained budgets are hanging over almost every developed economy. Protests across France have raised pressure on the government to increase spending, which could add further to its debt.
In the United States, such concerns, along with high inflation, signals of a still-strong U.S. economy and other factors, have pushed yields in the U.S. bond market recently to their highest levels in decades.
But U.S. yields fell sharply Thursday in a signal that investors were buying U.S. government bonds in search of something safer to own as AI stocks tumbled.
The yield on the 10-year Treasury tumbled to 4.97% from 5.13% late Wednesday and from more than 5.30% earlier this month. That’s a major move for the bond market.
Thursday’s drop in yields came even as another report suggested the U.S. economy may be doing better than economists expected. It said fewer U.S. workers applied for unemployment benefits last week, which could signal that layoffs remain low across the country.
In other dealings early Friday, the U.S. dollar rose to 156.93 Japanese yen from 156.77 yen. The euro was unchanged at $1.1215.
AP Business Writer Stan Choe in New York contributed to this report.
FILE - Trader Michael Capolino works on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew, File)
FILE - Options trader Anthony Spina works on the floor of the New York Stock Exchange, Wednesday, Jan. 7, 2026. (AP Photo/Richard Drew, File)
A screen shows the Korea Composite Stock Price Index (KOSPI), SK Hynix and Samsung Electronics Co. stock price at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 23, 2026. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 23, 2026. (AP Photo/Ahn Young-joon)
Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 23, 2026. (AP Photo/Ahn Young-joon)
WASHINGTON (AP) — Two former FBI officials were charged on Friday with lying to Congress about their involvement in investigating Hunter Biden’s laptop in the run-up to the 2020 presidential election, the latest in a series of splashy and politically charged actions the Justice Department has undertaken ahead of next month's midterm contests.
Nikki Floris and Bradley Benavides, former top leaders of a since-disbanded task force set up to counter foreign election interference, surrendered to authorities and made their first appearance in federal court in Washington, where their lawyers pressed for a speedy hearing at which they could contest the allegations against them.
The prosecution, a rare Department of Justice criminal case against a former employee, revisits a tangled and peculiar saga that roiled the final weeks of the 2020 race. It also comes amid a broader, backward-looking effort by FBI Director Kash Patel, who before taking over the nation’s premier law enforcement agency was a harsh critic of it, to scrutinize high-profile episodes from the bureau’s recent past that for years have animated President Donald Trump’s conservative base.
Floris’ attorneys called her “a patriot” and said she has “served our nation as a dedicated FBI intelligence officer for nearly 20 years.”
“Yet today, the DOJ has accused her falsely of a crime on the say-so of politicians, not on the facts,” her attorneys said in a statement. “It’s no coincidence the government is filing these nonsense charges now, years later, on the eve of an election.”
The case was filed 10 days before the Nov. 3 elections via criminal complaint, which means prosecutors have not yet presented the case to a grand jury for an indictment. The Justice Department has repeatedly struggled in high-profile cases to convince grand juries in the nation’s capital to return indictments.
During the former FBI employees’ court appearance, both defense attorneys and the judge noted the unusual move to charge the case through a criminal complaint, which is more often used by prosecutors when they have an urgent need to take people into custody because, for example, they present a danger or a risk of flight.
U.S. Magistrate Judge Zia Faruqui remarked that it is “rare that we have charges this old coming in this nature.” Faruqui set a preliminary hearing for next Tuesday over the objections of prosecutors, who pushed for more time given what the judge described as the “sword of Damocles” hanging over the defendants’ head.
The revelation of the laptop’s existence in October 2020 injected a thorny storyline in the race between Trump, the Republican incumbent, and Biden’s father, Joe Biden, Trump’s Democratic challenger, who went on to win the race.
The complaint aims to build on longstanding congressional Republican complaints about the FBI’s handling of the laptop, including allegations that the bureau was not forthcoming to the public about its conclusion that the materials on it — including emails that showed discussions of the younger Biden’s foreign business dealings — were authentic and not the product of Russian disinformation.
The laptop’s contents were publicized by the New York Post, which said it had obtained from Trump ally Rudy Giuliani a hard drive of a computer dropped off by Hunter Biden at a Wilmington, Delaware, repair shop about a year earlier.
The curious circumstances of the laptop’s discovery raised concerns among Democrats and former intelligence officials about the possibility of Russian disinformation, particularly at a time when the Trump administration’s own intelligence community was assessing that Russia was attempting to interfere on Trump’s behalf in the election and as Giuliani had traveled abroad looking for dirt on the Bidens. Dozens of former U.S. intelligence officials signed a letter saying that the laptop bore the hallmarks of an “information campaign.”
But Trump’s then-director of national intelligence, John Ratcliffe, said in a letter to Congress that there was no proof foreign actors had anything to do with Hunter Biden’s laptop. The FBI under then-Director Chris Wray subsequently backed up that assessment.
Hunter Biden was subsequently charged with, and convicted of, gun and tax offenses during his father’s administration. Joe Biden pardoned him in his final weeks in office.
The complaint alleges that in their capacity as leaders of the Foreign Influence Task Force, Floris and Benavides were engaged in the investigations into Hunter Biden, and that Biden was a recurring subject at FITF meetings. Yet, the complaint says, both downplayed their firsthand knowledge of the laptop or involvement in investigations during 2023 congressional testimony. It accuses Benavides of making a false statement by telling lawmakers that he learned through Wikipedia that the FBI was in possession of the laptop.
“Lying to Congress by senior FBI officials strikes at the heart of our system. No one is above the law,” Patel said.
The case brings renewed attention to the work of the task force, which was established in the first Trump administration to police influence campaigns staged by Russia and other nations aimed at sowing discord, undermining democracy and spreading disinformation. The task force became a magnet of congressional Republican criticism during the Biden investigation and was disbanded in February 2025 by then-Attorney General Pam Bondi in one of her first acts on the job.
As FBI director, Patel has presided over widespread firings of agents who were involved in investigations of Trump or who are perceived as being against the Republican administration's agenda.
He has also focused attention on years-old investigations like the Hunter Biden one that occurred before he became director and that have been the subject of grievances and complaints by Trump allies.
The Justice Department historically looks to avoid public and overt investigative acts in the direct lead-up to an election that involve candidates or that risk influencing an outcome. But officials in the last two weeks have made a series of bold moves in cases with political undertones, including a search of Democratic Rep. Ilhan Omar’s house in an immigration fraud investigation and a corruption indictment unsealed Thursday against powerful Democratic Virginia state Sen. L. Louise Lucas.
Omar and Lucas are both Trump critics. Omar, who's from Minnesota, has called the search of her Washington home an “attempt to target political enemies and weaponize federal law enforcement.” Lucas has said she won't be intimidated or bullied by the federal government in its case against her and “will not back down.”
FILE - Hunter Biden steps into a vehicle as he leaves federal court, Sept. 5, 2024, in Los Angeles. (AP Photo/Eric Thayer, File)
FILE - Deputy Assistant Director for Counterterrorism at the FBI Nikki Floris, testifies before the House Judiciary Committee hearing on Capitol Hill in Washington, Oct. 22, 2019. (AP Photo/Susan Walsh, File)
FILE - An FBI seal is displayed on a podium before a news conference at the field office in Portland, Ore., Jan. 16, 2025. (AP Photo/Jenny Kane, File)
