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Market Wrap: Stocks, Bonds, Commodities |
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On Friday, a heavy sell-off in semiconductor and AI infrastructure stocks caused the Nasdaq 100 to tumble 1,017 points (-3.46%) to 28,384, its biggest percentage decline since June. The S&P 500 dropped 140 points (-1.82%) to 7,580, and the Dow Jones declined 572 points (-1.09%) to 51,770.
On a weekly basis, both the S&P 500 and the Nasdaq 100 were down for a third consecutive week.
Intel (INTC) plunged 28.58%, its worst session since 1974. The chip maker issued downbeat fourth-quarter revenue guidance, citing ongoing softness in the personal computer (PC) market and a production disruption from an early-October explosion at its factory in Israel.
Semiconductor peers also saw heavy selling pressure, with Qualcomm (QCOM) tumbling 11.12%, Advanced Micro Devices (AMD) down 10.88%, Arm Holdings (ARM) down 9.97%, and Marvell Technology (MRVL) down 10.05%. Broadcom (AVGO) fell 5.48%, Micron Technology (MU) dropped 5.30%, and Nvidia (NVDA) was down 4.22%.
AI infrastructure stocks were not spared, with Coherent (COHR) losing 11.34%, CoreWeave (CRWV) down 9.66%, Bloom Energy (BE) down 8.61%, and Lumentum (LITE) down 8.57%.
Amazon (AMZN) fell 1.41% after third-quarter results missed expectations. Like Alphabet and Meta Platforms, the company posted negative free cash flow for a second straight quarter.
Mega-cap peers also closed in the red, with Microsoft (MSFT) dropping 1.55%, Meta Platforms (META) down 1.53%, Alphabet (GOOGL) down 1.40%, and Apple (AAPL) down 1.23%.
SanDisk (SNDK) sank 13.47% despite the data-storage company reporting strong growth in its data-center business.
Reddit (RDDT) plummeted 29.22% after the social media platform said it would test a logged-in-only experience, raising concerns over potential impacts on user reach and engagement.
Crypto-linked shares stayed under pressure after the Binance hack, with Coinbase Global (COIN) falling 10.62% and Robinhood Markets (HOOD) down 7.21%.
The U.S. 10-year Treasury yield was little changed at 4.933%.
In Europe, the DAX 40 closed 0.85% lower, the CAC 40 was largely flat, while the FTSE 100 edged up 0.07%.
U.S. WTI crude futures rose 2.12 dollars (+2.08%) to 104.12 dollars a barrel, as oil supply fears stayed elevated after Hormuz tanker incidents and Houthi claims of strikes on Saudi energy sites.
Spot gold fell 145 dollars (-3.62%) to 3,875 dollars an ounce, and spot silver slid 3.03 dollars (-5.81%) to 49.13 dollars an ounce.
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The yen gained for a third consecutive session on Friday, as USD/JPY dipped further to 157.56. As expected, the Bank of Japan kept its key interest rate unchanged at 1.25%. However, the central bank revised up its inflation forecast and reiterated its readiness to hike interest rates to fight inflation.
EUR/USD eased 22 pips to 1.1158 on Friday.
Germany's gross domestic product grew 1.2% year-on-year in the third quarter, above expectations. Its inflation rate slowed to 2.8% year-on-year in October, below expectations.
In France, gross domestic product shrank 0.1% year-on-year in the third quarter, below expectations. The inflation rate accelerated to 3.4% year-on-year in October, above expectations.
The Canadian dollar kept strengthening against the U.S. dollar, as USD/CAD declined 14 pips to 1.3973. Canada's gross domestic product showed no growth in August, in contrast to expectations for a 0.2% month-on-month rise.
Over the weekend, Bitcoin stabilized near 77,780 dollars. U.S. authorities said the hack that stole about 6.3 billion dollars from Binance, the world’s biggest cryptocurrency exchange, was conducted by a North Korea-linked unit. Binance said it had resumed withdrawals of Bitcoin and other cryptocurrencies following the record theft.
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In Asian trading hours, EUR/USD held steady near 1.1169, while GBP/USD traded at 1.3385.
Meanwhile, USD/JPY advanced to 157.94.
China's RatingDog manufacturing purchasing managers index eased to 52.0 in October (vs 51.6 expected).
Spot gold rebounded to 3,904 dollars an ounce.
U.S. WTI crude oil futures retreated 3.24 dollars (-3.11%) to 100.88 dollars a barrel as geopolitical risk premiums eased on reports of ongoing diplomatic talks in Qatar, while OPEC+ held December production targets steady over the weekend.
Bitcoin edged higher, trading near 78,616 dollars.
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Germany's retail sales are expected to rise 0.4% month-on-month in September.
In the U.S., the ISM Manufacturing Index is projected to edge up to 54.6 in October.
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