|
| |
Market Wrap: Stocks, Bonds, Commodities |
|
|
| |
|
|
|
| |
On Thursday, U.S. stocks, particularly semiconductor and AI infrastructure stocks, encountered a severe sell-off, with the Nasdaq 100 plunging 1,807 points (-6.36%) to 26,629, its biggest one-day percentage loss since March 2020.
The S&P 500 sank 334 points (-4.36%) to 7,353, and the Dow Jones was down 1,833 points (-3.44%) to 51,523.
The sell-off was led by semiconductors and AI infrastructure stocks amid concerns that the Democrats’ sweep in the midterm elections would translate into slowing spending on data-center construction and AI buildout.
Semiconductor stocks were crushed, with Nvidia (NVDA) tumbling 9.26%, erasing all gains made year to date, Micron Technology (MU) down 17.46%, and Advanced Micro Devices (AMD) down 17.26%.
Also, Arm Holdings (ARM) fell 13.08%, Taiwan Semiconductor Manufacturing (TSM) dropped 10.78%, Broadcom (AVGO) lost 10.43%, Intel (INTC) declined 10.33%, and Qualcomm (QCOM) was down 9.49%.
AI infrastructure and hardware stocks also sold off hard, with Bloom Energy (BE) dropping 16.41%, Dell Technologies (DELL) down 14.89%, and Akamai Technologies (AKAM) down 9.41%.
Data-storage stocks were not spared, with SanDisk (SNDK) plummeting 22.26%, Western Digital (WDC) down 17.35%, and Seagate Technology (STX) down 16.25%.
All mega caps slid alongside Nvidia, with Tesla (TSLA) sinking 10.77%, Meta Platforms (META) down 3.96%, Microsoft (MSFT) down 3.58%, Amazon (AMZN) down 2.19%, Alphabet (GOOGL) down 2.20%, and Apple (AAPL) down 1.53%.
Meanwhile, AppLovin (APP), an AI-powered advertising technology company, surged 31.04% after reporting stronger-than-expected third-quarter earnings and revenue.
The U.S. 10-year Treasury yield continued its downdrift, slipping 4.7 basis points to 4.843%.
In Europe, both the DAX 40 and the FTSE 100 closed 0.43% lower, while the CAC 40 gained 0.34%.
U.S. WTI crude oil settled 2.40 dollars higher (+2.72%) at 90.52 dollars a barrel, bouncing after Wednesday’s crash as markets reassessed the Iran-war path.
Spot gold managed to keep a footing above the key level of 4,000 dollars an ounce, as it added 26 dollars (+0.64%) to 4,088 dollars an ounce.
|
| |
|
|
|
|
|
|
|
|
| |
The U.S. dollar was stable, with EUR/USD slipping 9 pips to 1.1218, GBP/USD falling 23 pips to 1.3448, and AUD/USD dropping 75 pips (-1.07%) to 0.6929.
Meanwhile, USD/JPY declined 64 pips to 157.78.
As expected, the Bank of England raised its benchmark rate by 25 basis points to 4.00%, its first rate hike since August 2023.
Later today, the U.S. will post its official jobs report for October, which is expected to show an addition of 65,000 nonfarm payrolls with a stable unemployment rate of 4.2%.
Bitcoin tumbled alongside risk assets, losing 6% to trade at 75,400 dollars.
|
| |
|
|
|
|
|
|
|
|
| |
In Asian trading hours, spot gold erased Thursday's late bounce, sliding 43 dollars (-1.05%) to 4,045 dollars an ounce.
EUR/USD and GBP/USD traded cautiously ahead of the U.S. nonfarm report, holding at 1.1198 and 1.3432 respectively.
USD/JPY was little changed near 157.89.
Bitcoin consolidated near 75,689 dollars.
|
| |
|
|
|
|
|
|
|
|
| |
Germany's industrial production is expected to be flat month-on-month in September.
France's trade deficit is anticipated at 5.8 billion euros in September.
In the eurozone, retail sales are projected to slip 0.1% month-on-month in September.
In the U.S., nonfarm payrolls are expected to increase by 65,000 in October, while the unemployment rate is projected to hold steady at 4.2%. The University of Michigan Consumer Sentiment Index is forecast to be unchanged at 48.0 in November.
Canada's employment is expected to rise by 13,600 in October, while the unemployment rate is forecast to hold steady at 6.5%.
|
| |
|
|
|
|
|
