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On Friday, the major indices in the U.S. finished lower, led by a sharp decline in technology and AI-linked stocks that sent the Nasdaq 100 down 2.5%, while energy and defensive sectors outperformed.
The S&P 500 retreated 84.70pts (-1.09%) to 7,659.
The Nasdaq 100 dropped 748.10pts (-2.50%) to 29,188.
The Dow declined 175.30pts (-0.34%) to 52,002.
On the sector front, Energy (XLE), Utilities (XLU), and Consumer Staples (XLP) outperformed, while Technology (XLK), Communication Services (XLC), and Consumer Discretionary (XLY) underperformed the most.
Looking at the latest U.S. economic data, industrial production rose 0.7% month-on-month in September, above the 0.4% expected and up from a revised 0.1% previously.
Traders are now pricing in an 87% chance of the Federal Reserve holding interest rates later this month.
U.S. Equity News:
Super Micro Computer (SMCI), an AI server and data-center infrastructure company, tumbled 9.85% as lingering accounting and governance concerns resurfaced following the appointment of a new CFO.
Twilio (TWLO), a cloud communications platform, tumbled 10.6% as investors locked in profits after a nearly 90% year-to-date rally, with concerns that expectations around AI-driven growth may have moved ahead of fundamentals.
APA Corporation (APA), an oil and gas exploration company, rose 4% after several analysts raised their price targets.
Kinder Morgan (KMI), a major U.S. natural gas pipeline operator, rose 4.2% ahead of its October 21 earnings report, with quarterly EPS expected to increase 13.8% year-over-year to $0.33 and revenue forecast to rise 5.7% to $4.38 billion.
Meta Platforms (META), the parent company of Facebook and Instagram, fell 3.72% as the broader technology and AI trade came under renewed pressure, with investors growing more cautious over heavy AI spending ahead of the company's October 21 earnings report.
Volatility & Commodities Snapshot:
The VIX index jumped 3.53pts (+21.45%) to 19.99.
The U.S. 10-year yield rose 0.016 basis points to 5.085%.
In the commodities market, gold slipped $3.64 (-0.09%) to $4,166.61.
Silver declined $0.47 (-0.82%) to $56.97.
WTI Crude Oil surged $3.74 (+3.82%) to $101.71.
Europe Market Overview:
At the European close, the major indices in the region finished higher.
Germany's DAX gained 239pts (+0.95%) to 25,622.
France's CAC 40 rose 22pts (+0.28%) to 7,956.
The U.K.'s FTSE 100 advanced 41pts (+0.38%) to 10,881.
On the economic data front, the eurozone trade balance posted a deficit of EUR 16.1 billion in August, compared with a surplus of EUR 10.7 billion in July, revised from EUR 14.2 billion.
Foreign Exchange & Crypto Wrap:
The Dollar Index declined 0.27pt (-0.27%) to 101.783.
EUR/USD gained 19pips (+0.17%) to 1.1237.
GBP/USD advanced 53pips (+0.40%) to 1.3326.
USD/JPY was unchanged at 157.98.
USD/CHF retreated 32pips (-0.39%) to 0.8235.
AUD/USD gained 25pips (+0.36%) to 0.6944.
USD/CAD declined 46pips (-0.32%) to 1.4137.
Bitcoin fell 452 dollars (-0.55%) to 81547.
Ethereum dropped 39 dollars (-1.63%) to 2411.
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