Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
44stories
0bullish
0bearish
5sections
Key points
Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
investingLive Americas FX news wrap 30 Oct: It’s a wrap: Nasdaq tumbles as AI costs worry investors; Fed speakers keep hikes in play
Gold breaks $3,886 floor to new YTD low as Fed hawks press on
Japanese Yen holds firm after BoJ’s hawkish hold
BP profits hit ‘obscene’ 18-year high as Iran war drives up oil refining margins
KEY POINTS
What moved markets
01Neutral
Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
The main theme today was a sharp pullback in technology stocks, as investors questioned whether the large sums being spent on artificial intelligence can produce returns quickly enough. That sell-off pushed United States markets down by nearly one trillion dollars after disappointing earnings reports. The weakness in tech also weighed on the broader market, with the S&P 500 coming under pressure around a key support level.
investingLive Americas FX news wrap 30 Oct: It’s a wrap: Nasdaq tumbles as AI costs worry investors; Fed speakers keep hikes in play
The Nasdaq recorded its worst month since March 2025 as technology shares tumbled. Bitcoin tested an important support level, with security concerns around Binance adding to the cautious mood. Looking ahead, elections, rate decisions and jobs data are set to take center stage next week.
Gold breaks $3,886 floor to new YTD low as Fed hawks press on
Gold fell to a new low for the year, dropping to 3,880 dollars and clearing the 3,900 dollar threshold for the first time since October of last year. The dollar and Treasury yields edged higher as hawkish comments from Federal Reserve speakers kept the possibility of rate hikes in play.
The Japanese yen held firm after the Bank of Japan kept policy unchanged but struck a hawkish tone. The yen outperformed most major currencies, though the dollar recovered some of its losses against it heading into the weekend.
05Neutral
BP profits hit ‘obscene’ 18-year high as Iran war drives up oil refining margins
BP reported quarterly profits of 8.46 billion dollars, an 18-year high, as the Iran conflict lifted oil refining margins. Climate campaigners criticised the result, while tankers continued to move crude through the Strait of Hormuz despite a sharp escalation in Iranian attacks, supported by soaring freight rates.
Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
In other notable news, the stablecoin issuer Tether said its excess reserves nearly doubled to 8 billion dollars, with third quarter profit reaching 1.5 billion dollars. Its Bitcoin reserves were valued at 8.37 billion dollars at the end of September. Reddit shares plunged 30 percent after its chief executive warned that Google's AI-powered search features are cutting referrals, and the stock was down 44 percent for the week.
MOST MENTIONED
Markets in the news
How many stories mention each market, and how many read bullish or bearish.
investingLive Americas FX news wrap 30 Oct: It’s a wrap: Nasdaq tumbles as AI costs worry investors; Fed speakers keep hikes in play
investingLive Americas FX news wrap 30 Oct: It’s a wrap: Nasdaq tumbles as AI costs worry investors; Fed speakers keep hikes in play. Nasdaq suffers worst month since March 2025 as technology stocks tumble.
Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
The stablecoin issuer’s US Treasury holdings are comparable to those of major foreign holders, while its Bitcoin reserves were valued at $8.37 billion at the end of September.
Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough. A sell-off of tech stocks that began earlier this month and gained steam with disappointing…
NeutralThe Guardian
BP profits hit ‘obscene’ 18-year high as Iran war drives up oil refining margins
Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’ BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn…
NeutralCointelegraph
Bitcoin risks worst October in 12 years as tech sell-off spreads to gold
Bitcoin circled $77,000 as crypto markets navigated US stock-market downside, while the gold price fell to its lowest in a year.
Brent Hits $117 as Tanker Catches Fire in Strait of Hormuz
Tensions in the Middle East are escalating again as a tanker was reported on fire after explosive devices were attached to its hull while the vessel was attempting to transit outbound in the Strait of Hormuz. The UK…
NeutralBBC News
Google value plunges by $500bn as its own AI search hits ad sales
Google spooked investors so badly that its stock hit a six-month low, after it revealed its AI own search summaries were affecting ad revenue.
BNB lost 7.1%, while Binance Co-CEO Yi He pledged that the exchange will cover all user losses resulting from the hack.
Macro & Markets: 10 selected of 39
NeutralThe Guardian
Budget 2026: how to beat the new savings tax rates
Budget 2026: how to beat the new savings tax rates. John Healey’s budget offered a ‘sting in the tail’ for savers by raising tax rates but there are ways to ease the pain.
NeutralOilPrice.com
Europe Is Now Seriously Rethinking Its Oil Refinery Phase Down
Over the past couple of decades, Europe has pursued some of the world’s most ambitious clean energy policies, aiming to become the first climate-neutral continent by 2050. Hardly surprisingly, Europe is now further…
NeutralOilPrice.com
Gasoline Up 34% and Heating Oil Up 74% as Voters Head to the Midterms
The results of the upcoming midterm elections will reveal just how much power global energy markets have over state-level politics – and how much changing political regimes can cost the global energy sector in return.…
NeutralBBC News
US tech stocks see sharp falls as AI spending nears $1tn
Shares in Intel continue to fall while the tech-heavy Nasdaq opens at its lowest level in more than two months.
NeutralFXStreet
Gold breaks $3,886 floor to new YTD low as Fed hawks press on
Gold (XAU/USD) tanked to a new year-to-date (YTD) low of $3,880 on Friday, clearing the $3,900 threshold for the first time since October of last year. The Greenback and US Treasury yields edged higher, while risk…
Worried About Crypto Hacks? Buy Bitcoin Proxies in Stock Market Instead, Say Wall Street Firms
Analysts at Cantor Fitzgerald, TD Cowen and Compass Point say the record $6.4 billion theft is a Binance security failure, not a crypto-wide threat, pointing clients toward proxies like Coinbase, Robinhood, and Strategy.
SEC Issues Exemptive Relief from Treasury Clearing Requirements for Certain Inter-Affiliate and Non-U.S. Repo Transactions
The Securities and Exchange Commission took another step forward today to assist broker-dealers and other market participants on the path to central clearing of U.S. Treasury securities by issuing exemptive relief…
NeutralFox Business
Oil giants post billions in profits as Americans feel pain at the pump
ExxonMobil and Chevron posted massive quarterly profits as Middle East and Russia-Ukraine conflicts drove gas prices up 34.2% year over year.
NeutralCNBC
Tankers defy sharp escalation of Iranian attacks to keep crude oil flowing through Strait of Hormuz
Soaring freight rates are giving tankers a big financial incentive to run the gauntlet through the Strait of Hormuz.
NeutralFXStreet
Japanese Yen holds firm after BoJ’s hawkish hold
USD/JPY holds trades on the back foot heading into the weekend as the Japanese Yen (JPY) outperforms most major currencies following the Bank of Japan’s (BoJ) hawkish hold. However, the pair has recouped some of its…
SpaceX and Tesla form committees to evaluate potential merger
SpaceX and Tesla form committees to evaluate potential merger. A merger could reshape industry landscapes, impacting market dynamics and regulatory scrutiny while testing investor confidence in strategic synergies.
NeutralCrypto Briefing
Anthropic files for IPO, aims for $2T valuation on NASDAQ
Anthropic's IPO could reshape AI market dynamics, but historical IPO trends and net losses may temper investor enthusiasm and valuation.
NeutralCNBC
Trump called out Big Oil profits. Here’s how much their refining earnings have surged since
Trump criticized Big Oil for making “too much money,” but oil majors have since reported surging refining earnings as fuel supplies tightened.
NeutralDecrypt
Intel Stock Suffers Worst Crash in 50 Years as Weak Forecast Overshadows AI Chip Demand
Intel beat third-quarter earnings expectations, but warned of a prolonged PC slump, sending shares to their worst daily decline in 50 years.
NeutralCNBC
Intel stock has worst day since 1970s, wiping about $12 billion off government's stake
Investors are nervous about the massive AI spending from the tech giants and whether that will pay off.
NeutralDecrypt
Reddit Stock Plunges 30% as Google's AI Search Hits Traffic and User Growth
Reddit shares are down 44% this week after CEO Steve Huffman warned that Google's AI-powered search features are cutting referrals, while weaker user growth and disappointing fourth-quarter guidance added to investor…
NeutralBitcoin Magazine
Coinbase (COIN) Misses Revenue Estimates as Users Fall, Armstrong Sets Up New Share Sales
Coinbase missed revenue expectations as users declined, despite growth in recurring revenue, while executive share-sale plans and a massive Binance security breach added pressure to crypto markets. This post Coinbase…
NeutralOilPrice.com
Chevron Profits Nearly Triple to $9.9 Billion
Chevron's third-quarter profit nearly tripled to $9.9 billion, with its refineries doing much of the heavy lifting despite processing just 3% more crude than a year earlier. The company reported earnings of $5.06 per…
NeutralCNBC
Musk and Zuckerberg echo Trump's push to rebrand AI as 'super intelligence' on earnings calls. Others do not
Meta's Mark Zuckerberg and Elon Musk of Tesla and SpaceX adopted President Trump's preferred "super intelligence" term on their third-quarter earnings calls.
NeutralThe Block
Strategy’s preferred-stock fix sets up renewed bitcoin buying, analysts say
Strategy fell after Q3 earnings, but StoneX & TD Cowen kept buy ratings, citing $4.83B cash reserve and more stable STRC preferred structure.
Relying on AI is rotting your brain. But here’s what you can do about it | Carly Dober
Relying on AI is rotting your brain. But here’s what you can do about it | Carly Dober. Each new tech product is designed to make our lives easier and keep us mindlessly entertained.
NeutralThe Guardian
Eight in 10 homes in London’s poshest postcodes now sell below asking price, Coutts finds
Sellers in areas such as Belgravia and Mayfair face hundreds of thousands of pounds in losses as property prices fall. Eight out of 10 properties in London’s most exclusive neighbourhoods – such as Mayfair, Belgravia…
NeutralEuropean Central Bank
Philip R. Lane: AI adoption in Europe
Philip R. Lane: AI adoption in Europe
NeutralBitcoin Magazine
Blockchain Firms Link North Korea to $6.3 Billion Binance Hack
Chainalysis and TRM Labs have linked yesterday’s $6.3 billion Binance hack to North Korea’s TraderTraitor group. This post Blockchain Firms Link North Korea to $6.3 Billion Binance Hack first appeared on Bitcoin…
Sinkholes, scarred land and scapegoats: the scourge of illegal gold mining in Johannesburg
There is no end in sight for the drivers of illegal mining, while police action appears ineffective. Cora Bailey has been encountering illegal miners ever since she first started treating injured animals in the…
NeutralEuropean Central Bank
Piero Cipollone: Next-day securities settlement, tokenisation and the transformation of Europe’s financial infrastructure
Piero Cipollone: Next-day securities settlement, tokenisation and the transformation of Europe’s financial infrastructure
Analysts & Research: 10 selected of 30
NeutralFXEmpire
S&P 500 Price Forecast: AI Spending Fears Put 7,500 Support at Risk
S&P 500 Price Forecast: AI Spending Fears Put 7,500 Support at Risk. Technology weakness weighs on the S&P 500 as investors watch key support at 7,500 and resistance at 7,800.
NeutralCrypto Briefing
Crypto exchanges urge swift security upgrades after $6B Binance breach
The Binance breach highlights the urgent need for enhanced security in crypto exchanges, potentially leading to increased regulatory scrutiny.
NeutralCNBC
Meta outlook revised downward by S&P on cash flow and capex concerns
Meta has been given a negative outlook by S&P Global Ratings due to the company's hefty capital expenditures and concerns about free cash flow.
NeutralFXEmpire
Gold (XAU/USD) Price Forecast: Breakdown Puts $3,500 in Focus
Gold breaks below major support at $3,942 as bearish momentum accelerates, exposing lower targets near $3,789, with a deeper correction potentially reaching $3,500.
Bitcoin Price Prediction: BTC eyes Retest of $75K Support Amid $6.3Bn Binance Hack
Bitcoin (BTC) risks a 13% correction toward $65,000–$72,000 if it fails to defend the critical $75,000 support floor following a 4% drop triggered by Binance’s $6.3 billion hack.
Natural Gas Price Forecast: Bullish Reversal Faces Major Resistance
Natural gas rebounds from key support with a bullish reversal signal on deck, but several moving averages and trendline resistance levels could limit recovery potential.
NeutralFXEmpire
Palantir (PLTR) Price Forecast: Earnings Loom as Downside Risks Build
Palantir’s technical weakness is increasing ahead of earnings, with bearish signals pointing to deeper downside risk and a critical confluence of support near $160–$166.
NeutralFXStreet
US Dollar Weekly Forecast: A hawkish Fed is no longer enough
The US Dollar (USD) managed to regain some composure, ending the week with acceptable gains after surrendering some ground following earlier two-week highs.
NeutralFXEmpire
NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Dives As Intel Collapses 31%
Intel’s report triggered a strong sell-off in the tech sector.
DBS Group Research anticipates Vietnam’s October 2026 exports and retail sales to stay robust, while headline inflation hovers around 5%, above the 4.5% target. Strong electronics shipments, firm household spending and…
Compiled by the Borearis Research Team from public news and market quotes, with AI-assisted summaries. For information only, not investment advice. Trading involves risk.
