Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
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Key points
Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
Stocks started the week with promise but ended in despair. Our take on the big reversal
S&P 500 Price Forecast: AI Spending Fears Put 7,500 Support at Risk
OpenAI cuts fundraising target to $20B; Meta gets credit warning from S&P
investingLive Americas FX news wrap 30 Oct: It’s a wrap: Nasdaq tumbles as AI costs worry investors; Fed speakers keep hikes in play
KEY POINTS
What moved markets
01Neutral
Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
The main theme this morning is a sharp pullback in technology stocks, driven by doubts over whether the huge sums being spent on artificial intelligence can pay off quickly enough. A sell-off that began earlier in the month picked up speed after disappointing earnings reports. The Nasdaq has now posted its worst month since March 2025.
02Neutral
Stocks started the week with promise but ended in despair. Our take on the big reversal
The week had started on a hopeful note, but it ended in a big reversal. Big tech earnings brought the spending concerns back to the surface, and investors moved toward defensive stocks. That shift weighed on the broader market.
03Neutral
S&P 500 Price Forecast: AI Spending Fears Put 7,500 Support at Risk
On the charts, the S&P 500 is under pressure from technology weakness. Market watchers are focused on support at 7,500 and resistance at 7,800. The index is testing whether that support level will hold.
04Neutral
OpenAI cuts fundraising target to $20B; Meta gets credit warning from S&P
There were also reminders that the funding side of the AI buildout is under scrutiny. OpenAI has cut its fundraising target to 20 billion dollars. Separately, Meta received a credit warning from S&P. Together these developments could prompt a reassessment of AI investment strategies and market confidence.
investingLive Americas FX news wrap 30 Oct: It’s a wrap: Nasdaq tumbles as AI costs worry investors; Fed speakers keep hikes in play
In other markets, Bitcoin tested a key support level as security concerns around Binance weighed on sentiment. The week ahead brings elections, rate decisions and jobs data into focus. The chief executive of Strive said Bitcoin held up better than expected after the Binance hack, though he cautioned it is too early to call a market bottom.
Tether’s excess reserves nearly double to $8B as Q3 profit hits $1.5B
Among other notable stories, the stablecoin issuer Tether said its excess reserves nearly doubled to 8 billion dollars, with third quarter profit of 1.5 billion dollars. Its Bitcoin reserves were valued at 8.37 billion dollars at the end of September. Elsewhere, the USDC Treasury minted 250 million USD Coin on Solana, and crypto interest groups have put more than 200 million dollars into the 2026 midterms.
MOST MENTIONED
Markets in the news
How many stories mention each market, and how many read bullish or bearish.
UK charity shop profits plummet amid shift in secondhand clothes market
UK charity shop profits plummet amid shift in secondhand clothes market. British Heart Foundation describes ‘exceptionally challenging’ trading after Oxfam’s retail profit reportedly fell 23% amid rise of platforms such as Vinted.
NeutralinvestingLive (ForexLive)
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. Bitcoin tests key support as Binance security fears weigh. Week ahead: Elections, rate decisions and jobs take center stage. Earnings next week…
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…
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.
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.
Macro & Markets: 10 selected of 36
NeutralOilPrice.com
Chevron Raises Exploration Spending By 50%
Chevron Raises Exploration Spending By 50%. After years of focusing on growing exploration and production in the U.S. Gulf of Mexico and the Permian shale basin, U.S. oil and gas supermajor Chevron.
NeutralOilPrice.com
U.S. Intelligence: China Could Put Laser Weapons in Space by 2030
A new United States intelligence report warns that China is developing energy weapons and spaceplanes that it could use for military operations in outer space, with the capability of using directed-energy weapons in…
NeutralCrypto Briefing
USDC Treasury mints $250M in USD Coin on Solana
Increased USDC minting on Solana could enhance DeFi liquidity, potentially boosting trading volumes and yields within the ecosystem.
NeutralOilPrice.com
Jackdaw Approval Sparks Fierce Debate Over Britain's Energy Future
The United Kingdom approved the development of the Jackdaw North Sea gas field on the 21st of October following years of legal battles and political uncertainty. Jackdaw is a large offshore natural gas field in the…
NeutralCNBC
Stocks started the week with promise but ended in despair. Our take on the big reversal
Big Tech earnings reignited AI spending fears, sending investors into defensive stocks.
NeutralCointelegraph
Bitcoin held up better than expected after Binance hack, Strive CEO says
Strive CEO Matt Cole says the Binance hack has not changed his long-term case for Bitcoin, but cautions it is too early to call a market bottom.
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. Savers were both winners and losers in Wednesday’s budget . In his first outing as chancellor, John…
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.…
NeutralThe Block
Inside the largest crypto hack on record: How attackers breached Binance for $6.3 billion
Investigators tie the $6B Binance hack to North Korea. Here's how hot-wallet signing infrastructure was compromised and where funds went.
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.
Stocks & Earnings: 10 selected of 15
NeutralCrypto Briefing
Apple CEO John Ternus says the company won’t ship AI for AI’s sake
Apple CEO John Ternus says the company won’t ship AI for AI’s sake. Apple's strategic focus on privacy and user-centric AI could redefine industry standards, emphasizing meaningful innovation over hype.
NeutralCNBC
SpaceX loses bid to toss NAACP lawsuit over Memphis data center air pollution
The Colossus data centers and a power plant that SpaceXAI is also building in Southaven, Mississippi, have faced community backlash for years.
NeutralCNBC
35-year-old took on $20K in debt to launch a business from her dining room—now it brings in 8 figures a year
Set Active founder Lindsey Carter shares how she learned to separate her professional stress from her personal life while growing her athleisure company.
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.
Sectors & Themes: 10 selected of 13
NeutralOilPrice.com
DARPA Backs Project to Measure AI Energy Use at Every Stage of the Workflow
DARPA Backs Project to Measure AI Energy Use at Every Stage of the Workflow. The artificial intelligence boom is creating an energy monster.
NeutralThe Guardian
A-listers and AI stylists: how high-street brands are staging a fashion comeback
Gap, M&S, Topshop and more are taking a leaf from luxury label playbooks to satisfy savvier generation of shoppers. High street brands that boomed in the noughties before the squeeze of both sustainably minded consumers…
NeutralThe Guardian
Britain’s housing crisis won’t be fixed without a new tax landscape
We need policies that stop treating property as a store of wealth and that allow people to move home cheaply. John Healey’s critics on the right and left accused him of dodging the big questions in his first budget .…
NeutralOilPrice.com
Senegal’s Ambitious Plan to Slash Electricity Costs and Boost Energy Security
The government of Senegal has ambitious energy diversification aims, with plans to develop both the country’s oil and gas sector and grow its renewable energy capacity. As part of its Vision 2050 plan, the government…
NeutralCointelegraph
Bitcoin turns 18: Has the original rebel grown up?
In typical Bitcoin style, the number one cryptocurrency turns 18 today, amid AI-driven security threats, quantum fears and the biggest exchange hack in crypto history.
Chainalysis says hacker using ‘offensive agentic techniques’ accessed its customers’ names and emails
The firm has also been tracking Binance’s separate multibillion-dollar hack, and said the attackers are using a Tron protocol to dodge stablecoin freezes.
NeutralCNBC
Crypto industry pours more than $200 million into 2026 midterms to pressure Congress on favorable rules
Interest groups tied to cryptocurrency are spending millions to tilt the midterm elections. They had mixed success in 2024
NeutralThe Guardian
‘We were mortgage-free at 45, here’s how you can do it too’
Even modest overpayments can save you a fortune. We look at the best ways to pay off your biggest debt early. When Adrian Massey was made redundant from his job as a food developer in 2010, the bill that worried him the…
NeutralThe Guardian
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. Switch off: embrace discomfort – and boredom. Ever longed for your own personal assistant? In the ever quickening tech race…
NeutralThe Block
President Trump says they’re looking into Binance hack as calls grow for crypto rules
Following the $6.3 billion hack of the world's largest crypto exchange, Binance, calls are growing for legislation.
Analysts & Research: 10 selected of 30
NeutralCrypto Briefing
OpenAI cuts fundraising target to $20B; Meta gets credit warning from S&P
OpenAI cuts fundraising target to $20B; Meta gets credit warning from S&P. The financial challenges faced by OpenAI and Meta may prompt a reassessment of AI investment strategies and market confidence.
NeutralFXEmpire
Ethereum Price Prediction: Binance Hack Scare Pushes ETH Into Technical Buy Zone
Ethereum (ETH) could soon be entering a technical buy zone between $1,935 and $2,075 amid Binance hack-induced liquidations, with a recovery above $2,400 needed to confirm a bullish reversal ahead of the upcoming…
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.
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.
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.
