Global Markets:
● Asian Stock Markets : Nikkei down 2.62%, Shanghai Composite down 0.30% Hang Seng up 1.57% ASX up 0.31%
● Commodities : Gold at $4,000.05 (-0.78%) Silver at $51.260 (-2.13%), Brent Oil at 112.13 (1.20%), WTI Oil at 103.24 (1.22%)
● Rates : US 10-year yield at 4.919, UK 10-year yield at 5.3005, Germany 10-year yield at 3.3557
News & Data:
● (USD) Advance GDP Price Index q/q 2.3% to 3.2% expected
● (EUR) Main Refinancing Rate 2.65% to 2.65% expected
Markets Update:
U.S. stock futures fell early Friday as Amazon and Intel shares slumped following their latest quarterly results, intensifying concerns about artificial intelligence (AI) spending and growth prospects.
Nasdaq-100 futures dropped 2.1%, while S&P 500 futures declined 1%. Dow futures lost 104 points.
Asian markets were broadly lower. Japan’s Nikkei 225 fell 2.63%, while South Korea’s Kospi dropped 4.74%. Hong Kong’s Hang Seng Index gained 1.64%, and Australia’s S&P/ASX 200 edged up 0.29%.
Amazon shares tumbled 6% in extended trading after its third-quarter earnings and revenue missed expectations. The company reported negative free cash flow of $42.4 billion and maintained its 2026 capital expenditure forecast at $220 billion.
Intel plunged 21% after issuing a weak current-quarter outlook, citing a slowdown in personal computers. Revenue from its client computing and physical AI group declined 5% year over year to $8.1 billion. Sandisk fell 3% despite beating quarterly estimates and announcing an eight-for-one stock split.
The declines followed Alphabet’s 12% drop Thursday after disappointing quarterly results and negative free cash flow of $9.07 billion. The Nasdaq Composite fell 1.4%, while the S&P 500 lost 0.3%.
Investors remain concerned about AI infrastructure spending, elevated debt among specialized cloud providers, and the sustainability of technology valuations. CoreWeave shares have plunged 30% this month, while Nebius has declined 27%.
For October, the Nasdaq Composite is heading toward a 2.5% loss, while the S&P 500 and Dow are on track to gain 0.9% and 2.8%, respectively.
Upcoming Events:
● 12:30 PM GMT – USD Employment Cost Index q/q
