As we enter November, markets are already reacting to a wave of impactful updates across sectors.
Big Tech stocks took a hit, with Nasdaq sliding amid concerns over rising AI costs following Meta and Microsoft earnings. Apple reported mixed Q4 results, while gold surged to new highs as investors flocked to safe-haven assets amidst election uncertainty.
Meanwhile, in Forex, the Euro gained against the Dollar, with EUR/USD nearing 1.0900.
Dive in to explore the latest trends!
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Big Tech Woes Trigger Nasdaq Slide as AI Costs Weigh on Earnings
US stocks took a hit, led by a sharp decline in the Nasdaq, as disappointing earnings from Meta and Microsoft ($MSFT) raised concerns about the outlook for major tech companies amid escalating artificial intelligence expenses.
The Nasdaq ($NAS100) dropped 2.7%, with the S&P 500 ($SP500) down nearly 1.9%, capping off a month of losses. The Dow Jones Industrial Average ($US30) also slipped 0.9%, marking its first monthly decline in six months and ending a five-month winning streak for both the S&P 500 and the Dow.
Trading involves significant risk of loss.
Apple Reports Better-Than-Anticipated Q4 Revenue
Apple ($AAPL) announced its fourth quarter earnings, giving Wall Street its first look at whether the company’s Apple Intelligence platform is juicing iPhone sales.
For the quarter, Apple saw earnings per share (EPS) of $0.97 on revenue of $94.9 billion. The company said it saw a one-time charge related to the reversal of a European General Court decision that requires Apple to pay 13 billion euros to Ireland for back taxes. Shares fell about 2% following the report.
Without the charge, EPS would have come in at $1.64. That would have blown past expectations of $1.59 per share and revenue of $94.3 billion.
Trading involves significant risk of loss.
Gold Touches New High, Silver Surges as Metals 'Momentum' Builds
Gold ($XAUUSD) climbed to a new high while silver also rallied as investors went long on metals amid US election uncertainty and Wall Street's expectations of lower interest rates.
Gold futures rose as much as 0.8% to hover near highs of $2,770 per ounce while spot gold inched to a record just north of $2,759. Silver futures gained more than 1% to top $34 per ounce, levels not seen in over a decade.
Trading involves significant risk of loss.
EUR/USD Rises as US Election Pressures the Dollar
The $EURUSD pair is trading positively, hovering near a weekly high around 1.0880, as uncertainty around the upcoming US presidential election weighs on the Dollar. With Americans preparing to choose between former President Donald Trump and current Vice President Kamala Harris, demand for the Dollar has softened.
Additionally, higher-than-expected US inflation data has further bolstered the Euro, pushing EUR/USD closer to the 1.0900 level as buyers remain optimistic about continued gains in the near term.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
