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Treasuries Oct 30 close
  • 3M4.16%−2 bp
  • 2Y4.56%−5 bp
  • 5Y4.71%−7 bp
  • 10Y4.94%−4 bp
  • 30Y5.31%−1 bp
  • 2s10s+38 bp+1 bp

Markets in 5Monday, November 2

Chip-led selloff sends Nasdaq to worst day since June

Tech led Friday's selloff, the S&P 500 fell 1.82%, and the 10-year yield eased to 4.94%; oil slipped early Monday, and Apple and Palantir report after the close.

Miles AshfordMarkets Correspondent · · 5 min read

  1. Stocks

    Tech selloff drives major US indexes lower on Friday

    The S&P 500 fell 1.82% to 7,580.07 on Friday 30 October, while the Nasdaq Composite slid 2.86% to 25,437.00 and the Dow lost 1.09% to 51,770.31. The Russell 2000 fell 1.66% to 2,811.84. The S&P 500 and Nasdaq each had their worst day since June, and the S&P 500 finished about 3% below its early October record of 7,818.93.

  2. Sectors

    Chip shares lead the decline as Intel plunges

    Semiconductors took the heaviest losses, with Intel closing down 28.58% after forecasting lower sales for the fourth quarter. Nvidia fell 4.22% and AMD dropped 10.88%, while the Nasdaq-100 fell 3.46%. Investors also weighed Amazon's heavy AI capital spending and its effect on cash flow, which added to worries about the sector.

  3. Rates

    Ten-year Treasury yield eases to 4.94%

    According to official Treasury data, the 10-year par yield closed at 4.94% on 30 October, down 4 basis points from 4.98% the day before. The 2-year yield fell to 4.56% from 4.61%, leaving the 2s10s spread at 38 basis points. The 10-year stood at 5.29% at the end of September and 4.13% a year earlier.

  4. Economy

    Third-quarter growth beats forecasts as inflation stays elevated

    Real GDP grew at a 3.4% annualized rate in the third quarter, above the 3.0% expected, according to data released on Thursday 29 October. The September PCE price index rose 3.6% from a year earlier, and core PCE rose 3.1%. Inflation-adjusted after-tax income fell 0.3% in September.

  5. Commodities

    Oil falls on Iran diplomacy hopes

    Brent crude fell about 3% to near $110 a barrel and WTI fell about 3.4% to near $100.60 in early Monday trade. Traders cited talks between Iran and Qatar aimed at ending the US-Israeli war. OPEC+ kept its December output targets unchanged. Gold closed Friday at $3,898.90, down 3.29%.

Earlier editions

Today’s edition →
  1. Alphabet slide weighs on stocks as rate-hike bets persist
  2. Stocks edge up as Fed holds and software sells off
  3. Chip stocks lift Nasdaq as Fed decision nears
  4. Stocks rise as Fed decision nears and yields hold
  5. Oil worries weigh on stocks as Fed meeting nears
  6. AI spending worries drive tech sell-off as yields fall
  7. Stocks rise on earnings as oil and Asia slide
  8. Stocks rally broadens as megacap tech lags
  9. Chip rebound lifts Nasdaq as yields climb
  10. Tech and chip stocks led US indexes lower on Friday
  11. Tech selloff eases as yields fall and producer prices spike
  12. Hot inflation revives Fed hike bets as stocks slide