International markets update:
Markets are experiencing pre-Halloween jitters as renewed concerns over AI company spending triggered a significant sell-off in U.S. equities, while geopolitical tensions fueled a surge in oil prices.
- U.S. equity markets faced a substantial sell-off, with the tech-heavy Nasdaq tumbling over 2% and the S&P 500 recording its largest decline since July, driven by renewed concerns about AI spending.
- Meta Platforms slumped nearly 7% after reporting negative free cash flow in its third quarter and raising its full-year capital expenditure forecast, leading losses among major tech names.
- The benchmark 10-year U.S. Treasury yield slid more than 17 basis points to 4.972%, marking its first dip below 5% in about a month and its biggest one-day decline since March 2023, as investors sought safety in bonds.
- Oil prices surged, with Brent crude futures gaining 4% to close above $113 per barrel, amid rising geopolitical tensions and reports of potential renewed strikes on Iran.
- Nvidia CEO Jensen Huang dismissed concerns of a 2029 memory glut, affirming strong demand for HBM and stating that more memory can always be utilized for ongoing technological advancements.
Stock Market News summarised for the Wall Street Investors Club community.