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US stocks were mixed as the sell-off in technology stocks continued, with the Nasdaq falling more than 1%. The market was also digesting a number of variables such as earnings season, the midterm elections and the October employment report.
US stocks closed mixed on the 2nd. As the selloff in technology stocks returns and investors continue to assess the busy earnings season that begins this week,midterm elections Market sentiment appeared cautious ahead of key employment reports as well.
The Dow Jones Industrial Average closed at 51983.98, up a slight increase of 213.67 points, or 0.41%; The S&P 500 index fell 38.67 points, or 0.51%, to 7541.4 as investors shifted out of technology stocks. Mainly Technology StocksNasdaq After gaining in early trade, the composite index gave up its gains. After technology stocks’ tragic turn last week, it fell again by 272.68 points or 1.07% on Monday to close at 25164.32 points.
After experiencing a selloff in artificial intelligence (AI)-oriented stocks, which caused the Nasdaq index to fall 5.2% in October, the market is trying to consolidate. Chipmakers’ share prices fell, while Apple’s share price fell nearly 2% before announcing earnings after the market closed on the 2nd.
In addition, artificial intelligence startup Anthropic released an amended S-1 prospectus on the morning of the 2nd, disclosing its third-quarter financial report, allowing investors to understand its latest financial situation.
Bitcoin fell 1%, falling below the $77,000 level per coin. Earlier, cryptocurrency exchange Binance was hacked, resulting in a loss of up to US$6.3 billion. Investigators said it was the largest cryptocurrency theft in history, dealing a massive blow to the entire cryptocurrency market.
In terms of crude oil prices, oil prices fell due to reports that the United States and Iran are exploring diplomatic solutions to the conflict in the Middle East. International benchmark Brent crude futures fell to near $104 a barrel.
In terms of economic data, the latest survey showed that the US manufacturing industry expanded in October due to continued inflationary pressures. A number of labor market data will be released for the rest of the week, with the October employment report released by the government on Friday being the highlight.
Summary FAQ
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Due to the re-emergence of selling pressure, mainly on technology stocks, funds were withdrawn from Nasdaq-related stocks, driving the index down; In contrast, the Dow Jones gained slightly, supported by non-tech stocks, reflecting the market’s weakening risk appetite.
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Investors are simultaneously evaluating the busy earnings season, midterm election results and the October employment report released on Friday. These events can affect interest rate expectations, policy trends, and the market’s short-term capital allocation.
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Bitcoin falls below US$77,000 due to Binance hack. Crude oil fell on reports of a cooling off of diplomacy between the United States and Iran. Brent crude oil futures fell to around US$104 a barrel, a sign of growing risk aversion.
