U.S Stocks Slumped On Big Tech’s Low Earnings And Rising Yields. Demand Fears Knocked Down Oil Prices. Gold Prices Slightly Regained. Dollar And Cryptos Firmed.

Updated time: 10 Nov, 2022, 13:57 (UTC+04:00)


Wall Street slid under the pressure from lower big tech’s results and rising yields after Powell asserted to higher rates than previously expected. Nasdaq dropped 1.73% led by more than 4% loss in Apple and major tech comps including Google, Microsoft and Amazon. Dow Jones and S&P 500 fell 0.46% and 1%. Adding to concerns was unexpectedly declining weekly jobless claims data - a hint for an upbeat Friday’s monthly jobs report which fuels bets on the hawkish Fed.

U.S Stocks Slumped On Big Tech’s Low Earnings And Rising Yields

Futures slipped 0.1%-0.2% following the on-going drop of major indices. Ahead in the final session of the week, markets will look closely at the nonfarm payrolls data and earning results of AMC networks.


Fears of higher-than-previously-expected U.S interest rate and possibly dented fuel demand in China caused oil prices to plummet. Brent crude futures slid 0.2% to $94.45 per barrel and were set to drop more than 1% for the week. Meanwhile U.S WTI futures extended 0.3% loss to $87.90, remaining flat for the entire week. More than that, the BoE thinks that Britain has entered a recession.

Although gold prices slightly regained, the mighty dollar and hawkish Fed moves put metal markets on course to end the week lower. Spot gold rose 0.1% to $1,631.88 an ounce while gold futures increased 0.2% to $1,633.75. Both instruments were set to lose about 1% for the week.


Dollar was on track for its best week performance in over a month, with the index up 2% for weekly gain and having firmed at 112.90. Sterling was expected to fall nearly 4% for the week after rising 0.1% to $1.1170. Investors worried about the risk of the U.K's longest recession brought by BoE’s rising rates, anticipating lower borrowing costs. The euro also moved in tandem with sterling, up 0.08% at $0.97575. Yen rose a marginal 0.07% to 148.155 per dollar. Kiwi and Aussie lost.


Even though a small dip in the U.S weekly jobless claims and BoE’s rate hikes threatened the global economy, both largest cryptocurrencies were still trading comfortably. Bitcoin held steady at about $20,200 while Ethereum settled over $1,500. Only Doge plummeted.

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