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)

Stocks:

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.

Commodities:

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.

Currencies:

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.

Cryptocurrencies:

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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