01·The Lead
A weak forecast hits chipmakers.
- The forecast: the midpoint of Intel’s fourth-quarter revenue guidance is about 9% below what analysts expected, StockTitan reported, citing LSEG data.
- PCs: finance chief David Zinsner said he sees the PC slowdown continuing at least through the first half of next year.
- Wall Street: the Nasdaq and the S&P 500 had their worst days since June, CNN reported.
- The month: October was the Nasdaq’s worst month since March 2025.
- Amazon: recovered most of a 7% early drop to close 1.4% lower.
- Amazon’s cash: free cash flow over the past year was an outflow of $42.4bn, which the company linked mainly to AI investment.
02·Market Reactions
Tech sells off, oil climbs.
- Europe: the Stoxx 600’s technology index fell 1.9%, CNBC reported.
Fri 30 Oct · Closing levels. Brent is the January contract.
19.42
VIX
+12.91%
−1.66%
Russell 2000
Friday
5.31%
US 30-Yr
−2.0bp
$49.14
Silver
−5.86%
Equities
| S&P 500 | −1.82% | |
| Nasdaq Composite | −2.86% | |
| Stoxx 600 | −0.36% | |
| FTSE 100 | +0.07% | |
| DAX | −0.85% | |
| Nikkei 225 | −2.12% | |
| Kospi | −3.48% | |
| Hang Seng | +1.46% |
Commodities
| Brent (Jan) | $113.43 | +2.37% |
| WTI (Dec) | $104.12 | +2.08% |
| Gold | $3,884.90 | −3.63% |
Rates
| US 10-Yr | 4.93% | −6.0bp |
FX
| EUR/USD | 1.1166 | −0.13% |
Digital Assets
| Bitcoin | $77,143 | −1.14% |
03·Chart of the Day
The deeper the chip exposure, the bigger the fall.
US stocks · one session · close Fri 30 Oct
Chipmakers against the indices.
Change in Friday’s regular session, %.
S&P 500−1.82%
Nasdaq−2.86%
Nvidia−4.22%
Chip index−7.2%
AMD−10.88%
Intel−28.58%
Source: Yahoo Finance closing prices, Friday 30 Oct. Chip index: PHLX Semiconductor (SOX).
04·What Else Matters
Oil up for the month, gold under $4,000.
Oil
A fourth monthly gain
- October: Front-month Brent, the nearest contract, rose 13.6% over the month and US crude 15.2%, Reuters reported.
- Why: traders weighed possible escalation of the war after the US midterm elections.
- Oil majors: Exxon and Chevron beat profit forecasts and both shares touched all-time highs on Friday, CNBC reported.
Reuters · CNBC · 30 Oct
Gold
Sold with stocks
- The fall: USAGOLD described it as liquidation selling, meaning sales to raise cash, as tech stocks dropped, even though Treasury yields and the dollar eased.
USAGOLD · 30 Oct
US data
Labour costs rise
- Pay and benefits: the Employment Cost Index for civilian workers rose 0.8% in the three months to September.
StockTitan · 30 Oct
China
Factory activity shrinks
- Factories: China’s official manufacturing PMI, a survey of factory managers, fell to 49.3 in October, missing the 50.0 forecast, Reuters reported.
Reuters · 31 Oct
Next week
Apple, then the midterms
- Mon 2 Nov: Apple reports its fiscal fourth-quarter results, Morningstar lists.
- Tue 3 Nov: US midterm elections.
Morningstar · 30 Oct
05·MENA Focus
A mine strike at sea, mediators in Tehran.
- Hormuz: a small boat attached explosives to a tanker on Thursday, UK agency UKMTO said; maritime sources told Reuters it was the war’s first known successful limpet-mine strike in the strait.
- Oman: authorities evacuated 25 crew from a Panama-flagged tanker that was attacked and caught fire near Musandam, CBS News reported.
- Qatar’s mediators: a delegation led by a senior adviser to Qatar’s prime minister arrived in Tehran on Friday, Iran’s IRNA agency said.
- Iran’s reply: its response to the Qatari draft is expected by the weekend, CBS News reported on Friday.
- Washington: US officials warned regional allies to prepare for possible renewed strikes on Iran after the elections; two diplomats said Trump had not decided, AP reported on Thursday.
- Saudi Arabia: the Saudi-led coalition said it intercepted a Houthi drone in the Mecca region; the Houthis denied launching it, CBS News reported.
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