Equity markets sell off as tech stocks lead losses, big oil earnings expected weak

From Investing.com: 2024-11-01 05:56:00

Equity selloff continued in Europe and the US, with technology stocks like Microsoft and Meta leading the losses. The S&P 500 closed almost 2.50% lower, wiping out gains for the month. Higher-than-expected spending and core PCE numbers in the US fueled the selloff. Inflation gauge remained steady at 2.7% while core PCE eased to 2.1%. The dollar strengthened as bets on Fed rate cuts were trimmed. Amazon and Intel rallied in after-hours trading on better-than-expected Q3 results, while Apple missed Chinese sales estimates. Big Oil earnings expected to be weak due to low oil prices. Shell rebounded on buying shares and Middle East tensions.

Oil prices rebounded on renewed tensions between Iran and Israel, pushing US crude above $70pb. Despite geopolitical tensions, global economic outlook remains bearish for oil. Dollar strengthened after hawkish comments from the Bank of Japan. Euro rallied on strong CPI data and positive economic releases. Fed’s last major report before the election expected to bring a 25bp cut.



Read more at Investing.com: Uncertainty Deepens Amid Equity Sell-Off as Attention Shifts to Big Oil Earnings