A daily digest of world economy and market highlights, with links to original sources.
On Friday, October 30, the Dow closed at 51,770.31 (down 1.1%), the S&P 500 at 7,580.07 (down 1.8%) and the Nasdaq Composite at 25,437.00 (down 2.9%). Concerns that heavy AI spending may not pay off pressured technology shares.
Intel fell 28.58% to close at $65.76, its worst day since 1974. The company forecast quarterly revenue more than $1 billion below market estimates and said it did not expect positive cash flow this year. AMD fell 10.88% and Qualcomm 11.12%.
The Nikkei 225 closed at 63,290.11 on October 30, down 1,369.36 points (2.12%), snapping a run of gains. Renewed concern over excessive AI investment hit chip-related shares, with Advantest, Tokyo Electron and SoftBank Group leading the decline.
The Bank of Japan kept its policy rate at 1.25% in an 8-1 vote, with board member Hajime Takata dissenting in favour of a hike. The BOJ raised its inflation forecast, and several analysts expect a rate increase at the December meeting.
As US stocks fell on Friday, investors moved into safer assets and Treasury yields declined, even as oil prices rose. Amazon's profit report added to concerns about how much companies are spending on AI.
AI-assisted summary for reference only. Not investment advice.