03/11/2026
Asian equities opened lower amid deepening sell-offs in U.S. chipmakers, even as optimism over diplomatic progress with Iran sent crude oil prices plunging.
The MSCI Asia Pacific Index fell 0.5%, while South Korea’s KOSPI slumped more than 3%. Stateside, the semiconductor index extended its three-day losing streak with a 12% drop. The Nasdaq 100 fell 10% from its peak, entering a technical correction. U.S. stock futures edged higher, pointing to bargain hunting among investors. Japan was closed for a public holiday.
Attention in Asia also turned toward China’s stock market after the central bank pledged to encourage financial institutions to expand the use of equity support tools and refine their terms to shore up market stability.
Apple’s stock declined in late U.S. trading after releasing the first quarterly earnings under new CEO John Ternus. The mixed results featured narrower profit margins that overshadowed upbeat sales guidance. On the other hand, Anthropic PBC reported a twelvefold jump in quarterly revenue and outlined spending plans exceeding $895 billion over the next several years.
U.S. crude held its losses early Tuesday, after global benchmark Brent oil crashed 7.6% to settle at $104.77 a barrel. Traders weighed signs of progress toward ending the conflict, just one day ahead of the U.S. midterm elections. The Bloomberg Dollar Index weakened on Monday, and long-dated U.S. Treasuries outperformed broader markets.
Easing geopolitical tensions lowered energy costs and inflation risks, yet cheaper oil failed to lift technology shares, as worries over bloated AI spending and stretched valuations persisted.
Iranian President Masoud Pezeshkian stated that the country’s supreme leader had granted his administration greater authority to push forward peace talks. U.S. President Donald Trump also hinted that negotiations were making headway. Moments later, when a reporter asked whether he would resume military strikes against Iran after Tuesday’s midterms, Trump mouthed the word “no.”
Fears over AI outlays were compounded by a wave of corporate borrowing. Big tech firms flocked back to the U.S. bond market to fund their investment plans, ending nearly three months of muted debt issuance. Oracle Corp. plans to sell $10 billion in bonds alongside an equal-sized stock offering. Meta Platforms Inc. intends to raise at least $20 billion via multi-currency debt. Microsoft Corp. issued $25 billion in bonds on Thursday, its first U.S. bond offering since 2017, while Alphabet Inc. tapped the European bond market for the second time on Monday.
Economic data offered another potential market catalyst. U.S. manufacturing activity picked up in October, with production rising at the fastest pace in nearly five years. Investors are closely watching a slate of labor-market reports this week.
Job openings data due Tuesday is projected to show a modest rise in September vacancies. Weekly initial jobless claims out on Thursday are expected to stay near historic lows. Economists forecast Friday’s nonfarm payrolls report will show October job creation more than doubling to 65,000, with the unemployment rate holding steady at 4.2%.
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