30/10/2026
Global technology stocks led a worldwide market decline. A fresh batch of disappointing corporate earnings accelerated capital outflows from artificial intelligence investments, pushing investors toward safe-haven assets and driving up U.S. Treasury prices.
Amazon tumbled 7.3% in after-hours trading. The company reported rising spending alongside a slowdown in its online business growth. Intel plummeted 23% after the bell, as its revenue fell short of market forecasts.
A string of weak earnings from big tech giants pulled Nasdaq 100 futures down 2.3%. Alphabet posted its worst quarterly results on record on Thursday. Samsung Electronics was also sold off heavily after failing to announce new shareholder return plans.
Risk aversion swept across global markets. Traders piled into the Swiss franc, Japanese yen and U.S. Treasuries. Among G10 currencies, the franc and yen posted the biggest gains against the U.S. dollar, while the entire U.S. Treasury yield curve moved lower amid rising bond prices.
The crypto market also came under pressure. Bitcoin dropped more than 2% below $77,000, dragging down other major digital assets. The selloff was triggered after Binance, the world’s largest crypto exchange, suspended all deposits and withdrawals to investigate a suspected hack, with more than $2.5 billion in assets frozen on the platform.
The latest earnings deepened doubts over AI spending. Investors are questioning whether massive capital outlays can generate sufficient returns quickly enough to justify stretched valuations.
The selloff remained concentrated in the tech sector, creating a sharp rotation across equities. More than 400 S&P 500 stocks closed higher on Thursday, as investors shifted toward defensive stocks and safe-haven instruments.
The KOSPI, a key benchmark for the AI industry, slumped nearly 5%. Chip giants Samsung Electronics and SK Hynix both lost ground, dragging the MSCI Asia Pacific Index down 1.8%. While tech suffered the steepest losses, five out of the index’s 11 subsectors advanced, led by healthcare and consumer stocks.
Semiconductors bore the brunt of Thursday’s selloff: the Philadelphia Semiconductor Index fell 1.4%. The Nasdaq 100 dropped 1.4% and the S&P 500 edged down 0.3%. Meanwhile, Microsoft’s $25 billion bond offering attracted overwhelming investor demand.
In currency markets, the yen rose 0.2% to 157.35 against the U.S. dollar ahead of the Bank of Japan’s policy decision. The market widely expects the central bank to keep interest rates unchanged on Friday and confirm that inflation has sustainably hit its 2% target.
U.S. Treasuries extended their rally, with maturities across the curve rising as investors sought protection against an economic slowdown. Short-dated bonds outperformed, as traders dialed back bets on further Fed rate hikes in the coming months. During Asian trading hours, the benchmark 10-year Treasury yield fell 4 basis points to 4.90%.
Oil prices climbed amid renewed Middle East tensions. Investors fear the U.S. may resume military strikes against Iran, risking regional supply disruptions. Brent crude topped $115 per barrel after swinging more than $3 in the previous session.
Even with solid U.S. economic data — third-quarter GDP growth hit a one-year high, and the Fed’s preferred inflation gauge, the September PCE price index, rose 0.5% month-on-month, the fastest pace in six months — U.S. bonds continued to rally. The data was released one day after the Federal Reserve kept interest rates on hold.
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