Today's Top Stories
6 stories
Economy
Intel Plunges 29% in Worst Session Since 1970s on Factory Closure and PC Weakness
Intel shares plummeted 29% after the company issued weak current-quarter guidance, citing a plant shutdown in Israel and high component costs across the PC hardware industry. The decline wiped approximately $12 billion off the value of the U.S. government's 10% equity stake and erased roughly $6 billion from Nvidia's holding in the chipmaker.
CNBC ↗
Tech
Reddit Sinks 30% to Historic Low as Google AI Overviews Hit Search Traffic
Reddit shares tumbled 30% following weaker-than-expected fourth-quarter revenue guidance of $1 billion to $1.03 billion. Chief Executive Steve Huffman stated that Google’s deployment of AI Overviews resulted in a meaningful drop in search-referral traffic during the quarter, prompting the social media platform to test mandatory login requirements for content access.
CNBC ↗Energy
Strait of Hormuz Conflict Escalates as Three Tankers Catch Fire and U.S. Evacuates Saudi Personnel
Expanding on earlier limpet mine strikes, Iran's IRGC Navy stated that three tankers caught fire in the Strait of Hormuz, prompting immediate shipping and supply concerns. In response to mounting regional security risks, the U.S. government ordered non-emergency diplomatic staff to depart Saudi Arabia.
Reuters ↗
Central Banks
Dallas Fed President Logan Flags at Least 50 Basis Points in Further Rate Hikes
Despite the Federal Reserve holding interest rates steady, Dallas Fed President Lorie Logan stated that she sees a need for at least 50 basis points in additional interest rate hikes. The hawkish stance stoked concerns that stubborn inflation will keep borrowing costs elevated well into 2027.
MarketWatch ↗
Crypto
Binance Freezes Stolen Crypto and Pleads for Support Following $6.3 Billion Breach
Following a record $6.3 billion cyber heist attributed to North Korean unit TraderTraitor, Binance announced that roughly $3 billion of the stolen tokens have been frozen on-chain. Cofounder Changpeng Zhao publicly requested that Elon Musk stop mocking the exchange on social media, pointing out Binance’s $1 billion-plus equity stake in SpaceX.
CNBC ↗Energy
Precious Metals Sink to 12-Month Lows as Energy Prices Stoke Inflation Fears
Gold futures dropped 3.48% to $3,891.20 an ounce, hitting one-year lows alongside silver. The selloff came as escalating energy prices fueled expectations of prolonged monetary tightening, sapping demand for non-yielding assets despite broad equity declines.
WSJ ↗Markets at a Glance
vs. previous closeLevels as of 4:09 PM EDT. Source: Yahoo Finance; may be delayed.
The Market Today
U.S. equities suffered sharp and accelerating losses on Friday, weighed down by an aggressive selloff in mega-cap technology and semiconductor shares as mounting artificial intelligence spending concerns rattled investors. The Nasdaq Composite dropped 2.86% to 25,437.00 and the S&P 500 fell 1.82% to 7,580.07, while options volatility spiked and defensive sectors attracted rotation flows. Geopolitical risks escalated in the Middle East following reports of multiple burning tankers in the Strait of Hormuz, maintaining WTI crude above $103 per barrel, while gold tumbled 3.48% to $3,891.20 an ounce as traders weighed persistent inflation and hawkish monetary policy signals.
Since the Open
vs. this morning's brief- Small-cap morning gains fully reversed: The Russell 2000 erased its opening 1.01% advance, sliding 1.88% from morning levels to 2,805.38 as broad-based selling overtook earlier pockets of resilience.
- Tech route intensified into technical correction: The Nasdaq Composite deepened its decline from morning levels (falling 2.86% from 26,184.72 to 25,437.00), putting the index roughly 9% below recent highs and on track for its third technical correction of the year.
- Amazon rebounded from opening lows: After a steep post-earnings drop in premarket trading, Amazon shares climbed 3.42% from their morning price of $232.41 to trade at $240.35, narrowing their daily loss to 1.41%.
- Persian Gulf crisis widened beyond morning reports: Following the morning report of a single vessel hit by limpet mines, Iran's IRGC Navy reported three tankers on fire in the Strait of Hormuz, prompting the U.S. to order non-emergency personnel to depart Saudi Arabia.
Your Watchlist
vs. previous close- Apple (AAPL): Shares fell 1.23% today to $344.63, dragged lower by the broader tech selloff ahead of its upcoming earnings report, even as its primary manufacturing partner expressed confidence in meeting surging demand for the Duo. Bloomberg
- Microsoft (MSFT): The stock dropped 1.55% today to $521.91 as the company prepared to raise $25 billion in debt to finance its continued AI infrastructure buildout. CNBC
- Nvidia (NVDA): Shares slid 4.22% today to $204.64, impacted by a $6 billion loss on its Intel equity stake and reports that a Chinese executive close to the CEO is under scrutiny for allegedly leaking corporate information to China. WSJ
- Amazon (AMZN): Shares slipped 1.41% today to $240.35 after reporting a top- and bottom-line third-quarter miss alongside negative free cash flow of $42.4 billion, while maintaining a $220 billion capital expenditure plan for 2026. CNBC
- Alphabet (GOOGL): Shares slipped 1.40% today to $279.84 as its debt-risk gauge expanded following earnings, driven by widening market skepticism surrounding elevated AI-related debt issuance. Bloomberg
- Meta (META): The stock shed 1.53% today to $614.99 after the U.K. opened an antitrust probe into its publisher content licensing for AI tools, even as the company avoided trial by settling a high-profile youth social media addiction lawsuit. WSJ
- Tesla (TSLA): Shares fell 0.87% today to $399.81 as investors evaluated potential corporate tie-ups and compute-sharing arrangements highlighted in recent SpaceX filings. WSJ
- Exxon Mobil (XOM): Shares gained 2.16% today to $187.25, hitting fresh record highs on forecast-beating quarterly profits, soaring refining margins, and an increased dividend. CNBC
Monday's Calendar
Monday, November 2 · times ETEconomic data & events
No major U.S. data releases scheduled.
Earnings
High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.
Sectors & Movers
- Semiconductors: The chip sector endured steep declines beyond Intel. Advanced Micro Devices tumbled 11%, Qualcomm dropped 11%, Broadcom lost over 5%, and Sandisk slid 12% despite topping quarterly earnings estimates and announcing an 8-for-1 forward stock split.
- Defensive & Consumer Staples: Investors rotated heavily into lower-volatility defensive names, helping the Dow Jones Industrial Average outperform. Walmart and Coca-Cola each climbed nearly 2%, Procter & Gamble rose over 1%, and pharmaceutical leaders Merck and Amgen advanced roughly 2%.
- Energy Producers: Integrated oil majors advanced against the tape, supported by elevated crude benchmarks. Exxon Mobil gained over 2% and Chevron climbed to all-time highs as refinery crack spreads widened amid geopolitical turmoil in the Middle East and Ukraine.
- Consumer Discretionary: Colgate-Palmolive advanced after posting revenue gains driven by international demand, which countered softness in North America. Ford outlined a corporate target to boost overall vehicle sales by 20% by 2032 as it shifts away from lower-margin models.
Macro & Policy
- Federal Reserve Policy Outlook: Dallas Fed President Lorie Logan's projection of at least 50 basis points in additional interest rate hikes challenged expectations of an extended policy pause, keeping upward pressure on short-term rates.
- U.S. Compensation Data: U.S. wage growth slowed to a five-year low, with total employee compensation failing to keep pace with inflation for the second consecutive quarter.
- Healthcare Regulatory Costs: Affordable Care Act marketplace health plan premiums are projected to rise by 13% in 2027, marking the second straight year of double-digit percentage increases amid falling plan enrollment.
- Middle East Security Risks: Heightened hostilities near vital shipping choke points triggered mandatory evacuations for non-emergency U.S. staff in Saudi Arabia following multiple tanker fires in the Strait of Hormuz.
What to Watch
- Apple Fiscal Earnings: Apple (AAPL) reports earnings after the market close on Monday, November 2, with Wall Street looking for consensus EPS of $1.98.
- Palantir Enterprise AI Results: Palantir Technologies (PLTR) will post its quarterly results after the close on Monday, November 2 (consensus EPS $0.33), offering a key health check on corporate AI spending.
- Monday Morning Corporate Earnings: Marriott International (MAR; consensus EPS $2.87) and Entergy (ETR; consensus EPS $1.71) report results before the opening bell on Monday, November 2.
- Energy and Healthcare Earnings After Close: Vertex Pharmaceuticals (VRTX; consensus EPS $4.36), Williams Companies (WMB; consensus EPS $0.55), Diamondback Energy (FANG; consensus EPS $4.92), and Realty Income (O; consensus EPS $1.11) report after the close on Monday, November 2.
- U.S. Midterm Elections: Investors will monitor political risks, policy positioning, and volatility expectations leading into next week's U.S. midterm elections.
Sources
55 articles- CNBCIntel stock has worst day since 1970s, wiping about $12 billion off government's stake
- CNBC'Bad time to troll': Binance co-founder Zhao asks Musk for support after hack
- Financial TimesUS tech stocks tumble as concerns over AI spending intensify
- BloombergStock Volatility Surges as Plunge Has Investors Seeking Cover
- WSJAffordable Care Act Rates To Rise Steeply—Again
- MarketWatch‘Showy jewelry and fancy cars hold no appeal’: We have a 99% chance of outliving our life savings. Why not spend it all?
- MarketWatchThe Fed held interest rates steady, but these officials see more hikes coming soon
- CNBCReddit stock plunges 30% after weak outlook, heads for worst day ever
- CNBCBinance loses $6.3 billion in crypto heist—what happens to your money when an exchange gets hacked
- MarketWatchIs it curtains for COLA? Saving Social Security could mean changing the cost-of-living adjustment.
- MarketWatchWage growth hits 5-year low as American workers find their take-home pay is ‘stretched thinner and thinner’
- CNBCStock market rocked as investors dump tech shares, Nasdaq drops 3%: Live updates
- WSJGlobal Bond Yields Fall Sharply in October Amid Flight to Safety
- WSJDo You Remember the Standout Quotes of the Midterms? Take Our Quiz
- ReutersIran's IRGC Navy says three tankers catch fire in Strait of Hormuz - Reuters
- BloombergVail Resorts Wins Large Shareholder Support in Fight with Oasis
- BloombergDon't Assume Social Security Will Be There: Treyz
- BloombergNasdaq 100 (NDX, NDQ, QQQ) Hits Third Correction of 2026 on Unwinding Tech Bets
- ReutersExxon, Chevron profits beat forecasts, refining margins surge during wars - Reuters
- ReutersWall Street slides as AI cash burn worries spark tech selloff - Reuters
- Financial Times$6.3bn in 30 minutes: how the world’s biggest heist unfolded
- ReutersUS orders non-emergency staff to leave Saudi Arabia over security risks - Reuters
- WSJGold and Silver Futures Fall to 1-Year Lows
- Financial TimesAnthropic may not secure investment-grade rating after IPO, Blackstone says
- Financial TimesHow AI might be deployed for better bank supervision
- WSJFord CEO Aims for a 20% Sales Jump by 2032
- WSJEnergy & Utilities Roundup: Market Talk
- WSJColgate-Palmolive Sales Rise Despite U.S. Consumer Challenges
- WSJMeta Faces U.K. Antitrust Probe Over Publisher Content Terms
- CNBCStarbucks sales miss expectations, but its U.S. turnaround is gaining steam
- WSJThe Beleaguered Chip Sellers Getting Their Revenge on Apple
- BloombergApple’s iPhone Maker Confident of Meeting Surge in Duo Demand
- CNBCMidterms, Apple earnings, jobs report. Wall Street faces a big week ahead just as investors dump tech
- BloombergMicrosoft’s Buyout Blitz Is a Calculated Economic Risk
- CNBCMicrosoft plans to raise $25 billion in debt as it pursues AI buildout
- CNBCJim Cramer says Microsoft is winning the AI spending battle — and Alphabet is paying the price
- WSJChinese Executive Close to Nvidia CEO Suspected of Giving China Information
- WSJAudi Announces Its First U.S. Factory; Nvidia, Micron Drive Earnings Boom
- ReutersNvidia in talks to give credit support for Nscale's deal with Anthropic, The Information reports
- Barron'sAmazon and Intel Tank the AI Trade. The 1 Factor Linking Big Tech’s Underwhelming Earnings.
- BloombergAmazon Spending Soars Amid Slowing Growth of Online Business
- ReutersAmazon sinks as AI spending eclipses fastest cloud growth in five years
- CNBCReddit shares sink on weak sales guidance and plans login requirement test as Google search traffic shrinks
- APA historic drop for Alphabet’s stock drags the US market lower
- BloombergGoogle Debt-Risk Gauge Rises as Earnings Revive AI Debt Jitters
- ReutersMeta settles with teen during trial testing claims social media caused depression, eating disorders
- The New York TimesMeta Settles Social Media Addiction Case, Avoiding Trial
- ReutersMeta loses appeals against interim measures imposed by French regulators
- Barron'sHidden Gems in the SpaceX Filing: Soaring Compute Rates and Deep Tesla Ties
- WSJMusk’s Tesla-SpaceX Merger Would Formalize a Decadeslong Partnership
- CNBCTesla's robotaxi cash flow could bankroll SpaceX's AI ambitions: Ark Invest
- MarketWatchJPM Stock Price | JPMorgan Chase & Co. Stock Quote (U.S.: NYSE)
- CNBCChevron and Exxon hit all-time highs as refining profits soar in reaction to Iran and Ukraine wars
- Barron'sExxon Raises Its Dividend Yet Again as Oil-Price Rally Boosts Earnings
- BloombergExxon Increases Stake in Mozambique Gas Project Via Eni Swap
This brief was written by AI (Google Gemini) from the articles listed above and may contain errors. It is for information only and is not investment advice. Check the original reporting before making decisions.