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What moved stocks, bonds and currencies and why, central bank decisions, key economic data, and big earnings.

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A deepening technology selloff pushed the S&P 500 down 1.8% and the Nasdaq down 2.86%, as disappointing earnings intensified concerns about AI spending.

Markets & investing5 items

Federal Reserve officials called for further rate increases, while the Bank of Japan held rates and declared its inflation target met.

New2

Earnings

Five oil majors beat expectations with $56.3 billion combined quarterly profit

ExxonMobil, Chevron, BP, Shell and TotalEnergies all surpassed third-quarter expectations, posting combined adjusted net income of $56.3 billion. Conflicts in the Persian Gulf and Russia lifted fuel prices and drove refining results to record highs.

Why it matters: Energy earnings provide a contrast to technology disappointments and show how geopolitical disruption is boosting producers’ profits.

Follow-ups3

MarketsFollows up on Thu, Oct 29:Nasdaq 100 falls 1.2% as technology earnings revive AI concerns

S&P 500 falls 1.8%, Nasdaq drops 2.86% as technology selloff deepens

Disappointing technology earnings and AI spending concerns drove a broad selloff, giving the S&P 500 its worst day since June. Intel plunged 29% on a weak outlook, while options volatility surged.

Why it matters: The retreat spread beyond individual earnings disappointments, exposing broader market sensitivity to technology valuations and AI investment returns.

Central banksFollows up on Wed, Oct 28:Federal Reserve holds interest rates steady despite elevated inflation

Fed’s Logan and Musalem call for further interest-rate increases

Dallas Fed President Lorie Logan sees at least 50 basis points of additional increases, though the pace can be gradual. St. Louis Fed President Alberto Musalem said a hike is needed soon to bring inflation to target.

Why it matters: Their comments show that the Fed’s pause does not rule out renewed tightening, a risk for bond yields and equity valuations.

Central banksFollows up on Mon, Oct 26:Bank of Japan expected to hold rates, preserving December hike option

BOJ holds rates, declares inflation target met; yen gains

The Bank of Japan left interest rates unchanged and declared its inflation target achieved. The yen gained after the decision; the bank will also more than double stock-fund sales from January.

Why it matters: The inflation assessment and faster asset sales put Japan’s policy normalization in focus despite unchanged interest rates.

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Recent briefs

  1. Tue, Nov 36 itemsU.S. technology stocks rebounded ahead of midterm election results, while the dollar and Treasury yields rose alongside solid economic data. A $115 billion chip-sector deal and Anthropic’s enormous spending plans underscored the scale of the AI investment boom.
  2. Mon, Nov 28 itemsFalling oil prices lifted Treasuries and initially supported stocks, although major indexes later pared gains and the Nasdaq turned negative. Fed tightening signals, strong manufacturing activity and fresh AI financing disclosures remained in focus.
  3. Sun, Nov 18 itemsCredit stress and AI spending concerns dominated markets, with junk debt selling off and the Nasdaq recording a 5.3% October decline. Investors also sought safety in consumer staples, while Germany’s gas-storage shortfall added another European energy risk.
  4. Sat, Oct 318 itemsThe Nasdaq 100 briefly entered correction territory as technology earnings deepened doubts about AI spending. Elsewhere, Brazil’s election result pushed agricultural commodities lower, and Fitch downgraded France’s outlook after an unexpected economic contraction.
  5. Fri, Oct 305 itemsA deepening technology selloff pushed the S&P 500 down 1.8% and the Nasdaq down 2.86%, as disappointing earnings intensified concerns about AI spending. Federal Reserve officials called for further rate increases, while the Bank of Japan held rates and declared its inflation target met.
  6. Thu, Oct 298 itemsDisappointing technology earnings sent the Nasdaq 100 lower and revived concerns about AI investment returns. Strong U.S. growth and accelerating inflation complicated the Federal Reserve’s pause, while the ECB held rates and Christine Lagarde announced an early departure.
  7. Wed, Oct 287 itemsThe Federal Reserve held rates steady despite elevated inflation, and Wall Street finished higher. Alphabet’s results renewed concerns about AI spending returns, while European gas prices jumped above €100 on fears of escalating war in Iran.

Who and what it tracks

  • Federal ReserveOrganization12
  • NasdaqOther10
  • Bank of JapanOrganization9
  • S&P 500Other7
  • European Central BankOrganization3