Tech rout hammers markets to end October
Tech earnings spooked markets the day before Hallowe’en. After Amazon and Alphabet reported rare earnings misses earlier this week, Intel posted a brutal forecast, rooted in supply chain shortages Its shares cratered 28.58% and helped dragged down the Nasdaq by 2.86% and the S&P by 1.82%. The Dow fared mildly better, down 1.09%. The week stirred fears among investors that megatech is overspending on AI and not delivering enough. For the week, the S&P and Dow sank three-quarters of a percent, while the Nasdaq slid 2%. Other major movers on Friday: Nvidia -4.22%, Reddit -29.22%, Illumina -18.64%, and FedEx Freight 14.91% and Regeneron 13.33% after both delivered a strong beat. Bitcoin was not immune to the selling, sinking nearly 2.5% to US$76,855.
WTI regained 1% to US$103, but this wasn’t enough for the TSX which declined 1.73% or nearly 630 points. Only three sectors rallied, led by telcos, while materials and tech suffered the heaviest losses. Gold sank 3.45% to US$3,885 while silver tumbled 5.4% to US$49.25. Major movers: Methanex 13.76% and TMX 5.28%, both delivering convincing beats, Bird -10.69%, Air Canada -7.68% after issuing a poor outlook, and TFI International as the worst performer, cratering 17.24%. For the week, the TSX declined nearly 1%.
💾 Intel (INTC) -28.58%
💾 NVIDIA Corporation (NVDA) -4.22%
💾 Reddit Inc. (RDDT) -29.22%
👨⚕️ Illumina Inc. (ILMN) -18.64%
🚚 FedEx Freight Holding Company, Inc. (FDXF) +14.91%
💊 Regeneron Pharmaceuticals Inc (REGN) +13.33%
🅱 Bitcoin (BTCUSD) (BTC-USD) -2.5%
🌡 Methanex Corp (MX.TO) +13.76%
🏛 TMX Group (X.TO) +5.28%
🧱 Bird Construction (BDT.TO) -10.69%
🛫 Air Canada (AC.TO) -7.68%
🚚 TFI International Inc (TFII.TO) -17.24%
