Daily News
Dow Plunges 1,800 Points as Nasdaq Tumbles Into Correction on AI Tech Wreck; Kospi Sinks 6% and Nikkei Enters Bear Market; Gold Slips Below $4,050; Crude Rises to $92
06 November 2026
Today in Brief
Asia-Pacific markets sold off sharply, with South Korea’s Kospi plunging more than 6% and Japan’s Nikkei 225 dropping 5.9% into bear market territory, while Australia’s S&P/ASX 200 slipped 0.9%, Hong Kong’s Hang Seng fell 1% and China’s CSI 300 declined 1.47%. U.S. stocks plummeted Thursday — the Nasdaq Composite tumbled 5.52% to 24,315.00 and slid into correction territory, the S&P 500 dropped 4.36% to 7,353.73, and the Dow shed 1,833.06 points to 51,523.06 — as fears of a data-centre buildout slowdown drove all three major averages to their worst day since April 2025. Gold slipped below $4,050 an ounce but remained on track for a weekly gain of more than 4% following the Democratic midterm sweep, while crude rose to around $92 per barrel yet was heading for a weekly loss of about 12% on hopes of a quicker end to the Middle East conflict.
In other news: Democrats are set to launch a wave of investigations into Trump’s energy deals when they take control of Congress in January; the Bank of England raised interest rates by a quarter point to 4%, its first hike in more than three years; hoax bomb threats disrupted at least 27 flights across Europe for the second time this week; French lawmakers unanimously rejected the government’s 2027 budget as nationwide strikes loom; potential investors raised doubts over the timing of Anthropic’s IPO amid valuation concerns; Unity shares jumped on reported takeover interest from Silver Lake and Saudi Arabia’s PIF; Microsoft tightened oversight of neocloud data centre projects, sending Nebius and IREN sharply lower; and Apple sought about $7 billion from a US-dollar bond sale.
In Asia, South Korea led losses in the region, with the Kospi plunging more than 6%
In Asia, South Korea led losses in the region, with the Kospi plunging more than 6%. Japan’s Nikkei 225 dropped 5.9%, falling into bear market territory. Australia’s S&P/ASX 200 slipped 0.9%. Hong Kong’s Hang Seng Index fell 1%, and mainland China’s CSI 300 declined 1.47%. The moves follow a bout of heavy selling during Thursday’s regular Wall Street session that saw the three major averages post their worst one-day performances since April 2025.
Dow drops 1,800 points; Nasdaq tumbles into correction territory on AI tech wreck
Stocks plummeted on Thursday, erasing the sharp gains from the rally seen in the wake of the U.S. midterm elections, as investors accelerated their move away from technology stocks on fears of a data-centre buildout slowdown. The Nasdaq Composite declined 5.52% to close at 24,315.00. The tech-heavy index slid into correction territory, falling more than 10% below a record set last month. The S&P 500 dropped 4.36% to end at 7,353.73. The Dow Jones Industrial Average shed 1,833.06 points, or 3.44%, and settled at 51,523.06. The Dow more than wiped out its advance from Wednesday’s massive postelection rally. All three major averages posted their worst day since April 2025. The small-cap Russell 2000 index decreased 4.45% and also entered a correction.
Gold slipped below $4,050 an ounce on Friday but was still on track to gain more than 4% for the week
Gold slipped below $4,050 an ounce on Friday but was still on track to gain more than 4% for the week following a sweeping Democratic victory in the US midterm elections. Markets expect Democrats to push for an end to the Iran conflict, which could drive oil prices lower, ease inflationary pressures and reduce the likelihood of more aggressive interest rate hikes. Investors also anticipate that a divided government could constrain President Donald Trump’s fiscal agenda, limiting additional government spending and borrowing while further easing inflation concerns. Meanwhile, the global equity selloff intensified amid fears that Democrats could impose stricter regulations on the artificial intelligence industry and curb data centre expansion, prompting some liquidity-driven selling in precious metals.
Crude oil rose to around $92 per barrel on Friday but was still on track to post a weekly loss
Crude oil rose to around $92 per barrel on Friday but was still on track to post a weekly loss of about 12%, driven by optimism over a potentially quicker resolution to the Middle East conflict following a Democratic sweep in the US midterm elections, although uncertainties persist. Democrats secured control of both houses of Congress, potentially limiting President Donald Trump’s support for the war against Iran. Tehran is reportedly reviewing proposals submitted by mediators regarding its nuclear program, but maintained that the US naval blockade of its ports must be lifted, sanctions eased and frozen assets released before it fully reopens the Strait of Hormuz.
Trump’s energy deals are about to face a wave of investigations by Democrats
President Donald Trump is expected to face a wave of investigations when Democrats take control of Congress in January. His sweeping deal-making in the energy sector is likely to become a central focus. Democrats have pressed the White House for months on the legality of its intervention in Venezuela’s oil sector and its cancellation of renewable energy projects funded by the Biden administration. They have raised conflict of interest concerns over numerous deals in the minerals sector. But, until now, the opposition party could do little more than send strongly worded letters to administration officials. When the next Congress convenes in January, the Democrats will wield the subpoena power that comes with committee control, giving them the authority to compel testimony and the disclosure of documents.
Bank of England hikes interest rates for first time in over three years
The Bank of England voted to raise interest rates by a quarter of a percentage point to 4% as anticipated on Thursday, as policymakers argued that inflationary pressures have grown enough to warrant an increase in borrowing costs. In a statement, the BoE said an 8-1 majority of its rate-setting Monetary Policy Committee backed hiking rates for the first time in more than three years. The one dissenting member called for a bigger, half-a-percentage-point uptick to 4.25%, according to the BoE. The decision comes as the Iran war, now in its ninth month, has pushed up energy prices and fuelled a surge in U.K. inflation to 3.5% in September — an 11-month high and well above the BoE’s 2% target level. British consumer price growth is now projected to accelerate to roughly 5% by the middle of next year, with higher energy prices feeding into company and household fuel bills, the BoE flagged.
Bomb threats disrupt flights across Europe for the second time
Flights across Europe were targeted by “hoax” bomb threats on Thursday for the second time this week, disrupting air travel across London, Dublin, and Helsinki, among others. At least 27 different flights were impacted, according to Reuters, with some forced to land unexpectedly and others escorted by fighter jets. Aer Lingus, Finnair, Wizz Air and Polish airline LOT confirmed to CNBC that some of their flights were affected. It comes after seven passenger planes across Europe, two departing from the U.K., were targeted by suspected bomb threats on Tuesday and were described as “malicious hoax threats” by the U.K. government.
Nationwide strikes loom as French budget is unanimously rejected by lawmakers
French lawmakers rejected the government’s cost-cutting budget on Wednesday evening, as the country’s finances fuel widespread protests and worry bond markets. Politicians in the National Assembly — the lower house of France’s parliament — voted unanimously against adopting 2027 budget plans drafted by Prime Minister Sebastien Lecornu’s government. The government is trying to appease France’s creditors — traders in its bonds — by drastically reducing the country’s deficit and convincing lawmakers to approve sweeping spending cuts. Lecornu said in September that he was targeting spending cuts worth 54 billion euros ($61.8 billion). But no one party holds a majority in the National Assembly and lawmakers across the political spectrum sit in it, making agreements on fiscal policy difficult.
AI backlash could threaten Anthropic IPO timing, potential investors say
Potential investors in Anthropic’s highly anticipated IPO are raising doubts about whether the artificial intelligence startup can proceed with its planned roadshow next week in time for a November listing, four people familiar with investor discussions said. Investors are pushing for a more attractive valuation to commit to the offering, with some viewing the recently discussed $1.5 trillion valuation as being at the high end of expectations, the people told Reuters. The discussions reflect in part the impact of the sharpest technology stocks selloff in a year and geopolitical uncertainty clouding the outlook for new offerings. Anthropic declined to comment on investor doubts. The roadshow was initially expected to kick off the week of November 9, Reuters previously reported, with pricing expected the following week.
Unity shares jump on report of takeover interest from Silver Lake, PIF
Unity Software shares surged in extended trading Thursday after Reuters reported that the gaming software provider had held acquisition talks with a consortium including private equity firm Silver Lake and Saudi Arabia’s Public Investment Fund (PIF). Silver Lake, which already holds an approximately 8% stake in Unity, and PIF approached the company in recent weeks, Reuters reported on Thursday, citing two people familiar with the confidential discussions. Unity shares jumped nearly 4% after hours, after surging nearly 15% in the regular session The investor group discussed a valuation of about $25 billion before Unity’s latest earnings report lifted its market capitalization to roughly $21.5 billion, the report said. Unity has engaged an investment bank to evaluate its options following the approach.
Microsoft tightens oversight of neocloud data centre projects
Microsoft has tightened oversight of some data centre projects from neocloud providers Nebius, IREN and Nscale, Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of neocloud firms ended lower, with Nebius and IREN down about 14% and 17%, respectively, and CoreWeave closing down about 10%. Here are more details: The Windows maker is stepping away from projects it deems risky and is debating internally whether to sign new neocloud deals, the Bloomberg report said. Microsoft is focused on expanding its own data centres rather than adding neocloud deals, though it has not fully ruled them out, the report added. IREN said in its earnings report it was pushing back delivery dates for some Microsoft AI infrastructure after requests for changes to the network design
Apple seeks about $7 billion from bond sale, Bloomberg News reports
Apple is seeking about $7 billion from a US-dollar bond offering, Bloomberg News reported on Thursday, citing people familiar with the matter. The iPhone maker is the latest major tech company to tap debt markets as the sector raises large sums to fund AI expansion. Apple did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report. Here are more details: No final decision has been made on the size of the sale, which may still change depending on investor demand, the report said. The initial price guidance for the longest-dated tranche is 80 basis points over US Treasuries, Bloomberg News reported. Goldman Sachs, Bank of America Securities, Deutsche Bank Securities and JPMorgan are joint book-running managers for the offering, a regulatory filing showed.