Daily News
Nasdaq Starts November With 1% Loss as Tech Sell-Off Deepens; Kospi Slides 3.57%; Gold Eases Below $3,950; Crude Trades Below $97 on US-Iran Diplomatic Progress
03 November 2026
Today in Brief
Asia-Pacific markets were mixed on Tuesday, with South Korea’s Kospi slipping 3.57% as Samsung Electronics fell 4.04%, while Australia’s S&P/ASX 200 rose 0.39% and Hong Kong’s Hang Seng gained 0.52%; Japan’s markets were closed for a public holiday. U.S. stocks gave up earlier gains on Monday — the Nasdaq dipped 1.07% to 25,164.32 and the S&P 500 shed 0.51% to 7,541.40, while the Dow rose 213.67 points to 51,983.98 — as investors continued to rotate out of tech. Gold eased below $3,950 an ounce but held most of the previous session’s gains, while crude traded below $97 per barrel after plunging more than 6%, as signs of diplomatic progress between the US and Iran eased supply fears.
In other news: The U.S. reportedly struck Iran’s Qeshm Island even as Vice President JD Vance voiced hopes for a “negotiated settlement” with Tehran; the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.85%, the highest since November 2008; South Korea unveiled a record 820.9 trillion won budget, including 4.7 trillion won for a sovereign AI model; major automakers urged Congress to pass a permanent ban on Chinese vehicles; Oracle moved to raise $20 billion through bond and share sales to fund its AI expansion; Marvell’s deal for Lumentum carries an implied enterprise value of $115 billion; Anthropic’s amended S-1 showed revenue up 47% quarter-on-quarter to $16.96 billion as growth slowed; and Palantir’s third-quarter revenue rose about 96% to $2.31 billion, beating estimates.
Over in Asia, markets were mixed on Tuesday
Over in Asia, markets were mixed on Tuesday, with South Korea’s Kospi tracking the tech losses on Wall Street.The benchmark index slipped 3.57%, with heavyweight Samsung Electronics down 4.04%. Australia’s S&P/ASX 200, on the other hand, still was in positive territory, up 0.39%. Hong Kong’s Hang Seng Index rose 0.52%, with gains in the academic and education sector offsetting losses from the energy sector. Mainland China, on the other hand, saw the CSI 300 index slip marginally, weighed down by tech and energy stocks. Japan’s markets are closed for a public holiday.
Nasdaq starts November with 1% loss as tech melts down again
The Nasdaq Composite and S&P 500 fell on Monday, giving up earlier gains, as investors continued to move out of tech stocks and add exposure to other parts of the market. The tech-heavy Nasdaq dipped 1.07% to end at 25,164.32, while the S&P 500 shed 0.51% to close at 7,541.40. Both benchmarks were up as much as 1.4% and 1.1%, respectively. The Dow Jones Industrial Average outperformed, rising 213.67 points, or 0.41%, to 51,983.98. Shares of Nvidia and Meta Platforms each dipped 1%. Apple, which reports earnings after the bell, closed nearly 2% lower.
Gold eased below $3,950 per ounce on Tuesday, but held most of the gains from the previous session
Gold eased below $3,950 per ounce on Tuesday, but held most of the gains from the previous session as oil prices dropped on signs of diplomatic progress between the US and Iran, easing inflation concerns. US President Donald Trump indicated progress in negotiations, while Iranian President Masoud Pezeshkian said his government had been given greater authority by the country’s supreme leader to pursue peace talks. Gold has faced constant pressure this year as the conflict in the Middle East drove energy prices higher and fuelled inflation, prompting central banks to raise interest rates. A global selloff in technology and AI stocks also triggered widespread liquidations, adding further pressure on precious metals markets.
Crude oil traded below $97 per barrel on Tuesday after plunging more than 6% in the previous session
Crude oil traded below $97 per barrel on Tuesday after plunging more than 6% in the previous session, as signs of diplomatic progress between the US and Iran eased fears of further supply disruptions. Iranian President Masoud Pezeshkian said his government had received greater authority from the country’s supreme leader to pursue peace negotiations, while US President Donald Trump indicated that progress had been made in the talks. Iranian officials also suggested that a deal remained within reach following three days of Qatar-mediated discussions. These developments come as the US midterm elections get underway, with the Trump administration and Republican Party facing growing political pressure over rising energy costs linked to the Iran conflict.
U.S. reportedly strikes Iran’s Qeshm Island as Vance hopes for ‘negotiated settlement’ with Tehran
The U.S. reportedly carried out strikes against Iran on Monday even as Vice President JD Vance expressed hopes of reaching a “negotiated settlement” with Tehran. America attacked Iran’s Qeshm Island on Monday, U.S. officials told The Wall Street Journal, which added that Washington has been carrying out “limited strikes” against the country in recent weeks. The military campaign against Iran has been kept quiet on purpose so as not to signal any intention of major combat escalation, the report said, quoting an unnamed official. Qeshm Island, off Iran’s southern coast, is the largest island in the Persian Gulf. Located near the Strait of Hormuz, it has emerged as a potential U.S. target amid reports that anti-ship missiles, mines, drones and attack craft are being kept there in underground tunnels.
Australia hikes rates to 18-year high to fight inflation
Australia’s central bank raised its benchmark cash rate by 25 basis points to 4.85% on Tuesday, the highest level since November 2008. The Reserve Bank of Australia’s move was in line with expectations from economists polled by Reuters, and marked its fifth rate increase this year. In its statement, the RBA said that the move was a split decision, with six members voting for the increase and three opting for a hold. This also comes as the country continues to grapple with high inflation, with the consumer price index rising 4.3% in September, up from 4% in August and marking its highest level since March. The central bank also said inflation is now expected to “remain elevated through much of 2027,” and not expected to fall back into its 2%-3% target range till late 2027, three quarters later than previously forecast.
South Korea targets ‘world’s highest performance’ sovereign AI model in record new budget
South Korean President Lee Jae Myung unveiled the country’s largest ever budget on Monday, pledging to “boldly invest in AI and future growth engines.” Speaking to the National Assembly on Monday, Lee said total spending for 2027 would rise 12.8% to 820.9 trillion won ($610.14 billion), including 21.3 trillion won for semiconductors, physical AI and AI data centres — nearly double the 2026 level. A separate 4.7 trillion won will go toward developing a sovereign AI model with what Lee described as the “world’s highest performance.” The government also plans to invest heavily into talent, including training 2,000 specialists to “lead semiconductor design and the regional semiconductor industry,” while expanding AI education for students, job seekers and existing workers.
Major automakers urge US Congress to pass permanent ban on Chinese vehicles
A group representing nearly all major automakers on Monday urged US lawmakers to pass a permanent ban on Chinese vehicles when they return next week for a quick session after the midterm congressional elections. In September, the Senate sponsors of the bipartisan effort to ban Chinese vehicles agreed to delay an effort to fast-track the bill until November despite overwhelming support. “We need to protect the US market from a flood of Chinese imports that carry surveillance risk and disadvantage current manufacturers that have made generational investments in American communities,” said John Bozzella, who heads the Alliance for Automotive Innovation, which represents General Motors, Toyota, Volkswagen and other major automakers.
Oracle taps investors for $20 billion to finance AI expansion
Oracle on Monday said it will raise $20 billion through bond and share sales, as the software giant taps investors to fund its costly AI and cloud infrastructure build-out. Oracle priced the offering of 86.2 million shares at $116 each later in the day, an 11.2% discount to Friday’s closing price. The company will raise about $10 billion from the stock sale and another $10 billion through debt offerings maturing between 2029 and 2046. Shares of the company fell 8.8% to $119.22 after the fundraising announcement earlier on Monday, bringing their losses this year to about 39%. Oracle said it would use the proceeds for general corporate purposes, including capital spending, debt repayment, acquisitions, dividends and share buybacks.
Lumentum CEO touts’ ‘enormous’ opportunity in massive AI connectivity deal with Marvell
Marvell Technology’s deal for optical components maker Lumentum will create an “enormous” opportunity to address growing connectivity demands from the artificial intelligence infrastructure buildout, Lumentum CEO Michael Hurlston told CNBC on Monday.“You need scale-up technology that needs semiconductors and optical working seamlessly together,” Marvell CEO Matt Murphy told CNBC’s “Squawk on the Street.” “We are going to create a new category of company here.” Since the tie-up is a fixed-ratio deal with no cash, the value will depend on the price of Marvell shares. The company said the transaction has an implied enterprise value of $115 billion for Lumentum, in a release. Marvell shares slumped 13% in trading Monday, while Lumentum’s stock sank nearly 19%. But both stocks have been huge winners in the artificial intelligence boom, with Marvell more than doubling in the past year, prior to Monday’s sell-off, and Lumentum quadrupling over that stretch.
Anthropic revenue growth slows, compute financing risks mount ahead of IPO
Anthropic’s revenue growth slowed sharply in the third quarter and the AI startup flagged new risks to the computing capacity underpinning its rapid expansion, adding to the concerns investors may need to weigh ahead of its blockbuster IPO. The disclosure came in an amended S-1 filing on Monday that showed Anthropic’s net loss narrowed as revenue surged 47% from a quarter earlier to $16.96 billion, though the pace of growth slowed. Revenue had risen 144% in the second quarter. Anthropic had nearly $900 billion in computing commitments with partners including Amazon and Alphabet’s Google, underscoring how its rapid growth depends on vast amounts of future capacity, some of it reliant on financing beyond the company’s control.
Palantir tops third-quarter revenue estimates on strong AI software demand
Palantir Technologies topped Wall Street estimates for third-quarter revenue on Monday, powered by strong demand for its AI-powered data-analytics software from the US government and commercial clients. The company’s revenue rose about 96% to $2.31 billion in the quarter, exceeding analysts’ average estimate of $2.18 billion, according to data compiled by LSEG. “We have now essentially doubled our entire business since the same quarter last year,” CEO Alex Karp said in a letter to shareholders. Demand for Palantir’s software, which integrates and analyses data from multiple sources, is growing as clients seek greater control over their data and AI models to safeguard sensitive information and maintain competitive advantage.