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- Dow Falls as AI Stocks Weigh on Sentiment:<\/strong> The Dow Jones Industrial Average declined 398.70 points, or 0.84%, to close at 46,912.30. Losses were led by large-cap names linked to the AI trade, reflecting renewed scrutiny of valuations amid mixed earnings reactions.
<\/li>\n\n\n\n- S&P 500 Slides as Broader Market Weakens:<\/strong> The S&P 500 fell 1.12% to finish at 6,720.32, with declines spanning most major sectors. Technology continued to exert the largest drag, while defensive areas saw comparatively stable performance.
<\/li>\n\n\n\n- Nasdaq Drops as AI Trade Reverses:<\/strong> The Nasdaq Composite tumbled 1.9% to close at 23,053.99, dragging the Nasdaq 100 to its weakest weekly performance since early April. Key AI-linked stocks, including Nvidia, Microsoft, AMD and Palantir, all recorded notable declines.
<\/li>\n\n\n\n- Europe Ends Lower as Earnings, Data and BoE Decision Drive Caution:<\/strong> European equities slipped as investors digested a busy earnings slate and fresh macro data. The Stoxx 600 fell 0.7% with losses broad-based across cyclical and defensive sectors. The FTSE 100 declined 0.42% after the Bank of England held rates at 4% in a tighter-than-expected 5\u20134 vote split, signalling that while inflation has likely peaked, policymakers are wary of loosening policy prematurely. The CAC 40 dropped 1.36% and the DAX slid 1.31%, with corporate updates highlighting uneven momentum across industrial, construction and consumer sectors. Euro zone retail sales unexpectedly fell 0.1% in September, complicating hopes for a demand-led recovery, while construction PMIs in both the UK and euro area showed continued contraction.
<\/li>\n\n\n\n- Asia Moves Higher Led by AI Rebound and Trade Strength:<\/strong> Asia-Pacific equities advanced, reflecting earlier optimism in US markets prior to Thursday\u2019s pullback, with AI supply chain names and semiconductor-linked firms leading gains. Japan\u2019s Nikkei 225 rose 1.34% and the Topix gained 1.38%, supported by strength in Advantest, Renesas and Disco Corp. Japan\u2019s services PMI held firmly above 50 at 53.1, signalling ongoing expansion despite easing order growth and rising cost pressures. South Korea\u2019s Kospi climbed 0.55% with support from SK Hynix, while the Kosdaq saw modest declines. Hong Kong\u2019s Hang Seng rallied 2.12% and China\u2019s CSI 300 rose 1.43%, although newly listed autonomous vehicle firms WeRide and Pony.ai saw sharp declines in their Hong Kong debuts. Australia\u2019s ASX 200 added 0.3% as the country\u2019s trade surplus widened sharply on recovering export flows, while India\u2019s benchmarks were broadly steady as investors weighed domestic earnings resilience.
<\/li>\n\n\n\n- Oil Prices Decline on Supply Glut and Demand Concerns: <\/strong>Global oil prices moved lower on Thursday, as market participants weighed the prospects of a potential supply surplus against weakened demand from major consumers like the United States. Brent crude futures lost 0.08%, settling at $63.47 a barrel, while West Texas Intermediate futures shed 0.10% to close at $59.54 a barrel. This marked a continuation of a three-month decline for global oil prices, fuelled by fears of oversupply as OPEC+ and non-OPEC producers increase output. Further pressure came from the US Energy Information Administration’s report of a 5.2 million barrel increase in US crude stocks last week.
<\/li>\n\n\n\n- Treasury Yields Retreat Amid Labour Market Weakness:<\/strong> Benchmark Treasury yields declined on Thursday, reacting to fresh signs of softness in the US labour market. The yield on the 10-year Treasury note fell over 6 basis points to 4.089%, while the 2-year note yield slid 7 basis points to 3.562%. The 30-year bond yield also dropped more than 5 basis points to 4.68%. Bond investors also considered the Supreme Court’s recent oral arguments regarding the Trump’s tariff policy, where justices expressed scepticism about its legality.
<\/li>\n\n\n\n- October Layoffs Hit Highest Level Since 2009:<\/strong> Challenger, Gray & Christmas reported 153,074 job cuts in October, up 183% from September and the highest October total since 2003. The data pointed to companies recalibrating staffing amid automation and cost-efficiency priorities, raising questions about the sustainability of consumer demand ahead of the holiday period.<\/li>\n<\/ul>\n\n\n\n
FX Today:<\/strong><\/p>\n\n\n\n
![\"\"](\"https:\/\/www.infinox.com\/global\/wp-content\/uploads\/sites\/5\/2025\/11\/Currency-Strenght-7Nov25.png\")
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- EUR\/USD Attempts Recovery:<\/strong> EUR\/USD closed at 1.1547, up 0.48%, after trading between 1.1552 and 1.1491. The pair saw a rebound following several sessions of weakness, though it remains below the 50-day SMA at 1.1670 and the 100-day SMA at 1.1665, underscoring a still-bearish short-term tone. Immediate resistance is located at 1.1552 and then 1.1580, where recent selling has emerged. Initial support is seen at 1.1491 and then 1.1460, a notable downside pivot from earlier in the year. A move above 1.1580 would strengthen the recovery outlook, while a break below 1.1491 could re-establish downward momentum.
<\/li>\n\n\n\n- GBP\/USD Finds Support Near Recent Lows:<\/strong> GBP\/USD closed at 1.3135, up 0.63%, after recovering from a low of 1.3046. Despite the bounce, the pair continues to trade below the 50-day SMA at 1.3401, the 100-day SMA at 1.3448, and the 200-day SMA at 1.3281, highlighting a firmly bearish medium-term backdrop. Resistance is located at the intraday high of 1.3142, followed by the 200-day SMA, which represents a significant upside barrier. Support sits at 1.3046 and the psychological level of 1.3000. If the pair move above 1.3046, consolidation or a short-term rebound could follow; failure to do so risks a renewed decline toward 1.3000.
<\/li>\n\n\n\n- USD\/JPY Pulls Back After Multi-Year High:<\/strong> USD\/JPY ended the session at 153.05, down 0.69%, after reaching a high of 154.14 earlier in the day. The pair remains well above the 50-day SMA at 148.96, the 100-day SMA at 148.46, and the 200-day SMA at 147.70, pointing to an intact longer-term uptrend. The large upper wick on Thursday\u2019s candle suggests profit-taking and near-term resistance around 154.14 and 154.30. Initial support is located at 152.83, then 152.50, before the moving average zone provides stronger technical backing. Holding above 152.83 keeps upside continuation in play; a break below would signal room for a deeper pullback.
<\/li>\n\n\n\n- AUD\/USD Pressures Long-Term Support:<\/strong> AUD\/USD closed at 0.6479, down 0.38%, with trading contained between 0.6518 and 0.6463. The pair sits below the 50-day SMA at 0.6560 and the 100-day SMA at 0.6536, both beginning to turn lower, reflecting weakening short-term momentum. However, it remains slightly above the rising 200-day SMA at 0.6447, which currently acts as a key technical support zone. Resistance is found at 0.6518 and then near the moving average cluster. Support lies at 0.6463 and the 200-day SMA at 0.6447. A firm break below 0.6447 would suggest a deeper decline toward 0.6400.
<\/li>\n\n\n\n- USD\/CHF Eases After Testing Resistance:<\/strong> USD\/CHF closed at 0.8061, down 0.47%, after touching a high of 0.8104. The pair remains above the 50-day SMA at 0.7978 and the 100-day SMA at 0.8000, which have begun to slope upward, indicating improving short-term momentum. However, it is still trading below the 200-day SMA at 0.8276, maintaining a broader bearish bias. Immediate resistance is located at 0.8104 and then around 0.8120, where upside attempts stalled. Support is found at 0.8060 and then 0.8020. A break below 0.8060 would point toward a deeper pullback, while holding above this level keeps open the retest of 0.8104.
<\/li>\n\n\n\n- Gold Attempts Stabilisation Above Key Support: <\/strong>Gold settled at $3981, up 0.03%, after trading between $4019 and $3964. The metal continues to trade comfortably above the 50-day SMA at $3865, the 100-day SMA at $3606, and the 200-day SMA at $3357, reinforcing a strong medium- to long-term bullish trend. Resistance remains at $4019 and then $4050, marking key breakout levels should momentum strengthen. Support is located at $3964 and then $3950, which previously provided a short-term floor. A sustained move above $4019 would reopen the path to recent highs, while a break below $3964 could trigger a corrective pullback toward $3900.<\/li>\n<\/ul>\n\n\n\n
Market Movers:
<\/strong><\/p>\n\n\n\n- \n
- Semiconductor Stocks Decline:<\/strong> AMD dropped over 7%, while Nvidia, Qualcomm, Applied Materials and GlobalFoundries fell over 3%, reflecting renewed pressure across the chip sector.
<\/li>\n\n\n\n- Elf Beauty Slides on Profit Outlook:<\/strong> Shares fell more than 34% after the company issued 2026 EPS guidance below expectations.
<\/li>\n\n\n\n- Duolingo Declines on Bookings Forecast:<\/strong> The stock dropped more than 26% after forecasting fourth-quarter bookings below consensus estimates.
<\/li>\n\n\n\n- CarMax Drops on Weak Earnings:<\/strong> Shares fell more than 25% after preliminary EPS came in significantly below forecasts and the CEO was replaced, effective 1 December.
<\/li>\n\n\n\n- DoorDash Leads S&P 500 and Nasdaq 100 Decliners:<\/strong> DoorDash slid over 17% after issuing a softer-than-expected adjusted Ebitda outlook for Q4.
<\/li>\n\n\n\n- Datadog Surges on Upgraded Guidance:<\/strong> Datadog rose more than 23% after raising full-year EPS projections above consensus.
<\/li>\n\n\n\n- Coherent Advances on Revenue Beat:<\/strong> The stock gained more than 18% following stronger-than-expected quarterly revenue and upbeat forward guidance.<\/li>\n<\/ul>\n\n\n\n
Volatility across AI-linked equities continues to exert meaningful influence over broader market direction, with valuation sensitivity and earnings clarity remaining central themes for investors. Labour market signals have now entered the foreground, and upcoming data releases once the government reopens may prove pivotal in determining whether markets stabilise into year-end or extend their current pullback.
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- Elf Beauty Slides on Profit Outlook:<\/strong> Shares fell more than 34% after the company issued 2026 EPS guidance below expectations.
- GBP\/USD Finds Support Near Recent Lows:<\/strong> GBP\/USD closed at 1.3135, up 0.63%, after recovering from a low of 1.3046. Despite the bounce, the pair continues to trade below the 50-day SMA at 1.3401, the 100-day SMA at 1.3448, and the 200-day SMA at 1.3281, highlighting a firmly bearish medium-term backdrop. Resistance is located at the intraday high of 1.3142, followed by the 200-day SMA, which represents a significant upside barrier. Support sits at 1.3046 and the psychological level of 1.3000. If the pair move above 1.3046, consolidation or a short-term rebound could follow; failure to do so risks a renewed decline toward 1.3000.
- S&P 500 Slides as Broader Market Weakens:<\/strong> The S&P 500 fell 1.12% to finish at 6,720.32, with declines spanning most major sectors. Technology continued to exert the largest drag, while defensive areas saw comparatively stable performance.