US stocks fall sharply on 31/10/2026, Nasdaq down 2.86%

1. WALL STREET ENDS DEEP IN RED
Dow Jones fell 1.09% to 51,770.31; S&P 500 fell 1.82% to 7,580.07; Nasdaq Composite tumbled 2.86% to 25,437, its largest one-day drop since June 5. For October, Dow rose 1.7%, S&P 500 lost 0.93%, and Nasdaq slid 5.3%, its worst month since March 2025.

2. INTEL DRAGS SEMICONDUCTORS SHARPLY LOWER
Intel plunged 28.58%, its biggest one-day fall since 1974, after weak Q4 guidance and a warning that the PC slowdown could last into H1 2027. The Philadelphia Semiconductor Index lost 7.2%, with 29 of 30 components lower; Qualcomm fell 11.12%, AMD fell 10.88%, Arm Holdings fell 9.97%, and TSMC fell 5.95%.

3. OIL RISES ON IRAN TENSION FEARS
WTI December settled up 2.08% at $104.12/bbl; Brent December rose 2.4% to $117.64/bbl. Iran's Revolutionary Guard said four tankers caught fire in the Strait of Hormuz; possible US strikes on Iran were reported in media but remain unconfirmed. Russia said three refineries and a chemical plant were hit by Ukrainian drone attacks.

4. GOLD AND SILVER SINK
Spot gold fell 3.59% to $3,876.69/oz, its lowest since October 2025 and down more than 6% in October. Spot silver dropped 5.85% to $49.09/oz, closing below $50 for the first time since November 2025, pressured by profit-taking despite rising geopolitical risk.

5. BITCOIN SLIDES; BINANCE DISCLOSES SECURITY INCIDENT
Bitcoin fell more than 5% intraday and traded around $77,280; CoinGlass showed roughly 250,000 traders were liquidated in 24 hours. Binance disclosed a major security incident suspected to be North Korea-linked, froze more than $3 billion in related assets, suspended deposits and withdrawals, and said user losses would be covered.

6. EUROZONE BEATS; US INFLATION ACCELERATES
Eurozone Q3 GDP rose 0.4% QoQ and 1.3% YoY, above the consensus of +0.2%/+1.1%; unemployment was 6.5%. In the US, September PCE inflation rose to 3.6% y/y with core PCE at 3.1%; Q3 GDP grew at a 3.4% annualized rate, up from 2.2% in Q2. CME FedWatch showed a 74.9% probability of a 25bp Fed rate hike in December.

7. ASIA AND VIETNAM UNDER PRESSURE
Nikkei fell 2.12%; Kospi briefly dropped around 5% intraday; MSCI Asia Pacific fell 1.2%, though money rotated into healthcare and energy. Vietnam's VN-Index closed the week of 26-30/10 at 1,741.62, down 32.53 points, with foreign investors net selling nearly VND 2,700 billion.

8. APPLE RECLAIMS TOP MARKET CAP AS AI WORRIES GROW
Apple slipped 1.2% but regained the title of world's most valuable company with a market cap around $5.03 trillion; Nvidia fell 4.2% to around $4.93 trillion. Blackstone warned that Anthropic's debt may not achieve investment-grade status after its IPO, while S&P cut Meta's rating outlook from stable to negative, citing prolonged AI spending and negative free operating cash flow.

What to watch today: The US midterm elections on Nov 3 are approaching, with a record 48 million early votes reported; investors also await any confirmation of possible US-Iran military action.

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