Market Sell-Off and Technology Earnings
U.S. stock markets face significant selling pressure heading into Friday, October 30, as disappointing reactions to technology earnings send the NASDAQ down nearly 2.5% in pre-market trading. The S&P 500 is down more than 1%, while the Dow holds near unchanged. Apple is bucking the trend, while Intel, Nvidia, Amazon, Alphabet, and other technology-related stocks face substantial pressure. Crude oil is climbing, gold is trading below $4,000, and silver is testing the $50 level.
The technical outlook remains fragile despite Wednesday’s short-term buy signals. The NASDAQ 100 remains on a weekly sell signal for a third consecutive week, while the S&P 500 has been trading within its weekly channel for three weeks. Gold stocks remain bearish, Bitcoin and Ethereum have made new lows, and the VIX has begun moving higher. Investors should watch Friday’s closing prices closely, as they could determine whether several weekly signals change and whether the recent market weakness deepens.
