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By 11:07 Moscow time on October 30, the Nasdaq 100 futures were losing more than 2% and trading around 28,960 points. The reason: weak guidance from three of the largest technology companies at once and growing concerns over their spending on artificial intelligence.
On Friday, South Korea's main KOSPI index plummeted 5.25% to 5,626.02 points (05:20 MSK). SK hynix lost 8.65%, Samsung Electronics - 6.03%. The reason is investors' doubts about the returns on artificial intelligence investments, not poor earnings reports.
Bitcoin failed to hold above $81,687 and dropped to $80,297 on the Bitstamp exchange, down about 0.3% over the day. Buyers did not break through the 50-day moving average ahead of the Fed decision and tech earnings reports.
Today the Fed announces its rate decision at 21:00 MSK, and after the US session closes Microsoft and Alphabet report - the first two of the companies whose AI infrastructure spending drives Nvidia's revenue. Heading into the event, the Nasdaq Composite stood at 26,477.81 points.
BTC's trip to $85,000 ended in a reversal: from a high of $84,840 the price fell to $81,500, down almost 3%. The trigger did not come from crypto - the market was disappointed by Tesla's earnings report, and $431 million in leveraged positions were wiped out in a day.
