Daily Updates

US stocks recovered some of their post-election losses on Friday, though the gains were narrow, largely confined to information technology and communications. Oil prices resumed falling this morning amid news that the US has allowed Iraq to ship its oil along the coast of Oman in the Strait of Hormuz.

Global equity market sentiment turned abruptly sour overnight, with investors turning their attention to the impact of the new political landscape on economic policy and the outlook for individual sectors, particularly artificial intelligence enablers and other tech industries.

Global stocks surged yesterday as investors assessed the outcome of the US mid-term elections as mostly positive. Hopes that the new political landscape in the US means a lower likelihood of renewed conflict in the Middle East pushed oil prices sharply lower overnight.

US stocks were mixed session overnight ahead of the publication of the US mid-term election results. The S&P 500 managed to climb by 0.4%, but mainly thanks to a rebound in tech stocks, while most sectors closed in the red.

The sell-off in AI enablers continued into the new week, resulting in another decline in the S&P 500 and tech-heavy Nasdaq on Monday night. However, most other US industries registered gains as press reports suggested that the US and Iran are engaged in diplomatic talks, reducing the probability of another US attack on Iran ahead of the US mid-term elections.

The sell-off on Wall Street accelerated again on Friday amid further concerns over the sustainability of the artificial intelligence boom.