U.S. markets turned risk‑off as tech and AI names led declines: S&P 500 and Nasdaq slipped below key technical levels while the Dow underperformed on retail pain. Volatility spiked, with Nvidia and other megacaps dragging indexes lower; energy and utilities outperformed. Catalysts: AI valuation jitters, weaker consumer signals from Home Depot, and crypto outflows accelerating risk aversion.
A global Cloudflare failure disrupted major apps and provoked market pain. The outage knocked down platforms from ChatGPT to X and sent the company’s stock tumbling as customers and crypto front-ends scrambled.
$1.2T – Market value erased from crypto in six weeks during the selloff.
Microsoft and Nvidia struck strategic deals with Anthropic, pushing the AI startup to a sky-high private valuation. The tie-ups signal a consolidation of cloud and chip spending that reshapes competition in generative AI.
Google rolled out Gemini 3 across products, touting major gains in coding, reasoning and search. The launch intensifies the showdown between Big Tech AI models and raises questions on safety and market impact.
Medtronic lifts outlook after beat – shares jump
Medtronic beat Q3 forecasts and raised its full‑year outlook as procedure demand held up, offering a rare earnings bright spot amid market volatility and boosting medical‑tech sector sentiment.
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Investors punished AI-exposed names, triggering a tech-led selloff that rippled through global markets. Concerns about frothy AI valuations and stretched multiples put major indexes under pressure.
Cryptocurrencies plunged, erasing more than a trillion dollars in market value in weeks. Large on‑chain moves from legacy wallets raised repayment and liquidity questions as volatility spiked.
Energizer plunges to record low as tariffs sap profits
Energizer reported a rare profit miss and cut guidance, blaming tariffs and rising costs; the stock plunged toward record lows as investors fretted about margin pressure and competitiveness.
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President Trump hosted Saudi Crown Prince Mohammed bin Salman in a high-profile White House ceremony. Discussions included major defense and energy deals, with U.S. plans to sell F‑35 jets to Riyadh taking center stage.
The House moved to force public release of government files tied to Jeffrey Epstein, a high-stakes political fight. President Trump signaled he would sign the bill if passed, shifting pressure onto the Justice Department.
House set to vote to compel release of Epstein files; European Commission opens formal probes into AWS and Azure under the DMA; Bank of England poll points to December and Q1 rate cuts — regulatory shifts raising political and market risk.
Newly released Epstein-related emails triggered fallout for prominent figures. Larry Summers announced he would step back from public commitments as scrutiny intensified.
Home Depot reported weaker sales and cut its outlook, a red flag for consumer spending and the housing cycle. The retailer blamed soft demand and fewer storm-related repairs for the downturn.
No company is going to be immune if the AI bubble bursts.
— Sundar Pichai, CEO of Alphabet
Autonomous vehicle services expanded as Waymo rolled out driverless robotaxis and Zoox began public trials in San Francisco. The moves mark a fresh phase of commercial competition in driverless transport.
European regulators sharpen scrutiny of cloud giants, considering gatekeeper designations under the DMA. The probes target market power in cloud services and could reshape procurement for finance and public bodies.
Microsoft expanded its enterprise AI toolkit while releasing controls for autonomous agents. The company is tying partner models into Azure and offering new governance tools for risky agent behavior.
Richmond Fed officials urged caution on interpreting near-term data as inflation and labor trends evolve. Policymakers signaled no immediate guidance ahead of the next Fed meeting amid market volatility.
Western moves against Russian oil and interest from global majors point to shifting dynamics in Moscow’s energy sector. Suitors circling Lukoil and US pressure on Rosneft and Lukoil signal geopolitical and market implications.
Credit markets are pricing more risk as equities fall and macro uncertainty rises. Corporate spreads widened while Treasuries saw safe‑haven flows amid a tech and crypto-led market pullback.
France and Germany pushed to delay key elements of the EU’s high-risk AI rules, arguing for more time on safety and implementation. The move complicates imminent regulation of foundational AI models across the bloc.
Amazon took hits after a bond sale amid investor debate over its AI spending, even as it expands delivery infrastructure. The company’s stock weakness came alongside commitments to big last‑mile hubs.
Nvidia’s upcoming earnings are the focal point for a market questioning AI valuations. Banks and strategists warned of a re‑rating, making Nvidia the litmus test for the sector’s momentum and investor sentiment.