Daily Market Briefing — 02 November 2026

Market Recap

Friday was a technology rout with a broad tail. The NASDAQ 100 closed at 28,384.85, down 3.46%, the S&P 500 finished at 7,580.07 (-1.82%) and the Dow slipped 1.09% to 51,770.31. The BBC reported that US tech stocks saw sharp falls as AI spending nears $1tn, with Intel continuing to drop and the Nasdaq opening at its lowest level in more than two months. The S&P's 5-day low of 7,527.56 sits just 0.7% below Friday's close, so the index is hovering near the bottom of its recent range. With the Nasdaq 100 closing only about 1% above its 5-day low of 28,093.24, buyers have little room for error today.

Key Movers & Themes

AI spending anxiety. The sell-off was driven by concern over the scale of AI investment, with Intel a specific casualty. The Nasdaq's underperformance versus the Dow (-3.46% against -1.09%) shows the damage was concentrated in growth and tech.

Crypto security shock. Binance users withdrew $3.6bn after what the BBC described as the largest-ever crypto hack, with the exchange freezing transactions. The FBI says North Korea was responsible, and Binance has covered 90% of losses from the $6.3bn hack. Bitcoin nonetheless held up, closing at $78,037.69 (+0.78%).

Crocs and the earnings reaction. Crocs jumped 25.5% after earnings on Thursday, and CNBC notes the stock is up about 30% since it flagged the depressed valuation on 13 October. It is a reminder that stock-specific catalysts can still pay off in a weak tape.

Chart of the Day

Keep an eye on the NASDAQ 100 around 28,100. That is the 5-day low of 28,093.24, and a close beneath it would confirm that Friday's drop was the start of a deeper correction rather than a one-day flush. On the upside, the 29,402.51 level, where the index closed two sessions ago, is the first area bulls need to reclaim. Until then, rallies are more likely to be sold than chased.

Economic Calendar — What to Watch Today

• 15:00 GMT, US — ISM Manufacturing PMI (Oct): forecast 54.6, previous 54.5. This is the day's key release. A reading at or above forecast would support the growth case, while a miss would add to pressure on risk assets.
• 15:00 GMT, US — ISM Manufacturing Employment (Oct): previous 52.7.
• 16:15 GMT, US — Fed Goolsbee speech: worth listening for any rate-path hints after Friday's sell-off.
• 07:00 GMT, Germany — Retail Sales MoM (Sep): forecast 0.4%, previous 1.3%. Retail Sales YoY previous was -0.4.

Technical Levels to Watch

The scanner snapshot dates from 27 October, so treat the levels as reference points rather than live triggers after Friday's drop. Breadth across the Nasdaq 100 names was split, with 11 bullish and 7 bearish on EMA trend and 12 of 20 showing bearish MACD crossovers. Boeing is the standout extreme, with RSI at 24.8 in oversold territory, while the semiconductor equipment names KLAC and LRCX sit below all EMAs with weak RSI readings of 32.7 and 31.1.

Commodities & Currencies

Brent's 6.31% drop is the standout, taking it to $110.22, close to its 5-day low of $109.28 and well off the $118.00 high. The swing was large enough to count as a sharp fall rather than routine noise. Silver outpaced gold with a 2.40% gain, and sterling edged up 0.44% against the dollar to 1.3404.

Trading Outlook

Bias is cautiously bearish for US indices while the S&P 500 sits within 1% of its 5-day low at 7,527.56 and the Nasdaq 100 trades near 28,093. The ISM Manufacturing PMI at 15:00 GMT is the catalyst that could flip it, since a strong print could spark a relief bounce. Manage risk around that release and the Goolsbee speech, and respect those 5-day lows as the lines in the sand.