Overview
- The concentrated tech sell‑off, which hit markets on Thursday, was sharpened by Meta reporting its first cash outflow in more than a decade and left the Nasdaq down roughly 2.6% while the S&P 500 fell about 1.2%.
- Investors moved large sums into government bonds, producing the biggest one‑day Treasury rally in years and driving the US 10‑year yield down to about 4.96%, which reduced market pricing for further Federal Reserve hikes.
- Brent crude climbed above $113–$114 on reports of growing Middle East tensions and plans reportedly drawn up by the US and Israel related to Iran, reintroducing an inflation risk premium for markets.
- The combination of weaker tech, lower yields and higher oil spilled into Asia and India, where indices fell for multiple sessions, foreign institutional investors sold heavily and domestic funds only partially offset outflows.
- The moves complicate the policy picture ahead of the Fed’s Oct. 27–28 meeting and key tech earnings, so traders will watch upcoming US economic data, next week’s big company reports and oil headlines for signs the repricing will continue or reverse.