Overview
- The Nasdaq plunged in Thursday trading after investors priced possible Democratic-led regulation of AI and data-center builds, with many semiconductor names falling by double digits.
- A stronger-than-expected U.S. payrolls report on Friday showing 165,000 jobs and a 4.1% unemployment rate prompted bargain buying that produced a partial rebound in tech and chip stocks.
- The global shock spilled into Argentina: the wholesale dollar traded near record levels, the MSCI Merval dropped about 4%, ADRs fell as much as 12%, and the JP Morgan 'riesgo país' jumped above 920 before easing to roughly 895 intraday.
- Domestic signals worsened as the BCRA's REM raised October inflation to 1.8% and cut 2026 GDP forecasts, while the central bank resumed modest dollar purchases and reserves dipped below $50 billion after an IMF payment.
- With local markets closed for bank holidays until November 11, high sovereign risk and large 2027 financing needs leave Argentina especially vulnerable to further swings from global policy shifts on AI and U.S. rate expectations.