2026-11-01 Covering 26–30 October 2026 | Data as of 2026-10-30
Fortnightly market notes: Big Tech results split, chip stocks plunge in a day, the Fed holds
Microsoft's Azure grew 48% while Alphabet fell 12.6% in a day; Intel's weak outlook sank chip stocks on Friday and the Nasdaq lost 2.0% for the week; the Fed held rates with two votes for a hike, and money moved into defensive sectors.
Key points
- Big Tech results were mixed: Microsoft's Azure grew 48% and its shares rose about 4%; Alphabet's free cash flow turned negative and it fell 12.6% in a day
- Intel plunged about 29% in a day on a weak fourth-quarter outlook; the Philadelphia Semiconductor Index fell 7.2% that day, pulling the Nasdaq down 2.0% for the week
- The Fed held rates at 3.75%–4.00%, but two members voted for a hike; markets put the chance of a December hike at about 75–85%
- Money rotated into defensive sectors such as healthcare, materials and utilities; the Hang Seng Index rose 0.9% for the week while the Hang Seng Tech Index fell 3.0%
- A tanker was hit by a mine in the Strait of Hormuz and Brent crude held at about US$113 a barrel; gold and bitcoin fell
The full report (PDF) is written in Chinese. The key points above are in English.
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