Semiconductors fell 3.79 percent, the tech sector fell 2.95 percent and Microsoft fell 2.83 percent, extending the AI trade selloff that put the Nasdaq 100 into correction last week. Today’s reporting ties the same move to base metals, where copper and tin fell as the AI unwind spread beyond equities (see today’s copper and tin story).
Silver futures fell 3.30 percent to 49.04 dollars an ounce and gold futures fell 1.38 percent, yet gold miners rose 2.67 percent and silver miners rose 1.50 percent. The divergence runs through today’s mining reporting, which noted miners rising on Monday even as the metals they produce settled lower, and through the World Gold Council figures showing central banks bought 321 tonnes in the third quarter, the fastest pace since 2024 (see today’s central bank gold buying story).
WTI crude rose 2.11 percent to 98.50 dollars a barrel and Brent rose 1.65 percent to 106.50 dollars. The bid followed a night of renewed strikes around the Strait of Hormuz, including confirmed United States strikes on Qeshm Island, and Aramco results that showed record refining margins capturing the war premium (see today’s Qeshm strikes story and today’s Aramco story).
Uranium miners fell 2.37 percent. No clear single driver appears in this morning’s reporting.
Amazon rose 2.20 percent, against the technology tape. Amazon features in today’s hyperscalers financing story as part of the group raising more than 131 billion dollars for the AI buildout, but no Amazon specific news in this morning’s reporting explains the rise.
The cross-market read is not a single risk move. Technology is de-rating, energy is pricing supply risk higher, and the miners are trading on positioning and central bank demand rather than on the spot metals. Two scheduled events dominate the day ahead: the Federal Reserve decision at 2:00 PM Eastern, where a hold is widely expected, and the United States midterm results tonight (see today’s FOMC preview and today’s midterms story).