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Published: 2 November 2026,05:49
Daily Market Analysis New
*The Nasdaq Composite plunged 2.9%, while the Nasdaq 100 declined approximately 3.5%, marking one of the steepest selloffs since June.
*The Philadelphia Semiconductor Index tumbled 7.2%, while Intel plunged approximately 29% following disappointing earnings guidance.
*Investors await the November 3 US midterm elections and Nvidia’s earnings later in November for further market direction.
U.S. equities declined sharply on Friday as disappointing technology earnings intensified concerns that the artificial intelligence (AI) rally had become overvalued. The Nasdaq Composite plunged approximately 2.9%, while the Nasdaq 100 declined around 3.5%, marking one of the steepest selloffs since June. Meanwhile, the S&P 500 fell 1.8%, while the Philadelphia Semiconductor Index tumbled 7.2%, highlighting widespread selling pressure across technology and semiconductor stocks.
The selloff intensified following disappointing earnings announcements from major technology companies. Intel suffered its steepest daily decline in more than four decades, plunging approximately 29% after issuing weaker-than-expected earnings guidance. Meanwhile, results from Alphabet and Amazon raised concerns that substantial AI-related capital expenditure could undermine corporate profitability and free cash flow, particularly as growth in their core businesses shows signs of slowing.
The latest developments have highlighted growing investor scepticism toward the sustainability of the AI investment boom. Despite continued demand for AI infrastructure and computing technology, investors are increasingly questioning whether future revenue growth can justify elevated valuations and billions of dollars in capital expenditure. As a result, market participants have become less tolerant of companies pursuing aggressive AI investments without demonstrating corresponding improvements in profitability and investment returns.
Furthermore, the sharp decline in semiconductor stocks suggests that concerns are spreading across the broader AI supply chain. Companies that previously benefited from strong expectations surrounding AI infrastructure development are facing renewed valuation pressures as investors reassess earnings growth, financing costs and the potential risks of excessive investment.
Looking ahead, the Nasdaq could remain under selling pressure as investors reassess technology valuations and the sustainability of AI-related spending. Attention will also turn to the November 3 U.S. midterm elections, which could introduce additional market uncertainty, alongside Nvidia’s earnings later in November. Stronger corporate profitability and encouraging AI revenue growth could help restore investor confidence, while further disappointing earnings or rising capital expenditure may extend the recent technology selloff.
Technical Analysis
Nasdaq is trading lower after breaking below the previous 29,060.00 support level, reinforcing the bearish short-term structure.
Momentum indicators remain bearish, with the MACD showing increasing bearish momentum, while the RSI at 32 stays below the midline and approaches oversold territory. This suggests that selling pressure remains dominant, although the risk of a short-term technical rebound is gradually increasing.If bearish momentum persists, Nasdaq could extend its decline toward the next support level at 27,200.00, followed by 26,185.00 if downside pressure intensifies.
However, if bearish momentum begins to fade, Nasdaq may stage a technical rebound and retest the 29,060.00 resistance level, followed by 30,210.00 if recovery momentum strengthens.
Resistance Levels: 29060.00, 30210.00
Support Levels: 27200.00, 26185.00
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