This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- Nasdaq Composite ($IXIC) fell 2.64% to close at 25,999.35, marking its steepest daily percentage decline since June 5, 2026, as aggressive AI infrastructure spending triggered investor caution.
- Western Digital (WDC) shares climbed in extended trading after reporting a massive 55% year-over-year revenue surge and providing Q2 guidance that significantly outpaced Wall Street estimates.
- Newmont (NEM) topped Q3 expectations with adjusted EPS of $2.20 on $6.36 billion in revenue, supported by steady gold production of 1.30 million ounces.
- SpaceX is finalizing a $40 billion debt deal led by Apollo and Goldman Sachs, with lower-rated tranches expected to price at a steep 8.3% interest rate amid rising AI-related credit jitters.
- U.S. CDC announced new Ebola attestation mandates for all international airline passengers effective November 3, requiring digital or paper proof of no recent travel to the Democratic Republic of the Congo.
Tech Sell-Off and Corporate Earnings
The Nasdaq Composite (IXIC) experienced a significant retreat on Thursday, closing down 703.50 points as the market reacted to the intensifying "arms race" in artificial intelligence spending. Investors appeared increasingly wary of the massive capital expenditures required to sustain AI growth, leading to a broad-based exit from high-valuation tech names. The Dow Jones Industrial Average (DJI) remained relatively flat, sliding just 0.01% to finish at 52,853.21.
Bucking the downward trend in the tech sector, Western Digital (WDC) delivered a robust fiscal first-quarter 2027 report. The company posted adjusted EPS of $4.64, well above the $4.10 consensus, and projected Q2 revenue between $5.0 billion and $5.2 billion. Management also announced a 17% increase to its quarterly dividend, citing strong demand for AI-driven storage solutions.
Newmont (NEM) also reported strong quarterly results, with revenue of $6.36 billion beating the $6.28 billion estimate. The gold mining giant maintained its full-year 2026 production guidance while advancing the Red Chris Block Cave project toward a final investment decision in early 2027.
Geopolitical and Regulatory Developments
In a notable interaction between political and corporate spheres, President Donald Trump addressed his relationship with Elon Musk, describing it as "a good one" while declining to provide specifics on recent communications. The comments come amid reports that Trump may have influenced a decision to restore Starlink satellite speeds for Ukrainian forces. Regarding the ongoing conflict between Russia and Ukraine, the President stated, “We’ll see how it works out.”
Simultaneously, Musk's SpaceX is navigating a complex credit environment to fund its hardware needs. The company is reportedly seeking $40 billion in debt to purchase Nvidia (NVDA) chips, with Apollo Global Management and Goldman Sachs leading the deal. The high 8.3% yield on the lower-rated debt reflects growing market sensitivity toward the debt loads of private tech titans.
On the public health front, the U.S. Centers for Disease Control and Prevention (CDC) is tightening travel protocols. Starting November 3, all passengers departing foreign countries for the U.S. must attest they have not been in the Democratic Republic of the Congo within the last 21 days. This move follows a significant escalation in the regional Ebola outbreak, which has now recorded over 4,000 deaths.
Automated market updates written with AI from market data and news wire reports, published without human review.