US stocks moved lower on Friday, with the S&P 500 down 1% and the Nasdaq falling 1.6%, both hitting one-month lows, while the Dow Jones dropped about 400 points. The tech sector remained under heavy pressure as investors grew increasingly concerned about stretched valuations in AI-related stocks and the risk of a bubble. Concerns also mounted that the Fed may hesitate to cut rates next month, after several policymakers expressed skepticism about the need for another reduction. Market odds of a 25 bps cut in December have fallen to just below 50%, down from nearly 65% earlier in the...
Asia-Pacific markets are set for a mixed open on Friday, after Wall Street benchmarks the Nasdaq Composite and the S&P 500 posted their worst day in nearly two months on a downbeat Microsoft earnings forecast and MetaTrader results. Traders await a raft of economic data from the region, including Australia's third-quarter producer price index reading and China's Caixin manufacturing purchasing managers' index for October. Japan's Nikkei 225 appears set for a weaker open, with futures in Chicago at 38,470 and its Osaka counterpart at 38,370 against the index's last close of...