Finance Brief: After the midterms, markets split: tech sinks, oil bounces, gold holds near $4,100
Finance Brief: After the midterms, markets split: tech sinks, oil bounces, gold holds near $4,100
The US midterm results shook markets this week, and the reaction split in two. Stocks that had rallied on the outcome gave some of it back, while oil and gold told a different story about what investors really fear.
Borsa Istanbul closed Thursday at 11,331.75, down 1.28 percent, giving back an opening gain as the global slide reached Turkish stocks. The dollar held near 50.05 lira.
In the US, the Dow jumped 3 percent on Wednesday after the results, then tech led a sharp Thursday selloff. The Nasdaq fell as much as 5.5 percent, sliding into correction territory in its worst day in five months. Bitcoin dropped almost 5 percent to about $76,240.
Oil swung hardest. Brent crashed about 9 percent on Wednesday to near $93.50 as traders bet on a US-Iran deal, then bounced about 2 percent on Thursday to near $96.50. Gold was the mirror image: futures pushed above $4,150, the first time over $4,100 since October 21, while spot gold held near $4,099.
The read is simple. The election removed one uncertainty and created others, on spending, regulation and trade, and energy prices are now moving on diplomacy, not just supply. Traders are watching $90 below and $100 above for Brent, and Friday's US jobs data is the next test.
Information only, not financial advice.
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