Wall Street ended October with its worst day since June.

Wall Street ended October with its worst day since June. On Friday, October 30, the S&P 500, which tracks the 500 biggest US companies, fell 1.8% to 7,580.07. The tech-heavy Nasdaq Composite dropped 2.9% to 25,437.00, and the Dow Jones Industrial Average lost 572 points, or 1.1%, to 51,770.31. For the week, the S&P 500 fell 0.6% and the Nasdaq 2%, as a string of disappointing Big Tech earnings reports deepened worries that the frenzy around AI pushed stock prices too high. Intel led the losses, plunging about 29%, its worst day since 1974, after giving a weak sales forecast tied to a plant shutdown in Israel and soft demand for PCs. Reddit also sank about 29% after reporting weaker-than-expected user numbers, and memory-chip maker Sandisk fell 13%. Amazon slipped after missing expectations and reporting its deepest cash burn ever, meaning it spent far more money than its business brought in, while sticking to plans to spend about $220 billion on AI and other investments this year. As investors looked for safety, US Treasury yields (the interest rates the US government pays to borrow) fell sharply, even as oil prices rose.

Philippine stocks slipped on Friday ahead of a long weekend. The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, fell 0.44% to 5,680.35, giving back some of Thursday's gains. Analysts said rising oil prices, fears of renewed US attacks on Iran after next week's US midterm elections, and profit-taking all weighed on the market, and many investors reduced their positions before the break. The PSE is closed on Monday, November 2, for All Souls' Day. We could not confirm Friday's official closing rate for the peso from a verified Bankers Association of the Philippines report, so we're not quoting a figure. On Thursday it closed at ₱63.85 per dollar, back below ₱64, after President Marcos pledged that the government will defend the peso and has the reserves to do so.

Friday's sell-off happened after the PSE had already closed, so Philippine stocks haven't felt it yet. The tech slump, led by Intel and AI-related chip stocks, is likely to weigh on Asian markets, especially tech-heavy ones like South Korea and Taiwan, when trading resumes on Monday. The PSE will still be closed that day, so its first chance to react is Tuesday, November 3, which is also US Election Day. That means local investors could face two big pieces of news at once. Oil is the bigger concern for the Philippines. Analysts warned that renewed US attacks on Iran could follow the midterms, which would push oil prices higher. Because the country imports most of its fuel and pays in dollars, higher oil puts direct pressure on the peso and on prices of fuel, transport, and food. Falling US Treasury yields on Friday could ease some of the pull toward the dollar, which would help the peso. For households and OFW families, the coming week will show whether that relief holds or whether oil overwhelms it.