Markets
Asian Stocks Mixed and US Futures Edge Up as Tech Selloff Eases Before Apple Earnings and Midterms
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Korean chip stocks rebounded and Wall Street futures pointed higher after Friday's worst session since June, while Kioxia sank on its outlook.
By Emma Cruz ·
Global stocks steadied on Monday after the sharpest technology-led drop on Wall Street since June, with Asian markets finishing mixed and U.S. futures pointing modestly higher before a heavy week of earnings and politics.
On Friday the S&P 500 fell 1.8%, the Nasdaq composite fell 2.9% and the Dow Jones Industrial Average fell 1.1%, the Associated Press reported [1]. Bloomberg put the Nasdaq 100's drop at 3.5% and said the Philadelphia Semiconductor Index lost 7.2% [2]. The selling was tied to worries that heavy artificial intelligence spending may not pay off as quickly as hoped, after results last week from Alphabet and Amazon [1].
In Asia, the AP reported that Japan's Nikkei 225 slipped 0.1% to 63,218.02 after giving up early gains, while South Korea's Kospi jumped 2.3% to 5,859.83 [1]. Chipmakers drove the Korean gain, with SK Hynix up 4.2% and Samsung Electronics up 1.7% [1]. Hong Kong's Hang Seng rose 0.6% to 23,437.41 and the Shanghai Composite gained 1.2% to 3,640.93, while Australia's S&P/ASX 200 lost 0.6% to 8,851.40 [1]. Taiwan's Taiex edged 0.2% lower as TSMC shed 1.5%, and memory maker Kioxia Holdings fell roughly 14% after its earnings forecasts disappointed some analysts and investors [1].
Chinese equities drew support from a policy report. Chinese media said the central bank and the securities regulator planned to meet financial institutions to discuss backing the capital market, the AP said [1]. Bloomberg described the meetings as involving banks and brokers and including stock buyback lending [2]. The move follows data showing Chinese factory activity returned to contraction in October [1].
In Europe, early trading was quiet. As of about 6 a.m. ET, the FTSE 100 was down 0.1% at 10,721.94, Germany's DAX was up 0.1% at 25,849.98 and France's CAC 40 was up 0.1% at 7,975.87, according to the AP [3]. U.S. futures advanced, with Bloomberg reporting S&P 500 futures up 0.4% and Nasdaq 100 futures up at least 0.4% [2].
Volatility has not fully faded. Bloomberg said the Cboe Volatility Index touched its highest intraday level since April on Friday, with put demand surging, though both remained well below March levels [2]. The 10-year U.S. Treasury yield was little changed at 4.94%, and spot gold rose 0.9% to $3,910.67 an ounce after its lowest close in more than a year on Friday [2]. Matt Maley of Miller Tabak said the big payoff investors expect from AI "is getting pushed even further down the road" [2].
Several catalysts could test the calm. Apple is due to report after the close on Monday, the AP said, and Tuesday brings the U.S. midterm elections, where voters have voiced concern about AI, data centers and inflation [1]. Bloomberg also noted that Nvidia reports later in November and that Apple reclaimed the title of the world's most valuable company from Nvidia on Friday [2]. Oil fell on Iran diplomacy hopes, which helped sentiment, with Brent down 3.9% to $109.01 a barrel in the AP's early report [3].
What to watch next: Apple's results and guidance after the bell, any follow-through in chip stocks that led the slide, and whether Chinese authorities detail their market-support measures.
Sources:
[1] Associated Press, "Asian shares mostly advance but tech stocks remain volatile, while oil sinks 3.3%", November 2, 2026. https://www.wsls.com/business/2026/11/02/asian-shares-mostly-advance-but-tech-stocks-remain-volatile-while-oil-sinks-33/
[2] Bloomberg (via SWI swissinfo.ch), "Stock Selloff Eases in Asian Trade, Oil Declines: Markets Wrap", November 2, 2026. https://swissinfo.ch/eng/stock-selloff-eases-in-asian-trade,-oil-declines:-markets-wrap/92310840
[3] Associated Press, "Global shares are mixed and U.S. futures advance, while oil prices fall nearly 4%", November 2, 2026. https://www.cp24.com/news/money/2026/11/02/global-shares-are-mixed-and-us-futures-advance-while-oil-prices-fall-nearly-4/
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.