Markets 24-Hour Briefing
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Last updated: November 6, 2026, 3:40 AM ET
Equities & the AI Selloff
US stocks erased the post-midterm rally nytimes.com as the tech-heavy Nasdaq plunged 6.4% ft.com, wiping out roughly $3.2 trillion in market value. The Nasdaq closed in correction territory wsj.com in what the Journal called the worst stock-market rout since 2020, while the S&P 500 suffered its worst daily decline nytimes.com since April 2025. Traders were flooded with calls bloomberg.com on Goldman Sachs' trading desk, and the cost of hedging against further losses jumped the most since the April 2025 tariff turmoil. Tech stocks erased a record $2.3 trillion bloomberg.com in value, and Qualcomm's earnings disappointment wsj.com added to the pressure on chip names.
Asia & Europe
Asian markets slumped in sympathy bloomberg.com, with the Nikkei falling 5.9% wsj.com on chip-stock weakness and the benchmark poised to enter a bear market bloomberg.com. South Korea's Kospi dropped below 5,000 bloomberg.com, and Taiwan dropped the most in a year bloomberg.com as its currency weakened past 33 per US dollar. Chinese 10-year yields hit a record intraday low on haven demand. In Europe, the Stoxx 600 overtook Wall Street ft.com for the year before reversing gains bloomberg.com as defence names fell, with Rheinmetall shares down 17% ft.com after a delayed order forced a sales forecast cut.
Rates, Currencies & Haven Assets
Treasuries soared bloomberg.com as the Democratic sweep and the tech selloff drove demand for safety, with long-end yields falling wsj.com to eight-week lows. Japanese government bonds rallied in tandem, and the yen regained its haven appeal. Gold was on track bloomberg.com for its biggest weekly gain since August, and rose on improving risk sentiment wsj.com in early Asian trade. The Bank of England raised rates ft.com to 4% for the first time since 2023, and the ECB's Zigman sees a "rather big chance" bloomberg.com of a December hike. Fed Bank of Cleveland President Beth Hammack said restrictive rates bloomberg.com are needed to bring inflation to target. Argentine peso repo rates soared to 190% bloomberg.com amid intervention speculation.
Commodities
Oil prices recovered wsj.com some of the previous session's losses as traders weighed Middle East diplomacy, and Brent was on track bloomberg.com for its biggest weekly loss since April 2020. Copper slipped to its lowest since July, and cocoa fell to a one-month low bloomberg.com. US natural gas futures slipped wsj.com as storage kept building, while Rhine water levels bloomberg.com are forecast to fall again, pushing barge rates near records. Qatar is in talks bloomberg.com for more long-term US LNG purchases.
Corporate Earnings & Outlooks
Toyota lifted its earnings forecast wsj.com and its shares surged 17% ft.com on strong US hybrid demand, posting its biggest gain in 39 years. Airbnb raised its annual revenue outlook wsj.com, while Cloudflare stock surged wsj.com on a lifted full-year forecast. Cigna beat estimates bloomberg.com and raised its outlook, and Grindr expects to meet its 2027 targets bloomberg.com ahead of plan. On the downside, DraftKings plunged after a 2027 forecast missed estimates, and Papa John's cut its full-year outlook wsj.com again. Molson Coors cut guidance wsj.com on soft beer demand, and Mattel trimmed its outlook wsj.com ahead of the holidays. Lyft posted a surprise loss bloomberg.com on a settlement. Qantas expects a $2.63 billion first-half fuel bill wsj.com, and Emirates profit fell 66% bloomberg.com amid the Iran war. Sony profits jumped ft.com on the new Spider-Man film, and Maersk raised guidance again wsj.com on higher freight rates. ArcelorMittal's earnings rose 34% wsj.com on European steel tariffs, and Deutsche Telekom raised its outlook wsj.com.
Deals, Funds & Finance
Blackstone doubled lock-up periods ft.com for some Asian investors, and Carlyle shares slumped bloomberg.com after a bigger-than-expected drop in fees. The New York Times is in advanced talks nytimes.com to acquire Letterboxd for roughly $330 million. Wendy's rejected Trian's $1.4 billion wsj.com takeover offer, and BP sold a 5% stake in Aker BP wsj.com for $1 billion. China blocked SoftBank's $5.4 billion nytimes.com takeover of ABB Robotics. Walleye is returning capital ft.com as it slims its equity business. Goldman Sachs promoted a record 13 engineers ft.com to partner, its biggest class since 2010. Monzo is exploring ft.com fundraising at a £7.5bn valuation.
AI, Tech & Data Centres
Investors are reassessing the AI trade. Major holders doubt wsj.com that Anthropic's IPO can reach a $1.5 trillion valuation, and SpaceX default risk hit a record bloomberg.com. US lawmakers summoned Nvidia's Jensen Huang ft.com over Chinese spying concerns. Newly elected Democrats have pledged to curb data-centre construction ft.com, and tech leaders warned ft.com that AI backlash threatens the data-centre boom. Election results raise the hurdle bloomberg.com for data-centre IPOs, and Alphabet's AI push weighs bloomberg.com on Google search revenue. Parents sued Google nytimes.com over AI safety risks on school Chromebooks. Taiwan's chipmakers ft.com are enjoying a memory shortage boom. Blue Origin delayed ft.com its New Glenn launches to 2027.
Politics & Markets
The midterm results are reverberating through markets. Wall Street bets ft.com the sweep will empower moderates, and European stocks ft.com rallied on the clarity. Renewable energy groups ft.com gained, while Trump-backed critical minerals deals bloomberg.com face scrutiny. Democrats see an economic mandate nytimes.com to cut costs, and Vance blamed the Iran war nytimes.com for Republican losses. Mega-donor Wall Street billionaires ft.com saw their candidates defeated. Harmeet Dhillon resigned nytimes.com from the Justice Department's civil rights unit. Gov. Newsom commuted nytimes.com the sentences of all 548 California death row inmates. Russell Brand was found guilty nytimes.com of rape and sexual assault. Hong Kong activist Joshua Wong nytimes.com was sentenced to 10 years.
Coming Up
Russell Brand's sentencing wsj.com is scheduled for Monday. Nvidia's Jensen Huang ft.com has been asked to brief congressional committees. Bank of England decision traders bloomberg.com are now looking toward December.
Private Equity
Last updated: November 5, 2026, 5:40 PM ET
Venture & Cybersecurity
Former Secret Service agent and Home Depot CISO Stephen Ward is preparing a second $250M cybersecurity fund techcrunch.com, signaling continued investor appetite for security-focused venture capital. Separately, Siggy closed $6 million news.crunchbase.com in pre-seed funding for its AI mental health service, backed by the co-founders of Nurx and Journey Clinical.
Buyouts & Deals
Permira has agreed to acquire a majority stake peinsights.substack.com in Flint Group from General Atlantic, a transaction that follows the home services roll-up nearly tripling in size. In infrastructure software, Dropbox plans to acquire Tigris Data for $350 million news.crunchbase.com, its largest acquisition to date, to bolster its AI infrastructure. Levine Leichtman made a growth investment peinsights.substack.com in Concentric Energy Advisors, betting on the grid investment boom.
Fund Performance
Carlyle lifted distributable earnings 17% peinsights.substack.com on the back of stronger exits, even as fee earnings slipped.
Sector Momentum
Construction robotics funding has reached about $1.6 billion news.crunchbase.com so far in 2026, already tripling the previous peak. European hardware startups are reducing reliance on Chinese supply chains sifted.eu as they build out capacity without China.
Europe Early-Stage
Former Revolut employees have emerged from stealth sifted.eu with Haido, an AI wealthtech startup. Helsing CEO Gundbert Scherf backed Mindmax sifted.eu in a £2.5 million raise for its AI learning platform.
Limited Partner Trends
Transparency and disclosure quality ranked first pei-secondariesinvestor.com among limited partners seeking to improve continuation vehicle (CV) practices. At the HKMA summit, PE heavyweights debated CVs pei-secondariesinvestor.com, describing them as both the most aligned structure and a flawed, controversial one. Schroders is expanding its CV and co-invest allocations pei-secondariesinvestor.com across its $30 billion PE funds platform.
Talent & Operations
Engineering leaders are rethinking team structures sifted.eu, with the industry expecting fewer people doing more work.
Sector Investment
Last updated: November 5, 2026, 5:40 PM ET
Real Estate Investment
Canada's La Caisse is backing special situations perenews.com as part of a real estate revamp, with its property chief describing a new team focused on out-of-the-box opportunities. Meanwhile, GIC is preparing its first US office equity deal perenews.com in two years, according to its Americas head speaking at PERE's America Forum.
Infrastructure Fundraising
Fundraising in the infrastructure sector is picking up pace infrastructureinvestor.com, with some recent fund closes taking substantially less time than the typical two-plus years.
Clean Energy Policy
Australia's Clean Energy Finance Corporation will prioritise wind and transport infrastructureinvestor.com investment rather than data centres, according to new chief executive Paul McCartney.
Coming Up
GIC's first US office equity deal perenews.com is expected within the coming period, according to its Americas head.