Global Markets Stumble Amid Mixed Economic Signals: Tech Giants, Gold Surge

Global stock markets faced a decline, influenced by mixed earnings reports and economic signals. While chipmakers and mining stocks fell, Alphabet's stock rose. Gold surged amid election uncertainty, and bitcoin showed slight losses. Meanwhile, energy prices rebounded following inventory reports.

Global stock indexes experienced a downturn on Wednesday, with the semiconductor sector notably impacted by a grim forecast from Advanced Micro Devices. Conversely, gold reached new heights amid growing demand for safe-haven assets, spurred by uncertainty surrounding the upcoming U.S. presidential election.

In corporate earnings news, Alphabet saw shares rise by 2.8% after surpassing revenue expectations, while Advanced Micro Devices faced a 10.6% drop due to disappointing forecasts. AI infrastructure investments were a focal point as Meta Platforms' stock slipped following third-quarter earnings.

Currency markets saw the dollar decline after strong U.S. private payroll data, with sterling facing pressure from the UK budget announcements. In commodities, energy prices rebounded as U.S. crude and gasoline inventories unexpectedly fell.

(With inputs from agencies.)