{
  "id": 18001422,
  "title": "Stocks wobble on concerns over AI and US midterms",
  "url": "https://urgent.news/2026/11/03/stocks-wobble-on-concerns-over-ai-and-us-midterms",
  "topic": "world",
  "section": "World",
  "published": "2026-11-03T18:24:47.000Z",
  "source": {
    "name": "Channel News Asia",
    "slug": "channel-news-asia",
    "url": "https://www.channelnewsasia.com/world/stocks-wobble-concerns-over-ai-and-us-midterms-6517776"
  },
  "original_language": "en",
  "account": "Stock markets experienced fluctuations on Tuesday (Nov 3) due to growing apprehension about the debt-spending by AI companies, while the primary focus was on U.S. midterm elections that could alter President Donald Trump's final two years in office. Oil prices dipped once again, fueled by increased optimism about a resolution to the US-Iran conflict, despite US airstrikes on an Iranian island in the Strait of Hormuz. These events unfolded soon after Trump affirmed that a deal with Tehran was still possible, with traders citing unverified reports from Middle East media suggesting progress in Iran's nuclear program and the freezing of funds.\n\nThe oil market seemed to react positively, anticipating that the reports might hold true, according to Patrick O'Hare, an analyst at Briefing.com. Wall Street managed to stabilize after several days of losses, particularly on the tech-focused Nasdaq composite, which saw a nearly one percent increase in late morning trading. Investors remained anxious as they awaited the outcome of the U.S. midterm elections, where Democrats aimed to take control of Congress and impose constraints on Trump's tumultuous second term in the White House.\n\nThe election represented a comprehensive assessment of his policies, with increasing frustration over rising living costs and the ongoing war against Iran. Market experts Dan Coatsworth, head of markets at AJ Bell, noted that uncertainties surrounding energy price stabilization added to concerns about excessive spending on AI. Many tech giants, including Amazon, Alphabet, Meta, and Microsoft, continued to invest billions in data centers and chips, despite investors growing impatient for returns. Apple's earnings report showed forecast-beating sales and profits but cautioned that growing memory chip costs would negatively impact profit margins in the coming months, resulting in a 2.3% drop in its stock price.\n\nAI chipmakers Nvidia and AMD witnessed a rise in their shares. South Korean tech giants SK hynix and Samsung experienced declines, causing Seoul's Kospi index to fall over three percent. Shanghai also saw losses, while Hong Kong saw a slight increase. Tokyo was closed for a holiday. In Europe, most stock indices ended with little change, with London's FTSE under pressure from oil and gas firms like BP and Shell. A substantial decline in crude oil prices, driven by remarks from US President Donald Trump regarding possible modifications to overseas financial support, put significant pressure on energy-heavy indices.",
  "summary": null,
  "key_points": [
    "Stocks wavered amid AI and US midterm election concerns",
    "Oil prices fell as Iran conflict resolution hopes rise",
    "Tech giants invest heavily in AI despite profit margin worries"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}