US Stocks hit six-week low as tech slide accelerates

• Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets

• Crude oil reversed earlier gains and Treasuries were little changed.

 

Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. Crude oil reversed earlier gains and Treasuries were little changed.

 

The S&P 500 fell for a third day after fluctuating between gains and losses ahead of a so-called “quadruple witching" on Friday, a quarterly event that typically fuels trading and sometimes volatility as large derivatives positions roll over. Losses accelerated after the benchmark index fell below its 50-day moving average. Oracle Corp. edged lower after the U.S. said it will ban some transactions over TikTok, and it would be shut down unless a deal is concluded by Nov. 12. Apple Inc. and Microsoft Corp. weighted on the Nasdaq Composite.

 

“Investors are facing a conflict between this incredibly high level of uncertainty but also a fear of missing out, fear the markets could continue to move higher," said Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “That tension between uncertainty and FOMO is palpable."

 

Elsewhere, gold climbed. Crude oil traded around $41 a barrel and was up this week.

 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Elsewhere, gold climbed. Crude oil traded around $41 a barrel and was up this week.

 

(Except for the headline, this story has not been edited by Scrabbl staff and is published from a syndicated feed.)