Markets slide on tech jitters and hack fallout as Bitcoin fights back

Global financial markets opened the week under considerable pressure, with risk assets retreating across major equity exchanges as investors digested mounting pressures in the technology sector and fallout from a historic digital asset security breach. The S&P 500 slumped 1.82 percent to close at 7,580.07, while the technology-heavy Nasdaq Composite dropped 2.86 percent to 25,437.00. The Dow Jones Industrial Average also slid 1.09 percent to 51,770.31, reflecting broad-based caution. Meanwhile, safe-haven assets experienced mixed flows; gold dropped 3.06 percent to $3,908.00 per ounce, and the US 10-year Treasury yield eased 1.20 percent to 4.93 percent.

Stocks and bonds

Equity markets faced a severe reality check as high-flying technology names pulled back from recent peaks. Blockbuster earnings growth has powered the stock market higher throughout 2026, but investors are increasingly questioning whether that momentum can sustain itself into 2027 amid tightening consumer spending backdrops and rising input costs, such as inflated memory prices. Adding to the corporate focus, a rare Monday earnings report from Apple arrives at a critical juncture for Big Tech as new CEO John Ternus navigates these exact headwinds. Meanwhile, fixed-income investors are preparing for potential volatility stemming from upcoming political events, with the looming midterm elections carrying significant implications for municipal bond supplies, state tax measures, and broader fiscal policies.

Currencies and commodities

In the foreign exchange market, the US Dollar Index edged down 0.12 percent to 101.92, remaining relatively range-bound. The euro held steady against the greenback at 1.1183, while the British pound ticked up 0.13 percent to 1.3396. Commodity markets leaned lower, with crude oil sliding 1.15 percent to $100.83 per barrel amid reports hinting at potential diplomatic openings in the Middle East that could ease supply anxieties over the longer term. Industrial metals and agricultural staples continued to display mixed regional trends, reflecting localized supply chain adjustments rather than a uniform macroeconomic shock.

Crypto

Digital asset markets navigated immense turbulence following last week's record $6.4 billion Binance hack, which triggered widespread industry repercussions. US spot Bitcoin ETFs experienced their largest single-day outflows in four months on Friday, shedding $643 million as investors rushed to reduce risk. Despite the heavy institutional outflows, Bitcoin managed to claw back toward $79,000, trading up 1.08 percent over 24 hours at $78,269.98, while Ether rose 1.64 percent to $2,289.63. Operational strains rippled across decentralized finance protocols as well; THORChain temporarily halted swaps due to a block reorganization bug, which inadvertently complicated efforts by North Korean hackers to launder millions in stolen funds through cross-chain bridges like Tron. For deeper analysis on these network disruptions, read our reports on THORChain Halts Swaps After Bug, Inadvertently Slows Binance Hackers and Binance Net Outflows Surge to $5.8B as Withdrawals Resume After Hack.

Africa and emerging markets

In Nigeria, economic indicators presented a resilient picture despite global macro crosscurrents. The Nigerian naira maintained a stable outlook entering the month, underpinned by robust Bonny Light crude trading at $115 a barrel and substantial foreign reserves managed by the Central Bank of Nigeria. Sectoral performance on the Nigerian Exchange showed divergence during October, with the Industrial Goods Index surging 16.85 percent while banking equities retreated 10.42 percent. Corporate earnings continued to impress domestic investors, highlighted by AIICO Insurance reporting a 27.3 percent increase in nine-month pre-tax profit to N19.42 billion, driven primarily by strong investment gains.

What to watch

• Apple's rare Monday earnings report and commentary from CEO John Ternus on consumer spending and memory pricing.
• Ongoing exchange liquidity updates and withdrawal trends following Binance's phased resumption of services.
• Developments in the US midterm elections and their potential impact on municipal bonds and regulatory frameworks.
• Nigerian macroeconomic data releases, including foreign reserve levels and localized inflation prints for food staples.