Stocks and futures suffered sharp losses today as yesterday's Tesla and Meta earnings results did not dispel doubts about an AI-led recovery. Nasdaq 100 futures were down about 1.6%, and S&P 500 futures lost roughly 0.9%. European equity futures fell by 1%. In Asia, South Korea's Kospi plunged by 4.1% toward its weakest close since April. China's CSI 300 dipped by 2%, approaching bear-market territory, while Hong Kong's China tech index moved toward its weakest close since September 2024. The broader MSCI Asia-Pacific lost around 2%.

Mixed earnings failed to reassure. Tesla shares slipped by 3.3% in after-hours trading on a lowered capex guide, while Meta rose by 2.2% after increasing its AI-spend commitment. Lam Research dropped by 7.4% on a weak outlook. The market is hard to please: it reacts when companies both ramp and cut spending. Barclays says the market has shifted from trading AI sentiment to demanding higher evidence thresholds for strong reports, both in guidance and monetization paths.

Major tech reports are limited in the coming days: Microsoft and Alphabet report next week. Meanwhile, attention will return to oil prices.

Geopolitical tensions in the Middle East are adding pressure. The US State Department ordered non-emergency staff and dependents to leave Saudi Arabia amid Houthi threats, and The New York Times reports the United States and Israel have drafted plans to resume strikes on Iran after the US midterms.

Oil is responding higher: Brent is up about 2.4% near $111.40/bbl. Gold is down roughly 1.6% to about $4,075/oz, and Bitcoin is off more than 2% to settle at $82,600.

Treasuries rallied across the curve; the 30-year yield fell by 3 bps to 5.38%, marking the lowest level since September 23. The yen is the top G10 performer, strengthening even versus the dollar.

Bottom line: the market is not yet willing to pay up for AI without confirmed payoffs, and rising oil plus Iran-related risks add further pressure. With mixed earnings and Brent above $110, safe-haven assets remain in favor.

As for S&P 500 technicals, the immediate task for buyers is to overcome the resistance level of $7,698. That would signal upside momentum and open a move toward $7,718. Controlling $7,737 is also a priority to strengthen bulls' positions. If the price falls amid waning risk appetite, buyers should defend near $7,679. A break below that level would likely push the index down to $7,656 and open the way to $7,633.