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If you were hoping today would bring a kind of contrarian excitement to the end of the week, according to futures on Friday morning, no such luck. The market was set to fall around -0.5%, not a steep drop, but not exactly rounding out what has already been a red week.
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This follows pain on Wall Street overnight where a 22-year-high amount of job cuts in October (for the US) shook market sentiment; most layoffs occurred in warehousing and tech with AI and rising costs widely blamed.
In the background, concerns around AI valuations continue to permeate investor thinking, here’s how the US majors ended up:
Also worth noting is that the US-facing ‘fear and greed’ index continues to show a market in “extreme fear.” Looking at commodities, iron ore futures on the SGX remain at $103.95/tn while gold’s at US$3,976/oz.
So don’t be too surprised if we end out on a rather quiet note to the week, though Fridays can sometimes be known to do their own thing. Time will tell – have good luck on this last day of the week.
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