Covid Worries Return to the Markets: Bloodbath Across the Board

On Friday, there was a sea of red on trading platforms as fear gripped global markets with stocks, global indices, and commodities all affected.

The recent rally in Nvidia stock appears to be well-deserved since the chipmaker's sales for the third quarter (which ended October 31) increased by 50% year over year to a record $7.1 billion, owing to record income in the gaming and data center sectors. 

Nvidia

Nordstrom

Nordstrom and Gap dropped 24% and 29%, respectively, after the two retailers posted disappointing quarterly results and warned of supply chain issues ahead of the critical holiday shopping season in the United States.

News that the US will add 1.1 million barrels per day (BPD) to the current oil market glut was a negative ripple to what was to follow during Friday's session. Covid concerns triggered a tidal wave of selling, and both Brent and WTI oil fell by 10%, the most since April 2020 when pandemic fears initially emerged.

Oil

Gold

On Tuesday, Gold prices fell to a three-week low, as the US Federal Reserve Chair Jerome Powell's re-nomination fueled speculation on quicker rate hikes, boosting the dollar and Treasury yields. Spot gold sank 1.2 percent to $1,787.22 per ounce, its lowest level since November 4. 

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