The Prime Daily: 03 November 2026

Major US indexes closed mostly lower as a brief early rebound in technology stocks quickly lost momentum. Persistent worries surrounding spending efficiency and a bursting of the artificial intelligence infallible bubble dragged down the S&P 500 and the Nasdaq Composite, putting the tech-heavy index into its third technical correction of the year.

The Nasdaq-100 fell 1.4% to 27,989.82, 10.4% below its Oct. 6 record, and the Nasdaq Composite fell 1.07%. A chip index extended its three-day rout to 12%.

Oracle dropped about 9% on a $20B debt and equity raise, and Marvell fell 13% on its $115B all-stock Lumentum deal. Intel fell 8.8% after Friday’s 29% plunge, and AMD lost 7.5% ahead of earnings.

Apple beat on results, but its guidance of 7-10% growth missed the 11.4% consensus, and the shares fell about 3% after hours.

Gold and silver prices stabilised and climbed higher on Monday, staging a recovery following a brutal period of liquidations at the end of October. The primary catalyst for the turnaround was a significant drop in crude oil prices, which lessened immediate concerns over runaway, energy-driven inflation.

Crude oil futures tumbled by several percentage points as diplomatic efforts picked up momentum. Reports indicating that multi-day discussions between Iranian and Qatari officials were making progress toward ending the geopolitical conflict significantly eased global energy supply anxieties.

Iran says the Strait of Hormuz could reopen within two days if its demands are met.

The dollar index is near 101.76 after hitting a one-month low, as lower oil eased inflation worries.

Investors await midterm election results, where Democrats are favoured to win the House.

The Indian rupee strengthened by 5 paise to close at 94.90, aided by lower crude oil prices and improved risk-on sentiment. A weaker dollar ahead of the U.S. midterm elections further supported the domestic currency.

Nifty extended its winning streak to a third consecutive session yesterday, gaining 387 points to close at 23,440. Nifty decisively breached the crucial 23,175 resistance and finished above its 50-day EMA, reinforcing the short-term bullish structure. The earlier hurdle at 23,175 is now likely to act as immediate support. With momentum turning positive, the index is now heading toward the next resistance zone of 23,500–23,600. A sustained move above this band could open the door for further upside, while holding above 23,175 would keep the bullish bias intact.