Asian stocks mixed as tech sector struggles to rebound from selloff AFP Mon, November 2, 2026 at 2:28 AM EST 4 min read CL=F -3.18% META -1.53% AMZN -1.41% GOOG -1.45% MSFT -1.55% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Asian stocks were mixed on Monday as investors struggled to recover from last week's tough run fuelled by disappointing earnings from tech titans, while eyes were also turning to the United States ahead of crucial midterm elections.
Traders did get some support from a drop in oil prices following a report that Donald Trump wanted negotiations with Iran to play out rather than resume his war after the polls.
AI-linked firms were hit by another wave of selling as Wall Street giants including Amazon, Alphabet and Microsoft signalled they would keep pouring money into data centres and chips even as investors grow impatient for returns.
The firms, along with Meta, are on track to spend more than $700 billion on capital investment this year, much of it on AI infrastructure, according to analyst estimates.
The reports added to concerns that the vast sum poured into the sector might have been overdone, with Bloomberg saying 90 percent of software companies in the S&P 500 had beaten earnings expectations this season, while just 70 percent topped revenue.
That compared with all companies beating profits in the previous three months, and more than 80 percent topping on sales.
Apple, Advanced Micro Devices and software titan Palantir are due to report this week.
Steep losses in New York saw the Nasdaq end almost three percent down, and Asian tech also struggled at the start of this week.
Japanese chipmaker Kioxia plunged nearly 16 percent after giving a cautious outlook that fell short of forecasts.
The firm has plunged around 70 percent from its record high set in June, although it is still up more than 200 percent since the start of the year.
Taiwan's TSMC added nearly two percent, though South Korea's Samsung added 1.8 percent and SK hynix jumped 3.8 percent.
The mixed performance in tech was reflected in broader markets, with Tokyo, Sydney, Singapore, Wellington, Bangkok and Taipei all down while Seoul, Hong Kong, Shanghai, Mumbai and Jakarta rose.
Oil prices sank around three percent on hopes for a negotiated end to the Iran crisis, with Axios reporting that the US president wanted talks to continue, to the disappointment of Israeli Prime Minister Benjamin Netanyahu.
The news outlet also said Vice President JD Vance had sent a letter to Iranian national security chief Mohsen Rezaei about possible new talks, marking the highest-level move in months.
"Despite the stalemate outcome following the Israeli elections, the chances of a diplomatic breakthrough may be improving following intensified mediation efforts by Qatar and regional allies," said FOREX.com's Razan Hilal.
"Reports point to discussions about sanctions relief and reopening the Strait of Hormuz, while nuclear restrictions and inspections remain major unresolved issues."
However, Trump continued to hint at more military action while on the campaign trail Sunday.
He reiterated his threat to resume strikes, telling a rally: "The only reason why I'm not finished with Iran is I want to be nice.
"I want to try and save all those lives if I can... But at some point we're going to have to give them the hammer."
That came after he had told reporters that "we still have to take care of, I would say one or two sites, but we can do that in 10 minutes".
For its part, Iran's army spokesman Mohammad Akramini said at the weekend that any renewed war could last longer than the previous round of fighting, and that "the American president would not be in a position to dictate the timing or the conditions of its conclusion".
Investors were keeping tabs on the midterms, where Democrats are predicted to see thumping wins as they look to take back control of Congress and impose a first political check on Trump's unprecedented pursuit of power.
Polls show Democrats are all but certain to take the majority from Republicans in the House of Representatives in Tuesday's vote and have a shot at winning the Senate.
Tokyo - Nikkei 225: DOWN 0.3 percent at 63,081.86 (close)
Hong Kong - Hang Seng Index: UP 0.5 percent at 23,415.52
Shanghai - Composite: UP 1.1 percent at 3,638.03 (close)
West Texas Intermediate: DOWN 3.2 percent at $100.78 per barrel
Brent North Sea crude: DOWN 2.8 percent at $110.31 per barrel
New York - Dow: DOWN 1.1 percent at 51,770.31 (close)
London - FTSE 100: UP 0.1 percent at 10,729.78 (close)
