Global stock markets ended mixed on Friday, recovering some ground after a Thursday sell-off sparked by growing fears that a technology bubble will burst and speculation over the US Federal Reserve's next move.
Investors are increasingly worried that the red-hot tech sector is overvalued and might crash, similar to what happened during the dotcom bubble in the late 1990s and early 2000s, which wiped out billions and put companies out of business.
"The honeymoon phase where 'AI innovation' justified any budget is over, replaced by brutal questions about cost per query, accuracy rates and measurable business outcomes," said Manisha Khanna, a senior product manager at US software firm SAS.
Investors are also keeping tabs on the Fed, after officials voiced doubts about a third consecutive rate cut in December, following the end of the longest government shutdown in US history.
The shutdown created a data gap for the US central bank, which heavily relies on consumer, labour and inflation data to drive its interest rate decisions.
"What likely triggered the selloff was the growing realisation that a full set of jobs and inflation data won’t land before the Federal Reserve’s December meeting," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
"And if that’s the case - and if the Fed retains even a minimum degree of independence and reason - it wouldn’t cut rates blindly."
The Fed's comments hit safe-haven gold, which fell by as much as 3 per cent before paring losses. The precious metal, which has scaled new highs in 2025, settled 2.62 per cent lower at $4,080.78 per ounce.
Bitcoin was also hit, falling to the $95,000 level before recovering. It was down 1 per cent at about $96,200 on Saturday.
On Wall Street, indices recovered from early losses thanks to a rebound from Nvidia, as investors look forward to the stock market darling's third-quarter report next week.
The artificial intelligence chip leader and world's most valuable company fell by more than 3.5 per cent on Thursday and began the day 3.4 per cent lower, but recovered to end the week 1.8 per cent higher.
The Dow Jones Industrial Average settled 0.7 per cent lower and the S&P 500 retreated 0.1 per cent, while the tech-heavy Nasdaq Composite eked out a 0.1 per cent gain.
For the week, the Dow added 0.3 per cent, the S&P 500 gained 0.1 per cent and the Nasdaq fell 0.5 per cent. Year-to-date, the indices are up about 11 per cent, 15 per cent and 19 per cent, respectively.
"The next [economic] reports [would] give the Fed clarity it has lacked during the shutdown ... the possibility of a December reduction stays open," said Nigel Green, chief executive of Dubai-based financial services firm deVere Group.
“If the data supports that pattern, the conversation moves toward a more supportive policy setting. Investors then find renewed interest in US equities, especially Big Tech and companies tied to demand and investment growth," he said.
In Europe, London's FTSE 100 fell on reports that the government had stopped its plans to raise income tax on its upcoming budget.
UK Chancellor Rachel Reeves will announce the autumn budget on November 26, amid a growing deficit, inflation and high borrowing costs; not raising income tax will be breaking an election pledge.
Frankfurt's DAX declined 0.7 per cent, while Paris's CAC 40 retreated 0.8 per cent.
Earlier in Asia, major stock markets dove amid the tech bubble-fuelled sell-off and uncertainty on the Fed's next interest rate decision.
Tokyo's Nikkei 225 shed 1.8 per cent, Hong Kong's Hang Seng Index slid 1.7 per cent and the Shanghai Composite fell 1 per cent. Seoul's Kospi was hit hard, finishing nearly 4 per cent lower.
Oil prices, meanwhile, settled more than 2 per cent higher on Friday and posted a weekly gain amid supply concerns as a result of the war between Ukraine and Russia.
Brent added 2.19 per cent to close at $64.39 a barrel, while West Texas Intermediate rose 2.39 per cent to $60.09 per barrel.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Tips for avoiding trouble online
- Do not post incorrect information and beware of fake news
- Do not publish or repost racist or hate speech, yours or anyone else’s
- Do not incite violence and be careful how to phrase what you want to say
- Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
- Do not forget your children and monitor their online activities
UAE currency: the story behind the money in your pockets
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Heather, the Totality
Matthew Weiner,
Canongate
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
UAE currency: the story behind the money in your pockets
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
