Market brief — 30 October 2026
US markets absorbed a difficult mix of stronger growth, firmer inflation and renewed doubts about the return on massive AI investment.
US markets absorbed a difficult mix of stronger growth, firmer inflation and renewed doubts about the return on massive AI investment. Third-quarter GDP expanded at a 3.4% annualized rate, up from 2.2% in the prior quarter, as consumer spending and investment remained robust. At the same time, September headline PCE inflation accelerated to 3.6% year on year and core PCE reached 3.1%, reinforcing the case for another Federal Reserve rate increase in December. The data did not trigger a broad selloff, but Alphabet's historic post-earnings decline revived concerns about AI spending and dragged the Nasdaq down 1.4%. The Dow Jones Industrial Average fell a milder 0.3% to 52,342.56 because most stocks advanced and the weakness was concentrated in mega-cap technology.
Treasury yields moved lower despite the firm macro data as investors rotated toward government bonds during the technology selloff, with the 10-year yield ending near 4.99%. The dollar also softened, while Brent crude retreated toward $114 a barrel as renewed diplomatic efforts reduced part of the Middle East supply-risk premium. Those moves would normally support gold, but XAUUSD fell toward $4,025 an ounce. Profit-taking, still-high real yields and the stronger growth backdrop outweighed the benefit from a weaker dollar and lower nominal yields, leaving gold sensitive to any further repricing of the Fed's December path.
Vietnamese equities faced broader selling pressure. The VN-Index dropped 0.62% to 1,755.61 and the VN30 lost 0.69% to 1,877.18, with 15 of 19 sectors declining. Oil and gas, construction, technology and food stocks led the weakness. HOSE matched-order value rose slightly to about VND12.5 trillion, but the increase reflected active selling rather than improving conviction. Foreign investors sold a net VND459 billion, focusing on TCB, FPT, SSI and VHM. Persistent foreign outflows, weaker large caps and the global reassessment of technology valuations outweighed support from domestic liquidity.
Crypto reacted more sharply to the same risk-off impulse. Binance showed BTCUSDT near $78,790, down about 3.1%, and ETHUSDT near $2,263, down about 4.1%. The fall followed Alphabet's earnings shock, hotter PCE inflation and the Fed's still-hawkish bias, while leveraged long liquidations amplified the move. The latest reported US spot Bitcoin ETF flow remained positive at $137.3 million, but Ether funds lost $21.4 million. Bitcoin ETF demand therefore cushioned rather than reversed the decline, while Ether's weaker institutional flow and higher sensitivity to speculative positioning produced a larger loss.