Declines in tech and crypto sectors close out a turbulent October

October proved to be a turbulent month for markets, particularly the tech and crypto sectors. Notably, gold prices rose 1.96% while major indices, including the Nasdaq and S&P 500, faced losses of -0.35% and -0.42%, respectively. Meta and Microsoft shares suffered due to concerns over their AI spending, with Meta experiencing an 11.3% drop, its largest decline in three years. Amid the ongoing US government shutdown and a hawkish Federal Reserve stance, investors shifted back to safe-haven assets such as gold. Conversely, the crypto sector faced significant downturns, with major areas closing in the red. The crypto equities showed some resilience, registering only minor declines compared to sectors like L2 and Launchpad, which fell by 8.9% and 8.7% respectively. The prevailing sentiment in the market suggested a need for reflection and patience as investors navigated these fluctuations, recognizing that opportunities in crypto persist despite the challenges.

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