Tech Stocks Drag Wall Street Lower, Dollar Hits Monthly High, Gold Closes Above $4,000 for the First

Market Overview

U.S. equities retreated on Tuesday after reports revealed disappointing profit margins in Oracle‘s cloud business, sparking renewed concerns about the profitability of artificial intelligence (AI) stocks. Oracle’s shares tumbled more than 7% intraday, dragging the broader tech sector lower. The S&P 500 and Nasdaq both pulled back from record highs, ending the S&Ps seven-day winning streak. The Philadelphia Semiconductor Index fell over 2%, while Tesla dropped more than 4% despite unveiling its new affordable models.

In the bond market, demand for the first U.S. Treasury auction of the month was solid, pushing yields to intraday lows. The U.S. dollar rebounded to a one-month high, while the Japanese yen slipped to its weakest level in seven months. The cryptocurrency market also saw broad declines, with Bitcoin plunging more than $5,000 from Mondays high to fall below the $121,000 mark.

In commodities, gold extended its rally to another record, closing above $4,000 per ounce for the first time in history. Silver, however, pulled back from a 14-year high, and oil prices pared earlier gains.

Hot Topics

● Oracle Shares Plunge Over 7% Intraday

Oracle‘s server rental revenue came in at $900 million with a gross profit of $125 million, translating to a gross margin of just 14%—well below that of many non-tech retailers and far beneath the company’s traditional software business, which enjoys margins around 70%. Data showed Oracle suffered “significant” losses from small-batch rentals of Nvidia‘s new and old-generation chips. In the previous fiscal quarter alone, Oracle recorded nearly $100 million in losses tied to leasing Nvidia’s new Blackwell-architecture GPUs.

● Goldman Sachs Raises 2026 Gold Price Target to $4,900

Goldman Sachs sharply lifted its year-end 2026 gold price forecast to $4,900 per ounce from the previous $4,300, a 14% increase. The upward revision is driven by a “sticky” inflow of capital—mainly from Western ETFs and central bank purchases—that has fueled a 17% rise in gold prices since August 26. Goldman estimates gold still has another 23% upside potential over the next two years, with 19 percentage points attributable to central bank buying and 5 points to ETF accumulation amid expected Fed rate cuts.

Key Events to Watch

21:30 GMT+8 – Fed Governor Michael Barr Speaks

22:30 GMT+8 – U.S. EIA Weekly Crude Oil Inventories (for week ending Oct 3)

02:00 GMT+8 (Overnight) – FOMC Meeting Minutes

03:15 GMT+8 (Overnight) – Minneapolis Fed President Neel Kashkari (2026 Voting Member) Speaks