Tuesday, 3 November 2026
Market points mixed into the open as oil woes weigh on tech.
Ahead of the open, the tape pulls in two directions, with big tech stocks pointing lower and steadier names pointing slightly higher. Cheaper borrowing costs and appetite for smaller companies offer support, while disrupted oil prices, geopolitical worry, and tighter credit press back. Money is rotating out of the market's crowded winners into quieter corners.
Why it mattered: With support and pressure roughly balanced, the session is set up as a tug of war between rate relief and energy-driven inflation fear.
What we said to watch
Watch whether today's flip in bond yields continues, because yields moving back up would tip the balance against the rate-relief trade.
This is the reading as it was written on the day. It has not been edited with hindsight, and it may have turned out to be wrong.
Market intelligence only. Not financial advice, not a recommendation, and not an offer to buy or sell any security. No trade execution.