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What is spooking markets as stocks, Treasury yields and gold all fall today?

Gold gets hit again by forced liquidations as equity losses mount; fundamental outlook increasingly positive

BOJ governor Ueda says will stick to rate hike path in response to latest macro developments

BOJ governor Ueda tries to play down inflation victory declaration, says it will be up to the government to call that

Eurozone Q3 GDP beats expectations but the growth surprise comes with a catch

France's economy contracts in Q3 as growth troubles pile up for the ECB

Spain Q3 GDP growth slows slightly but it's the inflation problem that should worry the ECB

German state inflation cools in October, but will that ease the ECB's headache?

France inflation heats up again in October, leaving the ECB caught between a rock and a hard place

Spain inflation remains stubbornly high near 5% as the ECB headache gets worse

It was a modestly eventful session as markets are trying to digest the coming and going of the central bank bonanza this week, but more so the renewed selloff in tech stocks.

Amazon earnings yesterday reignited AI spending fears and that is sending tech shares for a spin today, with US futures sinking even lower after the drop yesterday. S&P 500 futures are down 1.1% with Nasdaq futures down 2.4% and the negative risk setup in reverberating across broader markets.

In a similar move to last week, traders appear to be leaning to bonds in the flight to safety as Treasury yields fall across the board once more. 10-year yields are down 8 bps to 4.908%, reaffirming that falling yields are not providing much comfort for the stock market at this juncture. That especially when the reason for that has a lot more to do with jitters in tech stocks themselves .

Yes, Treasury yields are falling even as oil prices continue to stay underpinned with US-Iran tensions lingering. And that is pushing up WTI crude by over 2% to $104.25 on the day.

As the tech selloff intensifies, we are also seeing both the dollar and gold fall at the same time too. Investors are clearly running out of options to hide with EUR/USD nudging up to 1.1200 as inflation data across Europe also heats up on the day. While Germany is likely to show cooler price pressures in October, we are seeing stronger evidence of inflation in France, Spain, and Italy alongside flagging growth conditions from Q3 GDP data.

Gold is down 1.2% to $3,971 as sellers are making their move in dragging price to the lowest since July and testing a firmer break below the $4,000 mark. As tech shares come under heavy pressure, margin calls and liquidation fears are a consideration here and that might be hitting gold as it did back in March as well.

Looking to the final stretch of the week, it's all on how tech shares will hold up in Wall Street later today. If the selling gets even uglier from here, then those jitters will be what translates to broader markets before we get to the Halloween weekend. Have a good spooky holiday, everyone!

This article was written by Justin Low at investinglive.com.