Tech Stocks Fall in the US, While Qatar and Saudi Arabia Rise

This week showed two different pictures. In the US, a few large technology companies pulled the main indices down, but most other shares went up. In the Gulf, Qatar and Saudi Arabia recovered strongly, while Abu Dhabi, Oman and Bahrain fell. Oil prices stayed high, while gold and Bitcoin fell.

*Approximate. US and UAE markets trade Monday to Friday; other GCC markets trade Sunday to Thursday.

US Markets: Big Tech Fell, Most Other Shares Rose

US shares started the week well. The S&P 500 rose for three days in a row. On Wednesday, the US Federal Reserve (the Fed) kept interest rates at 3.75%–4.00%. Two of its members wanted to raise rates, because inflation is still high. New data on Thursday supported this view: the US economy grew 3.4% (annual rate) in the third quarter, and prices rose 3.6% over the past year.

Then technology shares fell sharply. Alphabet, the parent company of Google, dropped 12.6% on Thursday, its worst day since 2004. On Friday, Intel fell 28.6% after a weak forecast, and chip companies as a group fell 7.2%. The S&P 500 had its worst day since June. For the week, the S&P 500 lost 0.57% and the Nasdaq lost 2.00%.

However, the fall came from only a few large companies. Nine of the eleven sectors in the S&P 500 went up, and smaller companies (the Russell 2000 index) gained 1.29%. Investors are worried about spending on artificial intelligence (AI). Last quarter, Alphabet, Microsoft, Amazon and Meta spent about $202 billion on buildings and equipment. This is more than the $176 billion in cash their businesses brought in. The big question now is when this spending will turn into profit.

Gulf Markets: Qatar and Saudi Arabia Rise, Bahrain Falls

Qatar was the best market in the region. The QE Index rose 6.27% to 9,151, and all sectors gained. Investors returned to the market, and Doha Investment increased its market support programme from QR2.6 billion to QR5 billion. Saudi Arabia’s TASI fell 2.7% on Sunday, its worst day in 18 months, after Houthi attacks on the Kingdom. But it recovered during the week and closed 2.33% higher. This was its first weekly gain after eight weeks of losses. Kuwait rose 1.94%.

Other markets were weaker. Abu Dhabi fell 1.27%, led by First Abu Dhabi Bank, even though the bank reported higher profits. Dubai rose only about 0.6%, and Oman fell 0.45%.

In Bahrain, the market continued to fall. The official Bahrain Bourse weekly report shows that the Bahrain All Share Index closed at 1,830.01. This is its lowest level in 52 weeks and more than 10% lower than a year ago. Trading was weak, at less than BD 2 million for the whole week. Bank and financial shares made up about 71% of trading and fell 1.34%. Al Salam Bank was the most traded share. GFH fell the most (−4.40%), while Bahrain Kuwaiti Insurance rose 9.52%. The main problem in Bahrain is low trading activity, not heavy selling.

Oil Stays High; Gold and Bitcoin Fall

Oil rose for the fourth week in a row. Brent crude (December contract) closed at $117.64 a barrel after new attacks on ships near the Strait of Hormuz. In October, Brent rose about 13.6%. Gold moved the other way. High oil prices make more US rate rises more likely, and this is negative for gold. Gold fell below $3,900 an ounce, its lowest level in more than a year. Bitcoin fell about 4.9% to around $77,200 after the crypto exchange Binance stopped withdrawals while it checks a possible hack. The size of the loss is not yet confirmed. The US dollar was almost unchanged, and the European and Japanese central banks kept their interest rates the same.

What to Watch Next Week

The US midterm elections on 3 November are the main event. The US has said it would not attack Iran before the vote, but it has not ruled out action after it. Markets are already reacting: Qatar’s index jumped again on Sunday after talks between Iran and Qatar, and oil fell sharply on Monday on hopes of a deal. On Friday, the US jobs report will show whether the Fed may raise rates again in December.

FinTake View | Three Key Takeaways

• A few big companies moved the US market. The main indices fell because a few large technology companies fell, but most US shares actually went up.
• Politics is driving Gulf markets. Qatar and Saudi Arabia rose on hopes of peace and local support, while smaller markets such as Bahrain kept falling.
• Oil is the key factor. Oil above $110 keeps inflation high and makes higher US interest rates more likely. This puts pressure on gold and keeps Gulf investors focused on the Strait of Hormuz.

Disclaimer: This blog is for education and information only. It is not investment advice. Figures for GCC markets other than Bahrain, and for gold and Bitcoin, are approximate and come from Reuters, Qatar News Agency, MarketScreener and other news sources. Bahrain figures are from the Bahrain Bourse Weekly Report (29/10/2026). Past performance does not guarantee future results.

Sources

• Bahrain Bourse, Weekly Report for the week ending 29/10/2026 (official, primary source for Bahrain).
• Associated Press, “How major US stock indexes fared Friday 10/30/2026” — wtop.com/national/2026/10/how-major-us-stock-indexes-fared-friday-10-30-2026
• Portfolio Terminal, “Stock market week in review, Oct. 26–30, 2026” — portfolio-terminal.com/blog/stock-market-week-in-review-october-30-2026
• Investrade, “Market Review: October 30, 2026” — investrade.com/market-review-october-30-2026
• Reuters via Business Recorder, Gulf market closing reports, 22, 26 and 29 Oct 2026 — brecorder.com/news/40445470; /40445898; /40446519
• Reuters via Business Recorder, “UAE shares decline on weak earnings and regional tensions”, 30 Oct 2026 — brecorder.com/news/40446696
• Qatar News Agency via IndexBox, “Qatar Stock Exchange Index Gains 6.27% This Week” — indexbox.io
• The Peninsula Qatar, Stock Market section (Doha Investment initiative, 29 Oct 2026) — thepeninsulaqatar.com/category/Stock-Market
• MarketScreener, FTSE ADX General and DFM General Index quotes — marketscreener.com
• EnergyNow, Friday Oil Price Report, 30 Oct 2026 — energynow.com
• Kitco News, weekly gold survey and Reuters wire, 30 Oct 2026 — kitco.com
• Federal Reserve FOMC statement, 28 Oct 2026; XTB and InvestingLive (ECB decision, 29 Oct 2026); MQL5 market outlook (BoJ, 30 Oct 2026).
• Reuters via Zawya, Gulf market reports, 1–2 Nov 2026 — zawya.com
• The Block, “Binance investigating hack as suspicious outflows reach up to $5.8 billion”, 29 Oct 2026 — theblock.co; Investing.com and SimpleMining (Bitcoin prices).