Oil prices fell to a two-month low as US officials played down the prospect of further military action against Iran.
Gold declined nearly 3% after hotter-than-expected US inflation data strengthened expectations of higher interest rates.
Anthropic set its IPO price range at $70 to $78 per share, targeting a valuation of up to $1.4 trillion ahead of its Nasdaq listing.
Nvidia shares dropped 6.5% amid reports of alleged chip shipments to China and an FBI investigation involving CEO Jensen Huang.
Oil prices fall to two-month low as Iran tensions ease
Oil prices declined on Tuesday after US officials indicated that further major military action against Iran might not be necessary, easing concerns about additional supply disruptions in the Middle East.
Brent crude futures fell 0.88% to $91.76 a barrel, while US West Texas Intermediate crude declined 0.71% to $86.23.
Both benchmarks were heading towards their lowest closing levels since August 31.
US Secretary of State Marco Rubio told G7 allies that economic sanctions and a naval blockade were working effectively, reducing the need for major combat operations.
President Donald Trump had also indicated on Monday that he would hold off on further strikes against Iran for the time being.
However, prices recovered some of their early losses after Iran’s top security official Mohsen Rezaei said there were no ongoing negotiations between Tehran and Washington.
Developments elsewhere also influenced the outlook.
Russian and Ukrainian officials held their first peace talks since February in Abu Dhabi, raising the possibility of progress towards ending the war.
A potential settlement could allow more Russian oil to reach global markets, although the two sides remain far apart.
Gold drops nearly 3% as inflation lifts rate expectations
Gold prices fell sharply as stronger-than-expected US inflation data pushed the dollar and Treasury yields higher, reducing demand for non-yielding bullion.
Spot gold declined 2.71% to $4,026.78 an ounce, while US gold futures for December delivery settled 1.82% lower at $4,039.20.
The US Consumer Price Index increased 0.4% in October, above economists’ expectations of a 0.3% rise.
The data reinforced expectations that the Federal Reserve could maintain a tighter monetary policy.
Markets had fully priced in a 25-basis-point rate increase in December, while the probability of a larger 50-basis-point increase rose to 10% from zero before the inflation report, according to CME’s FedWatch Tool.
A stronger dollar makes gold more expensive for international buyers, while higher Treasury yields increase the opportunity cost of holding bullion.
Silver also declined 3.95% to $51.30 an ounce, while platinum and palladium fell 2.7% and 1.2%, respectively.
Anthropic sets IPO price range at $70 to $78
Anthropic has set a price range of $70 to $78 per share for its planned initial public offering, targeting a valuation of up to $1.4 trillion on a fully diluted basis.
The company plans to offer 825 million shares, potentially raising as much as $64.4 billion.
Trading is expected to begin on the Nasdaq on November 19 under the ticker symbol ANT.
The offering comes amid concerns about the sustainability of AI investment, particularly as technology companies face substantial infrastructure spending and higher borrowing costs.
Anthropic is also planning a separate $26 billion private placement involving major technology companies, including Alphabet, Nvidia and AMD.
Other participants include Broadcom, Micron, Microsoft and TSMC.
Combined with the public offering, the transactions could raise up to $90.4 billion.
Anthropic’s latest prospectus puts its October 31 annualised revenue run rate at approximately $81 billion, highlighting rapid demand for its Claude products.
However, the company also faces substantial computing commitments and competition from other AI developers.
Nvidia stock falls 6% amid China chip shipment reports
Nvidia shares declined 6.5% on Tuesday as reports about alleged shipments of restricted AI processors to Chinese companies added to concerns surrounding CEO Jensen Huang.
The Information reported that Nvidia chips worth $7.5 billion were delivered to Chinese firms through a network allegedly linked to Alice Huang, an executive suspected by US officials of working with Chinese intelligence.
The reported network involved companies in China and Singapore and allegedly facilitated the movement of around 240,000 processors, including H100, H200 and A100 models.
Some computing capacity was reportedly used by major Chinese technology companies, including Alibaba and Tencent.
US President Donald Trump said the FBI was investigating the matter but expressed confidence in Jensen Huang.
Beijing has rejected the allegations, while Megaspeed said investigations had found no evidence of illicit chip transfers or illegal activity.
Nvidia’s board has launched an independent investigation but said it had no reason to believe company secrets or national security had been compromised.
Despite the pressure, ARK Invest’s Cathie Wood purchased 90,443 Nvidia shares across her firm’s exchange-traded funds.
Citi analyst Atif Malik lowered his price target to $285 from $315, citing valuation concerns and risks surrounding leadership stability. APAC Research, meanwhile, upgraded the stock to Buy.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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