IBEX 35 falls 0.71% to 18,822.50 at midday

The IBEX 35 traded lower at midday on Tuesday, November 3, extending a cautious start to the session after the Spanish benchmark had advanced strongly on Monday. According to Europa Press, the index was down 0.71% at 18,822.50 points in the midday reading.

Technology stocks remain under pressure

Market sentiment was weighed down by renewed selling in technology and artificial-intelligence-linked shares. EFE reported that Asian markets had also been weaker, including a 3.59% decline for South Korea's Kospi and a 0.82% fall for Shanghai. The report said investors were also reacting to weakness in US technology stocks after Apple's latest results and its comments on margin pressure from higher memory-chip costs.

US elections add to caution

The US midterm elections were another focus for investors. Analysts cited by Europa Press said a divided Congress could constrain the administration's agenda, with possible implications for tariffs, fiscal policy, equities and the dollar. The election outcome was therefore being treated as a potential source of volatility for the afternoon session and for US markets.

Oil and geopolitical risks return

Brent crude was up 1.17% at 106 US dollars per barrel in the midday European market, while West Texas Intermediate rose 1.37% to 97.78 US dollars, according to Europa Press. The move followed a sharp decline in oil prices on Monday. Investors also continued to monitor developments involving Iran and the possible reopening of the Strait of Hormuz, keeping energy costs and inflation risks in focus.

Leaders and laggards

Solaria gained 3.11%, Repsol rose 2.20%, Grifols added 1.64% and Redeia was up 0.59% among the stronger IBEX 35 constituents. Indra led declines at 2.78%, followed by ArcelorMittal at 2.27%, Amadeus at 2.19% and Banco Santander at 1.75%. The market remained in session, so the midday level did not represent a closing value.

Further IBEX 35 coverage is available on our IBEX 35 topic page.