Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.

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© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.

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© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

The economy ranks as a top concern among voters as campaigns race toward the midterm elections early next month.

Apple doesn’t need fixing, and it doesn’t want drama. Its new leader is a “product guy” who bleeds six colors.

Vega said she still doesn’t know why she was fired from the show, which has experienced a slump in ratings

Cecilia Vega, the 60 Minutes correspondent fired as part of a dramatic overhaul of the CBS News show this spring, said it “hurts” to see what has happened to the storied newsmagazine and other segments of the network, and repeated allegations that she was told to insert “factually untrue” information into her work.

“It pains me. It hurts to watch, from afar. It hurts to talk to my colleagues who are still there. It hurts to see the ratings slump that is happening right now,” Vega said during a Thursday evening talk for students at American University in Washington DC.

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© Photograph: Jemal Countess/Getty Images for Voto Latino

© Photograph: Jemal Countess/Getty Images for Voto Latino

© Photograph: Jemal Countess/Getty Images for Voto Latino

We’d like to hear from people who’ve been directly affected by the hack or now have concerns about crypto security

The world’s largest cryptocurrency exchange has been hit by an industry-record $6.3bn (£4.7bn) hack.

Binance has scrambled to freeze the affected assets, with about $3bn located so far. Co-founder Yi He said the company would cover “all hacking losses”. Analysts have attributed the attack to North Korean state backed hackers.

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© Photograph: Bloomberg/Getty Images

© Photograph: Bloomberg/Getty Images

© Photograph: Bloomberg/Getty Images

The economy ranks as a top concern among voters as campaigns race toward the midterm elections early next month.

Binance said its initial investigation into a security incident suggests an attacker may have gained access through a compromised laptop belonging to a DevOps engineer.

Harris poll for Guardian finds 76% believe officials care more about self-enrichment than helping everyday Americans

Government corruption has emerged as a top issue in the upcoming US midterm elections, with an overwhelming majority of Americans saying US government officials use their public office for personal financial gain, according to an exclusive Harris poll for the Guardian.

Nearly nine out of 10 Americans said that government corruption, as defined as elected officials putting their own or their donors’ financial interests ahead of the public’s, is a problem, according to the survey.

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© Photograph: Cristóbal Herrera/EPA

© Photograph: Cristóbal Herrera/EPA

© Photograph: Cristóbal Herrera/EPA

Housing secretary says Labour wants to reverse fortunes of towns plagued by boarded-up shops and rogue businesses

Angela Rayner has said voters will begin to see a difference in their high street before the next general election as Labour prioritises investment in struggling local communities.

The housing secretary said the government had made it a top priority before the country goes to the polls to begin turning around the fortunes of places blighted by boarded-up shops and rogue businesses.

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© Photograph: Manor Photography/Alamy

© Photograph: Manor Photography/Alamy

© Photograph: Manor Photography/Alamy

Binance said its initial investigation into a security incident suggests an attacker may have gained access through a compromised laptop belonging to a DevOps engineer.

The economy ranks as a top concern among voters as campaigns race toward the midterm elections early next month.

Average price for property stands at £273,566 in October, flat on previous month, says Nationwide

• Business live – latest updates

UK house prices grew by an annual rate of just 0.5% in October, the slowest pace in more than two years, as higher mortgage rates put off potential buyers.

The average price for a property in the UK stood at £273,566 in October, flat on the previous month and down from 0.8% in the year to September, according to the lender Nationwide.

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© Photograph: scenicireland.com/Christopher Hill Photographic/Alamy

© Photograph: scenicireland.com/Christopher Hill Photographic/Alamy

© Photograph: scenicireland.com/Christopher Hill Photographic/Alamy

Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’

BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period ​a year ​ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.

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© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

Oil giant hails ‘banner quarter’ as earnings reach $8.46bn, prompting anger from climate campaigners

BP’s profits have hit their highest level in almost two decades as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.

The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), from $2.2bn ​a year ​ago.

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© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

© Photograph: Luke MacGregor/Reuters

Blockchain intelligence firm TRM says North Korea’s TraderTraitor hacking unit is responsible for the largest crypto theft on record

• Explainer: How big a deal is the $6.3bn crypto heist, who did it, and are investments safe?

• Tell us: have you been affected by the Binance hack?

• North Korean group blamed for $6.3bn Binance hack in biggest ever crypto heist

Most major cryptocurrencies have fallen in value since news of the Binance theft broke, Coinmarketcap data shows.

That includes:

Bitcoin: -2.35% over the last 24 hours, to $77,940

Ethereum: -3.6%, to $2,227

BNB: -5.6%, to $706

Solana: -2.67%, to $97

Chainlink: -3.1%, to $11.02

Temporarily suspended withdrawals while we complete a security revamp of the withdrawal service and its related addresses

Revoked the affected address authorizations

Engaged law enforcement and blockchain intelligence partners to trace and recover funds

Our team hasn’t stopped. We’re working closely with law enforcement to ensure the matter is handled appropriately - and I’ll share what I can, as soon as I can.

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© Photograph: Sergei Ilnitsky/EPA

© Photograph: Sergei Ilnitsky/EPA

© Photograph: Sergei Ilnitsky/EPA

Up to 1.4 million people could benefit from change to trading allowance announced in budget, with some saving hundreds in tax

The amount Britons can earn from a side hustle without paying tax will rise to £3,000 next year in a fillip for those who make extra cash from hobbies or reselling.

Up to 1.4 million people could benefit from the change announced in the budget, with the chancellor confirming the tax-free “trading” allowance will increase from £1,000 to £3,000 in April 2027.

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© Photograph: Photononstop/Alamy

© Photograph: Photononstop/Alamy

© Photograph: Photononstop/Alamy

Paul Nowak says ‘hundreds, if not thousands’ of employers could sign access agreements as ‘transformative’ rules come into force

The TUC general secretary, Paul Nowak, is predicting a wave of union recognition deals in the private sector over the next year as “transformative” rules on accessing workplaces come into force.

From Friday, as part of Labour’s Employment Rights Act, unions will have the right to enter workplaces or communicate with staff electronically. From January, employers will be obliged to inform workers of their right to join a union.

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© Photograph: Stefan Rousseau/PA

© Photograph: Stefan Rousseau/PA

© Photograph: Stefan Rousseau/PA

Paul Nowak says ‘hundreds, if not thousands’ of employers could sign access agreements as ‘transformative’ rules come into force

The TUC general secretary, Paul Nowak, is predicting a wave of union recognition deals in the private sector over the next year as “transformative” rules on accessing workplaces come into force.

From Friday, as part of Labour’s Employment Rights Act, unions will have the right to enter workplaces or communicate with staff electronically. From January, employers will be obliged to inform workers of their right to join a union.

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© Photograph: Stefan Rousseau/PA

© Photograph: Stefan Rousseau/PA

© Photograph: Stefan Rousseau/PA

As thousands of datacentres are constructed across Europe, the Guardian and Investigate Europe have uncovered disturbing evidence that some workers building them are exposed to dangerous conditions and living in fear of speaking out

Sandu* checked his watch. He was winding down the last 15 minutes of his shift at a vast Google datacentre site in Saint-Ghislain, Belgium, in March, when the call came in. The 34-year-old electrical tester had already worked almost 10 hours, but says such last-minute jobs were normal: “I had no choice. People have been fired after saying no.”

The task was one Sandu had done many times before and involved a series of tests measuring the safety and integrity of the electrical wiring. A protective suit was locked away in an equipment room. The round trip would have added another 15 minutes to the job, he says, and people were waiting, so he decided not to retrieve the suit.

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© Illustration: Alamy/Mei-Ling McNamara

© Illustration: Alamy/Mei-Ling McNamara

© Illustration: Alamy/Mei-Ling McNamara