# FTSE 100 Slides After Tech Sell-Off Hits Markets


Source: Summit Capital News — https://summitcapnews.com/article/ftse-100-slides-after-tech-sell-off-hits-markets-flsv
By Lead Macro Strategist · Published 2026-11-07T13:18:00+00:00 · Updated 2026-11-07T17:49:42.058498+00:00

In London this week, domestic politics was overshadowed by the US midterms, where, after what they are calling the blue wave with the left-leaning Democrats gaining more political influence in Washington, as a result around three trillion dollars was wiped off the S&P 500 the worlds benchmark stock index as a reflection off the worlds largest economy . 

UK Politics: First Week of November 2026.

Diplomatic Engagements & International Relations: The UK government engaged in high-level bilateral talks this week. Prime Minister Keir Starmer met with Australian Prime Minister Anthony Albanese to discuss migration policy updates, progress on the AUKUS submarine program, and regional security. Additionally, Starmer held talks with Ghanaian President John Dramani Mahama regarding Commonwealth relations, transatlantic dialogue on historical slavery, and economic cooperation under the UK's upcoming G20 Presidency.

Slavery Reparations & International Consensus: Discussions gained momentum following the recent Commonwealth Heads of Government Meeting (CHOGM), with the UK and Caribbean nations agreeing to structured dialogues over the coming year regarding historical transatlantic slavery and debt relief initiatives for developing nations. Parliamentary Accountability & Scrutiny: The Public Accounts Committee (PAC) issued warnings regarding urgent repairs required for the Palace of Westminster to prevent structural decline. Simultaneously, the committee launched a new inquiry into operational issues affecting the Civil Service Pension Scheme.

Select Committee Reports: The Commons Foreign Affairs Committee released a report urging the government to establish a clearer, long-term policy framework for economic and security strategy regarding China. The UK equity markets traded with notable intraday volatility this past week (November 2–6, 2026), briefly pushing toward multi-week highs mid-week before pulling back to close slightly lower overall. Many Wall Street analysts this past week have been discussing how less exposed the FTSE 100 is to big tech and the AI trade.

## FTSE 100 and FTSE 250 Performance

FTSE 100 — Weekly Trend: The blue-chip index opened the week at 10,729.46. It surged mid-week to touch an intraday high of 10,948.24 on Thursday, November 5, driven by strong earnings in defensive sectors. Friday Close: Profit-taking and broader macroeconomic headwinds triggered a sell-off on Friday, dragging the index down to close the week at 10,673.94 (-0.5% over the week).

FTSE 250 — Weekly Trend: The mid-cap index saw a similar trajectory, starting the week around 24,453.18. It broke out mid-week to hit a high of 25,176.10 on Thursday. Friday Close: The index surrendered its mid-week gains on Friday, falling back to close at 24,504.32, finishing essentially flat (+0.2% over the week).

## Brent Crude Oil and Foreign Exchange Movements

In commodities this week, we saw a big sell-off in Brent crude oil, dropping nearly 14% on the week based on the Democrats potentially having more diplomacy on global relations, particularly in the Middle East, with less support also for a far-right wing Israeli government. Precious metals gold and silver both traded up for the week. Currencies this week saw a stronger dollar with the DXY up on the week, and major opposing currency pairs such as the euro (EUR/USD), the pound (GBP/USD), and the Japanese yen (JPY/USD) all saw weakness to end the week down.

In global equities this week, we saw a major sell-off for anything tech or AI-related. As we have discussed on news articles here just before the crash, if the blue wave brings down big tech, then it may bring everything else down with it, as we must be mindful that most other sectors in the economy are now being tied to the AI trade as the industrial build-out spreads across sectors as companies adopt the technology for how productive it can make them. It's undeniable how much more productive that this technology can make a company, no matter whether your political opinions are left or right, Democrat or Republican.

Over in Asia, like Japan and Korea, which is heavily exposed to tech and the AI trade in some way or another, was heavily hit and sold off. Then in Europe, which is not as exposed, instead of being seen as a hedge, was more taking the ripple effect and saw some selling pressure.

## Bitcoin and Crypto Market Resilience

In crypto this week, Bitcoin sold off to $75,000 per Bitcoin, but not with massive volume to only sell off 3% on the week. There was a time when, if the NASDAQ US TECH 100 sold off 7% on the week, we could have seen a four or five times greater volume in Bitcoin, but the volatility just does not seem to be there these days.

Same story with blue-chip altcoins Ethereum and Ripple's XRP: they both sold off like Bitcoin respectively, but nothing compared to how they once would have reacted to a 7% NASDAQ sell-off on the day range. It just shows how most speculation has been concentrated more into the AI trade than crypto or metals, and just shows the herd-like behavior of the collective, which is just nature and natural.

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Cite as: "FTSE 100 Slides After Tech Sell-Off Hits Markets", Summit Capital News, https://summitcapnews.com/article/ftse-100-slides-after-tech-sell-off-hits-markets-flsv