Stocks Mostly Down as AI Concerns Top Plunge in Oil Prices
A 12% chipmaker rout and rising doubts about AI spending pushed the Nasdaq 100 into a technical correction, while Asian shares slid.
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9 Articles
Stocks mostly down as AI concerns top plunge in oil prices
Investor fears about the vast sums being invested in the artificial intelligence complex have cast a pall over trading floors in the second half of the year, with many questioning firms' profitability. Earnings reports from titans including Amazon, Alphabet, Meta and Microsoft have shown they will keep pouring hundreds of billions of dollars into data centres and chips even as investors grow impatient for returns. Monday saw Apple post forecast-…
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The Hindu Business LineAsian Stocks Fall After US Losses, Oil Holds Drop: Markets Wrap
(Bloomberg) -- Asian stocks declined after a selloff in US chipmakers deepened, overshadowing a plunge in oil prices amid optimism over diplomatic progress toward ending the war in Iran.
Global Market Today: Asian stocks slide as US chip selloff deepens
The MSCI Asia Pacific gauge dropped 0.4% with South Korea’s Kospi Index sliding almost 3%. In the US, a gauge of chipmakers extended a three-day rout to 12% and the Nasdaq 100 sank 10% from its peak, entering a technical correction. In a sign some investors are looking to buy on dips, US stock futures gained. Japan is closed for a holiday.
Concerns in the US technology sector are also affecting Asian stock markets on Tuesday.
There are mostly dark tones on the stock exchanges that are not closed in Asia. China's Shanghai falls 0.8 percent and Shenzhen retreats 0.2. South Korea's Kospi loses a whopping 3.4 percent in early Tuesday trading. Hong Kong's Hang Seng, on the other hand, rises 0.6 percent. Japan's Nikkei 225 and Topix are closed on Tuesday...
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