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(Bloomberg) — A selloff in technology stocks is dragging global equities lower, led by a retreat in chipmakers after an unprecedented rally that has been fueled by demand for artificial intelligence.
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Nasdaq 100 futures tumbled more than 2%, while those for the S&P 500 slid 1.3%. Memory makers SK Hynix Inc. and Samsung Electronics Co. Ltd. slumped more than 10%, helping send South Korea’s Kospi index down by the same margin. Europe’s Stoxx 600 fell 1%, with mining and technology stocks among the biggest drags.
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Tuesday’s moves follow the previous session’s selloff in US tech heavyweights as doubts emerged over whether hyperscalers such as Alphabet Inc. can justify their colossal spending on artificial intelligence. Separately, SpaceX shares fell to their lowest level since their first day of trading as Elon Musk’s rocket firm embarked on a sale of investment-grade bonds.
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Attention is now shifting to Micron Technology Inc.’s quarterly results on Wednesday. The shares are up more than 300% this year, the leading member of the Philadelphia Semiconductor Index.
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It’s “a useful reminder that these are still cyclical, opportunistic businesses,” said Amanda Lyons, head of research at Energy Group Capital. “The real test is Micron on Wednesday. I would watch the rate of change in pricing and any change to capex or bit-supply guidance.”
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Brent, meanwhile, is heading for its first close below $77 a barrel since the first week of the war in the Middle East. Traders are taking comfort from signs that 60 days of nuclear talks toward a permanent deal between the US and Iran got off to a strong start, with Washington issuing a 60-day license allowing Tehran to sell oil on the international market.
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Some of the main moves in markets:
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Stocks
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- The Stoxx Europe 600 fell 0.9% as of 8:31 a.m. London time
- S&P 500 futures fell 1.3%
- Nasdaq 100 futures fell 2.2%
- Futures on the Dow Jones Industrial Average fell 0.7%
- The MSCI Asia Pacific Index fell 3.5%
- The MSCI Emerging Markets Index fell 3.7%
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Currencies
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- The Bloomberg Dollar Spot Index was little changed
- The euro was little changed at $1.1434
- The Japanese yen was little changed at 161.45 per dollar
- The offshore yuan fell 0.1% to 6.7852 per dollar
- The British pound was little changed at $1.3244
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Cryptocurrencies
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- Bitcoin fell 2.2% to $62,970.36
- Ether fell 2.4% to $1,691.88
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Bonds
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- The yield on 10-year Treasuries declined three basis points to 4.48%
- Germany’s 10-year yield declined three basis points to 2.93%
- Britain’s 10-year yield declined four basis points to 4.77%
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Commodities
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- Brent crude fell 1.8% to $76.50 a barrel
- Spot gold fell 1.7% to $4,117 an ounce
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This story was produced with the assistance of Bloomberg Automation.
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—With assistance from Neil Campling.
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English (US)