Market Summary
- Wall Street falls, dragged lower by tech – Nasdaq -3%, S&P 500 -2.2%, Dow -1.7%. The Philadelphia semiconductor index and the Roundhouse ‘Magnificent 7’ ETF both fall 4%.
- Nvidia falls nearly 7% – at one stage it was down 10% – wiping some $175 billion off its market cap. AMD shares fall 7.4%.
- Chinese tech shares listed in Hong Kong fall 3.7%.
- Safe-haven gold surges 3.4% to a new high of $3,342/oz, and the Swiss franc is the biggest gainer in the G10 FX space, rallying 1% against the dollar.
- The dollar index falls 0.9%, back down to last week’s three-year low.
- The Canadian dollar underperforms, gaining only 0.6% even though the Bank of Canada paused its easing cycle and held rates steady at 2.75% in what traders and economists had said was a close call.
- Nikkei and DAX futures point to falls of around 0.2% and 0.5%, respectively, at the open in Japan and Germany on Thursday.
- Oil rises nearly 2% on supply concerns after the U.S. issues new sanctions targeting Chinese importers of Iranian oil.
|
|
