Global wave of selling as traders flee tech stocks
In this news:
Key takeaways
- Traders fled tech stocks globally, causing sharp declines in indices like South Korea's KOSPI.
- The sell-off occurred despite positive earnings and milestones from firms like TSMC and Apple.
- Bitcoin fell to $81,265 amidst the broader market downturn.
Global wave of selling as traders flee tech stocks
Traders decided they hate tech stocks in the last 24 hours, driving a global wave of selling. The tech-heavy South Korean KOSPI index fell 7.57% and at one point triggered a halt in trading. Nasdaq futures were down 1.03% this morning, signaling that the bloodletting may continue after the markets open in New York. CoreWeave lost 15.46% yesterday and sank a further 5.89% overnight; Oracle was down 8.83% and lost another 1.57% in post-market trading. Chipmakers suffered declines across the board.
Counterintuitively, much of the selling came despite some good news for the sector: Chipmaker TSMC reported Q3 earnings today that beat expectations and guided that its capex would increase over the next two years. In addition, Apple stock closed at a new record high, making it only the second company (after Nvidia) to reach a $5 trillion market cap. And Anthropic reported that it was profitable (on an adjusted basis) although its revenue growth ($17 billion in Q3) appears to be slower than previously estimated
The drama extended to the bond market, where investors couldn’t decide whether the benchmark 10-year U.S. Treasury was a safe haven or offering a risk premium. The yield on the bond peaked at 5.32% before sinking back to 5.08% this morning—a huge swing for the normally sedate asset.
S&P 500 futures were down 0.24% this morning. The index was down 1.11% yesterday. In Europe, the Stoxx 600 was down 0.10% in early trading, and the U.K.’s FTSE 100 was up 0.48% before lunch. Asia: South Korea’s KOSPI was down 7.57%. Japan’s Nikkei 225 was down 4.90%. India’s Nifty 50 was up 1.68%. China’s CSI 300 was down 1.23%. Brent crude was $106 per barrel. Bitcoin fell to $81,265.
Share the article:
Trending News & Crypto World
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$7.374
Market Cap
$1.0B 1.99%
24h Volume
$9.7M
Supplies
142.2M / ∞
Current Price
$0.09595
Market Cap
$1.0B 1.45%
24h Volume
$82.4M
Supplies
10.6B / ∞
Current Price
$1.930
Market Cap
$1.0B 2.10%
24h Volume
$67.0M
Supplies
533.5M / 644.2M
Current Price
$0.03598
Market Cap
$998.2M -1.87%
24h Volume
$18.8M
Supplies
27.8B / 28.7B
Current Price
$1.157
Market Cap
$967.0M 5.41%
24h Volume
$181.5M
Supplies
2.0B / ∞
Current Price
$105.74
Market Cap
$963.5M 0.00%
24h Volume
-
Supplies
9.1M / ∞
Current Price
$0.9326
Market Cap
$936.6M 4.77%
24h Volume
$73.6M
Supplies
2.0B / ∞
Current Price
$1.730
Market Cap
$924.8M -0.25%
24h Volume
$59.3M
Supplies
536.2M / ∞
Current Price
$9.115
Market Cap
$909.4M 14.73%
24h Volume
$133.4M
Supplies
100.0M / ∞
Current Price
$0.07943
Market Cap
$892.8M 1.46%
24h Volume
$5.9M
Supplies
17.3B / 100.0B
Current Price
$2.209
Market Cap
$879.8M 15.45%
24h Volume
$130.5M
Supplies
1.0B / 1.0B
Current Price
$0.8254
Market Cap
$825.2M 1.76%
24h Volume
$3.3M
Supplies
1.0B / 1.0B