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Losses for Big Tech pull Wall Street lower
Investors balance $38 billion AI deals and record tech stock highs with fears of a bubble and uncertain US Federal Reserve rate cuts, experts warn of possible correction.
- Tuesday saw stock markets fall as investors weighed a recent tech rally against fears of an AI bubble and the US interest-rate outlook, with Tokyo, Hong Kong and Shanghai registering declines.
- Driven by multi-billion-dollar AI deals, this year's surge in AI funding boosted stocks, with Wall Street's Monday trading mixed after a $38 billion deal was signed.
- Regional indexes closed lower as Paris and Frankfurt shed more than one percent, London slipped 0.7 percent, and crude prices fell about 1.5 percent with Brent at $64.00 per barrel, pressuring BP shares down 0.4 percent.
- Jerome Powell's recent comments, combined with Fed officials' remarks, reduced support for further buying after Powell indicated a third rate cut this year was not definite, and Street CEOs warned of a correction in the next one to two years.
- India's currency reaction highlighted when India's rupee fell on export concerns before rallying after Reserve Bank of India intervention, while Ipek Ozkardeskaya warned of deal circularity skepticism.
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Asian markets slip as traders eye tech rally, US rate outlook
Asian markets fell Tuesday as investors assessed the latest tech rally on Wall Street amid worries a bubble is forming in the sector, while mixed signals from Federal Reserve officials fed uncertainty over its next interest rate move.
The dwindling outlook for a fall in interest rates in the US is becoming a burden for the markets. In the DAX, the 24,000-point mark remains a heavy hurdle - initially it is expected to go down.
·Hamburg, Germany
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Coverage Details
Total News Sources75
Leaning Left11Leaning Right10Center24Last UpdatedBias Distribution53% Center
Bias Distribution
- 53% of the sources are Center
53% Center
L 25%
C 53%
R 22%
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