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Stocks edge down over worries about tech and Nvidia / Photo: JUSTIN SULLIVAN - GETTY IMAGES NORTH AMERICA/AFP
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Stocks edge down over worries about tech and Nvidia
Stock markets slid across the board on Tuesday as investors worried about lofty tech valuations on the eve of earnings from AI chip titan Nvidia.
Bitcoin also briefly fell below the key $90,000 level for the first time in seven months before rising again, as traders increasingly believe the US Federal Reserve will decide against an interest-rate cut next month.
With US markets slumping on opening after a rough day of trading in Europe and a sharp sell-off in Asia, Nvidia itself dropped more than three percent.
"The tech-focused sell-off seen in the US has evidently resulted in global contagion," said Joshua Mahony, chief market analyst at Scope Markets.
Fawad Razaqzada, market analyst with StoneX, pointed out that usually reliable commodities like gold and copper had also been forced downwards.
After this year's record stocks rally, traders have begun to question whether the billions poured into artificial intelligence will ever lead to big returns.
Investors will be looking for clues as to the health of the industry when Nvidia releases its quarterly earnings, expected on Wednesday.
They will also be parsing the US September jobs report on Thursday -- delayed by the government shutdown -- for fresh signs that a rate cut could happen.
Meanwhile, reports from retailers Home Depot, Target and Walmart will also give an insight into consumer sentiment.
Earlier, Tokyo tumbled as Prime Minister Sanae Takaichi prepared to unveil an economic stimulus package.
Yields on 20-year government bonds hit their highest since 1999 as speculation grows that the spending bill will ramp up borrowing.
The yen slipped to around 155.38 per dollar, its weakest since January, as expectations of more interest rate hikes faded.
Razaqzada said of all the worries hitting the markets, Japan was perhaps the biggest.
"Markets now worry that the government is mishandling the economy, demanding higher returns to compensate for what they perceive as rising risk in holding Japanese debt," he said.
- Key figures at around 1450 GMT -
New York - Dow: DOWN 0.9 percent at 46,169.20 points
New York - S&P 500: DOWN 0.8 percent at 6,621.79
New York - Nasdaq Composite: DOWN 1.2 percent at 22,432.39
London - FTSE 100: DOWN 1.3 percent at 9,552.06 points
Paris - CAC 40: DOWN 1.1 percent at 7,988.17
Frankfurt - DAX: DOWN 1.5 percent at 23,206.39
Tokyo - Nikkei 225: DOWN 3.2 percent at 48,702.98 (close)
Hong Kong - Hang Seng Index: DOWN 1.7 percent at 25,930.03 (close)
Shanghai - Composite: DOWN 0.8 percent at 3,939.81 (close)
Dollar/yen: UP at 155.33 yen from 155.23 yen on Monday
Euro/dollar: UP at $1.1597 from $1.1589
Pound/dollar: DOWN at $1.3155 from $1.3156
Euro/pound: UP at 88.15 pence from 88.09 pence
Brent North Sea Crude: DOWN 0.4 percent at $63.94 per barrel
West Texas Intermediate: DOWN 0.3 percent at $59.75 per barrel
burs-cw/jxb
G.Aguilar--HdM
