Market Summary
Asian Tech Sell-off Deepens: Asian equities fell as renewed selling in technology stocks fuelled concerns that the AI-driven rally has become overstretched. South Korea's KOSPI dropped 5.2% this morning, led by sharp declines in semiconductor names despite strong earnings from Samsung Electronics.
Wall Street Futures Retreat: U.S. equity futures have moved lower after Monday's rebound, with Nasdaq 100 futures down 0.85% and S&P 500 futures off 0.23%. Investors continue rotating out of AI and semiconductor stocks as they reassess whether future earnings growth can justify elevated valuations.
Oil Rises on Middle East Shipping Concerns, Gold Slips: Brent crude rose 0.3% to $72.04 yesterday and has continued to climb to $72.85 per barrel this morning after an LNG carrier was struck by a projectile near the Strait of Hormuz, renewing geopolitical concerns around energy supplies. Gold eased to $4,164 per ounce yesterday and has continued to decline this morning to $4,125 as the U.S. dollar edged slightly higher.
AI Trade Faces Valuation Test: Despite Samsung reporting a 19-fold increase in quarterly profit, its shares fell 7.97% this morning as investors focused on the longer-term outlook for the memory chip cycle.
Economic Calendar
- German Industrial Production
- U.S. Balance of Trade
Key Market Moves Today
- S&P 500 Futures: -0.23% (7,573)
- U.S. 10-Year Yield: +0.40 bps (4.47%)
- Brent Crude: +0.68% ($72.48)
- Bitcoin: -1.01% ($63,144)
- Spot Gold: -0.64% ($4,138)
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