From mint · · 1m 10s
Global Stocks Flat as AI and Rate Fears Hit Tech
AI and rate fears cause tech stocks to drop globally.
In brief
AI and rate fears cause tech stocks to drop globally. Global stocks remain flat as AI spending concerns and higher interest rates trigger tech selloffs. Originally reported by mint.
Global stocks flat
Global equity markets were flat on Thursday as concerns about AI spending and higher interest rates fueled a continued selloff in technology and chip stocks.
Wall Street selloff
The Philadelphia SE Semiconductor index was last down 1.7% while the S&P 500 and Nasdaq reversed losses early trade.
Dow Jones up 1.08%
The Dow Jones Industrial Average rose 1.08% as healthcare and materials stocks led gains.
Asian markets plunge
South Korea's KOSPI index plunged almost 8% while the Nikkei 225 fell nearly 5%.
Investor caution
Investors are skittish about AI's path forward with tech chiefs advocating slower frontier model development.
US Treasury yields drop
Benchmark 10-year US Treasury yields fell 10.29 basis points to 5.087% as inflation pressures spread.
Dollar slips
The dollar slipped from an 18-month peak as the euro rose 0.47% and sterling gained 0.57%.
What it means
Global stocks remain flat as AI spending concerns and higher interest rates trigger tech selloffs.
