Tech Selloff Deepens as Amazon and Intel Disappoint - Asia Market Wrap
Technology stocks sold off for a second consecutive session as another round of disappointing earnings accelerated the rotation out of the artificial-intelligence trade, prompting investors to seek safety in Treasuries and other haven assets. Crude oil advanced. Nasdaq 100 futures fell 2% after results from Amazon and Intel raised fresh concerns over the scale of capital expenditure. Amazon slumped 7.3% in extended trading, while Intel plunged 23%. Bitcoin also weakened, slipping 0.5% to around $78,400 after Binance, the world’s largest cryptocurrency exchange, suspended deposits and withdrawals while investigating a suspected hack. Brent crude rose 1.4% to $116.45 a barrel as signs the US could resume military strikes against Iran raised the risk of renewed regional disruption and further pressure on energy flows. Gold fell below $4,000 an ounce, while silver dropped 2% and was on course for its weakest close since November. The deterioration in risk sentiment drove demand for traditional havens. The Swiss franc led gains against the dollar among Group-of-10 currencies, while US Treasuries advanced across the curve. The yen also held its gains after the Bank of Japan left policy s
Technology stocks sold off for a second consecutive session as another round of disappointing earnings accelerated the rotation out of the artificial-intelligence trade, prompting investors to seek safety in Treasuries and other haven assets. Crude oil advanced. Nasdaq 100 futures fell 2% after results from Amazon and Intel raised fresh concerns over the scale of capital expenditure. Amazon slumped 7.3% in extended trading, while Intel plunged 23%.
Bitcoin also weakened, slipping 0.5% to around $78,400 after Binance, the world’s largest cryptocurrency exchange, suspended deposits and withdrawals while investigating a suspected hack. Brent crude rose 1.4% to $116.45 a barrel as signs the US could resume military strikes against Iran raised the risk of renewed regional disruption and further pressure on energy flows. Gold fell below $4,000 an ounce, while silver dropped 2% and was on course for its weakest close since November. The deterioration in risk sentiment drove demand for traditional havens.
The Swiss franc led gains against the dollar among Group-of-10 currencies, while US Treasuries advanced across the curve. The yen also held its gains after the Bank of Japan left policy settings unchanged, as economists had expected.