Overview
- Wall Street slumped overnight with the Nasdaq down 1.9% and the S&P 500 off 1.12% as Nvidia, Microsoft, Palantir, Broadcom and AMD led declines.
- Asia-Pacific markets tracked the drop, with Japan’s Nikkei down 1.8% in morning trade and AI-linked names including SoftBank, Advantest, Renesas and Tokyo Electron falling.
- Tech-heavy benchmarks were set for their steepest weekly losses since March, with the world’s biggest tech index off about 2.8% week to date and the Nikkei heading for a 4.7% weekly drop.
- Safe-haven buying lifted bonds, pulling the 10-year U.S. Treasury yield down about 6.4 basis points to 4.09% after Challenger reported a surge in October job-cut announcements.
- Investors looked to China’s October trade report for further cues, with a Reuters poll expecting 3% export growth year on year and a 3.2% decline in imports.