Nasdaq Futures Drop 1.2% as Global AI Selloff Accelerates
IXIC sits 29% above its 52-week low of $20,690.249.
Summary
Nasdaq futures are down 1.2% and S&P futures 0.3% as a global AI-linked selloff accelerates, following the index's worst session since July. September PPI came in at +1.3% m/m and +6.3% y/y, well above consensus, reviving expectations for tighter Fed policy on top of existing worries about AI capex financing, data-center political pushback and Chinese chip competition. The damage is broad: Samsung -9.5% and SK Hynix -11% in Korea, SoftBank -9.3%, Kospi -7.5%, Nikkei -4.9%, ASML -6% in Europe, and premarket weakness in Micron (-4.5%), Intel and AMD (~-3.5%), Nvidia (-1.85%) and CoreWeave (-3.6% after a 15%+ drop). Money is rotating to safety — 10-year Treasury yields fell below 5.100% and 30-year yields dropped 13.4bp below 5.400% — while Brent slipped 1.4% to ~$104.50, gold rose 1.3% to $4,160/oz and bitcoin fell 1.4% to ~$80,500. Fed speakers Austan Goolsbee and Beth Hammack are due today; their tone on the hot inflation print is the next input for rate expectations.
At the time of this announcement, IXIC was trading at $26,692.87 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.