Nasdaq Futures Sink 2.5% as AI Earnings Disappoint, Oil Spikes and Binance Hack Hits Crypto
IXIC sits 27% above its 52-week low of $20,690.249.
Summary
Nasdaq futures dropped more than 2.5% and S&P 500 futures fell 1.1% as this week's big tech results turned AI spending into a liability rather than a reward. The damage is global: South Korea's Kospi closed 3.5% lower, Japan's Nikkei fell 2.1%, and ASML dropped nearly 6% in Europe. Crypto added to the risk-off tone after Binance disclosed the largest heist in crypto history, with $6.3 billion in assets stolen; bitcoin fell 1.5% below $78,000 and ether traded around $2,200. Money ran to Treasurys, pushing 10-year yields to just above 4.920% and two-year yields below 4.600% as traders trimmed odds of a December Fed hike, while Brent December crude rose over 2% to about $117.50 a barrel. This extends the pattern from September, when Middle East escalation and oil near $100 repeatedly dragged the Nasdaq lower. Eurozone inflation and the U.S. third-quarter employment cost index land today, with ExxonMobil and Chevron earnings also due; within private industry benefit costs, the index showed +4.3% for union workers and +3.9% for non-union workers.
At the time of this announcement, IXIC was trading at $26,184.72 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 neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.