Tech sell-off rolls on as hot inflation data stokes rate worries
LONDON — Asian stocks plunged and the sell-off in tech stocks continued on Wall Street on Thursday as investors worried that forecast-topping U.S. inflation data would force the Federal Reserve to raise interest rates again. "A glance across major U.S. equities this morning shows that the tech sell-off is still in progress," said market analyst David Morrison at Trade Nation. "Once again, chip…
Asian markets slumped and the decline in tech stocks persisted on Wall Street on Thursday, as investors fretted over the release of U.S. inflation data that exceeded expectations. According to market analyst David Morrison from Trade Nation, the tech sell-off continues unabated. Chip stocks have become the primary focus of the current risk-off sentiment.
Shares in AI chip leader Nvidia dropped by 2.2 percent, while rivals AMD and Marvell experienced declines of approximately 4 percent in late morning New York trading. Shares of AI data center infrastructure firm CoreWeave slipped 3.6 percent after a 15.5 percent plunge on Wednesday. CoreWeave relies heavily on Nvidia's chips and is a significant investor in the company.
The Nasdaq Composite, which heavily relies on tech stocks, declined by 0.3 percent. On the positive side, the Dow Jones Industrial Average, comprising blue-chip stocks, edged higher. Rotation away from high-risk AI infrastructure investments towards more established sectors contributed to the Dow's modest gain, according to IG analyst Axel Rudolph.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Tech sell-off rolls on as hot inflation data stokes rate worries koreatimes.co.kr