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 fell sharply and the decline in tech stocks persisted on U.S. exchanges on Thursday, as investors grew concerned that surprisingly strong U.S. inflation data might prompt the Federal Reserve to raise interest rates once more. David Morrison, a market analyst at Trade Nation, noted that the tech sell-off remained ongoing.
Chip stocks were particularly vulnerable, with AI chip leader Nvidia sinking 2.2 percent, while AMD and Marvell experienced declines of around four percent in late New York trading. CoreWeave, an AI data center infrastructure firm and significant Nvidia client, saw its shares drop 3.6 percent following a 15.5 percent plunge on Wednesday.
The Nasdaq Composite, heavily weighted with tech stocks, slipped 0.3 percent, while the Dow Jones Industrial Average rose, with IG analyst Axel Rudolph attributing the gain to a shift out of high-risk AI infrastructure and into more established sectors.
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