Global stocks slip as AI jitters, US midterms keep investors on edge
Big Tech's lacklustre earnings and steep capital spending targets have unnerved Wall Street in recent days, putting the US midterm election verdict under greater scrutiny.
Global stocks experienced a decline Tuesday as AI-related concerns weighed on investors, compounded by the onset of crucial US midterm elections. Analyst Alexander Lis, chief investment officer at Social Discovery Ventures, cautioned that a Democratic sweep in the elections could usher in populist measures against AI and increase scrutiny on data centers.
Trading platforms Polymarket indicate a 77% likelihood of Democrats securing control of both chambers of Congress. This outcome could potentially result in stricter regulation of AI and heightened corporate governance. Despite a slight dip in the tech-heavy Nasdaq-100 index and S&P 500 contracts, the broader market sentiment remained cautious, with futures tracking the Nasdaq-100 index remaining relatively stable.
The Chinese yuan showed weakness against the US dollar following a statement from the People's Bank of China to raise the foreign exchange reserve ratio, aimed at curbing the yuan's recent rally. Cryptocurrencies, notably Bitcoin, experienced minor fluctuations amid ongoing market volatility.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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