International markets update:
Global markets are experiencing a significant tech-led downturn, particularly in AI-related stocks, while other sectors show mixed performance amid geopolitical concerns.
- South Korean tech giants Samsung and SK Hynix plunged, driving a 10% drop in the Kospi, while contagion spread to Japan’s Nikkei, indicating a significant AI trade downturn in Asia.
- Nvidia faced selling pressure after reports of a $250 billion OpenAI funding backstop, causing shares to drop over 5% and allowing Apple to reclaim its position as the world’s most valuable company.
- French luxury conglomerate LVMH reported strong demand from U.S. consumers, offsetting slower sales in Europe and China, with watches and jewelry emerging as the fastest-growing segment.
- Oil prices extended losses due to hopes for de-escalation between the U.S. and Iran, influencing market expectations for Federal Reserve Chairman Kevin Warsh’s upcoming policy meeting.
- SpaceX’s market capitalization has plummeted by over $1.2 trillion since June highs, a loss equivalent to Elon Musk’s other company, Tesla, whose shares are trading near one-year lows.
Stock Market News summarised for the Wall Street Investors Club community.