US equity-index futures declined along with Asian stocks as enthusiasm for the artificial-intelligence trade cooled after driving markets to record highs this year. Futures contracts for the Nasdaq 100 Index dropped 1.1%, indicating a third day of losses for the gauge as investors rotated out of tech stocks. MSCI’s Asian equities gauge fell 1.5%. South Korea’s Kospi — the world’s best-performing gauge this year and a bellwether for AI investments — slid 5%, with chipmaker SK Hynix Inc. tumbling 8%. Currencies were a focus in Asia with the Korean won extending its drop to a new 2009 low. The Indonesian rupiah traded near its record low against the dollar as foreign investors pulled billions of dollars from the country’s bonds and stocks fell. Stocks are pulling back from record highs as Broadcom Inc.’s outlook for AI-chip sales fell short of elevated expectations, pausing a blistering advance in semiconductor shares from their war-driven lows. Investors now face a crucial test on Friday with the US jobs report, which could reshape expectations for Federal Reserve policy and determine whether the AI-fueled rally extends further or loses momentum. In other corners of the market, Brent edged up to near $96 a barrel, recovering some of the losses triggered by optimism that a ceasefire between Israel and Lebanon could pave the way for a broader diplomatic breakthrough between the US and Iran. Gold dropped as uncertainty persisted over progress in US-Iran talks to end the war that’s roiled global markets. The yellow metal traded near $4,440 an ounce. The market focus, however, remained on semiconductor stocks. Broadcom shares slid the most in more than 16 months Thursday after delivering a disappointing forecast for AI chip revenue. While the company had been making progress in pivoting to AI customers, it has come up against outsized investor expectations. Sentiment toward the chip sector remained weak with the Philadelphia Semiconductor Index dropping 2.1%. A Bloomberg gauge of semiconductors in Asia Pacific declined 3.4%. Concerns about an AI bubble have also resurfaced, with billionaire investor Ray Dalio warning earlier this week that the market is exhibiting characteristics of a boom that will eventually unravel. The key for traders on Friday will be the monthly US employment numbers. Treasury bond traders, having bought into the prediction that the Fed will raise interest rates during the next 12 months, stand to pay a heavy price if US employment data for May are weak. The May data is slated to be released at 8:30 a.m. in Washington. It’s expected to show an 85,000 increase in nonfarm payrolls, a three-month low, and an unchanged 4.3% unemployment rate, the median estimates of economists in a Bloomberg poll show. While the US-Iran conflict and AI continue to dominate the market narrative, Friday’s jobs report is very important for markets, said Tom Essaye of the Sevens Report. US After Hours GWRE -16.2%, LULU -11%, WLTH -9.3%, DOCU -4.2%, IOT -3.9% lower on earnings; TTAN +14.4%, AGX +13.6%, COO +4.9% higher on earnings.
Nikkei -1.63% Hang Seng. -0.81% CSI -0.12% Kospi -4.93% Shanghai +0.43% Shenzen +0.20%
Eur$ 1.1616 CNH 6.7750 CNY 6.7748 JPY 159.95 GBP 1.3430 CHF 0.7890 RUB 73.3609 TRY 46.0762 WTI$ 93.12 +0.09% Gold 4,444 -0.88% BTC 63,301 -0.43% ETH 1,728 -2.54%
S&P -0.56% Nasdaq -1% EuroStoxx +0.08% FTSE -0.02% Dax -0.18% SMI +0.12%
Macro :
- Progress in US-Iran Talks Stalls After Hezbollah Rejects Truce
- Serbia Gets 3-Month Extension of Gas Deal With Russia: RTS
- Trump Says Auto Industry Wants to Restrict Right to Repair
- Jane Street Plans New Data Center as Compute Power Runs Scarce
- Tech Selloff Accelerates on Leveraged Kospi Unwind: Macro Squawk
Keep an eye on :
Keep an eye on :
- T US : Verizon, AT&T Shares Down After Supreme Court Jury Trial Ruling
- ABVX FP : Kepler is holding a Group call today with Abivax Management to clarify on data pusblished this week - 4pm Paris Time
- ANA SM : Acciona Seeks Expressions of Interest for Renewables Unit: Pais
- AIR FP : Qantas Mulls Ordering Around 20 Boeing or Airbus Jets: Reuters
- AIR FP : Singapore Air in Talks With Airbus, Boeing for New Jets: Reuters
- ALV GY : AllianzGI Is Said in Exclusive Talks to Buy UOB Asset Management
- Anthropic IPO : Anthropic Helping US Prepare Mythos for Offensive Operations: FT
- BX US : Blackstone-Backed Liftoff Raises $437 Million in IPO
- BX US : Blackstone-Backed Liftoff Raises $437 Million in IPO
- BA US : Boeing Explores Hiking 737 Production: Air Current
- EQT SS : Digital Garage Rejects LY Bid on Kakaku.com, Supports EQT Offer
- FGR FP : Eiffage Consortium Wins €110M Engineering Contract in Germany
- FGR FP : Eiffage Consortium Wins €110M Engineering Contract in Germany
- EVOK LN : Intralot to Buy Evoke in Deal Valuing it at £243.1m
- GIVN SW : Givaudan Agrees to Acquire Majority Stake in Eurofragance
- HEIA NA : Heineken Investors Push Brewer to Hire Outsider as Chief: FT
- HIK LN : Liquidia Up on Positive Read-Through From SCOTUS Hikma Ruling
- HHH US : Howard Hughes Holdings Closes Vantage Group Holdings Acquisition
- HSBA LN : HSBC Charged in French Probe Into Embezzled Lebanese Funds
- LFTO US : Liftoff Said to Place 55% of IPO Shares With Top 10 Buyers
- LULU US : Lululemon Falls After Its Year-Guidance Cut Missed Estimates
- NOVN SW : Fujifilm, Novartis to Tie Up on Peptide Development: Nikkei
- NVDA US : Nvidia Clears Memory’s Big Three for Vera Rubin HBM4 Supply
- NYXH BB : Nyxoah Offers Shrs via BofA Securities, Banque Degroof Petercam
- OXB LN : Oxford BioMedica Would Consider a Private Equity Takeover: FT
- PSKY US : Paramount-WBD Foreign Stake Needs CFIUS Review, Democrats Urge
- QNT US : Quantinuum Shares Pare Gains to Close Little Changed After IPO
- RR/ LN : Rolls-Royce under fire for outsourcing parts of UK nuclear project to South Korea - FT
- SBMO NA : SBM Offshore Intends to Sell Minority Interest in FSO Chalchi
- SU FP : Schneider Electric Says Convertible Bonds Premium Set at 35%
- SPCX US : Goldman Sees SpaceX Burning $350b Cash Through 2030: Information
- SPCX US : Musk Leaves Investors Starstruck at Dimon’s SpaceX Extravaganza
- TEP FP : Hedge funds bet against call centre stocks as AI threat grows - FT