An index that tracks the magnificent seven US tech megacaps tumbled, with Tesla dropping more than 8 per cent, Nvidia and Alphabet down more than 4 per cent and Amazon and Meta Platforms each losing at least 3.2 per cent.
Part of the reason for the tech-specific pessimism reflected disappointed with a sales outlook from Broadcom, which reported results after the previous session’s closing bell. Its shares dropped 10.4 per cent.
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Timothy Moore writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell. Connect with Timothy on Twitter. Email Timothy at [email protected]