US technology and chip stocks fell, while the US 10-year Treasury yield dropped below 5 percent for the first time in about a month. Oil prices rose and gold prices declined.
Tech and chip stocks sell off
Intel shares fell 8.04 percent, Advanced Micro Devices dropped 8.10 percent and Micron Technology lost 6.26 percent in the previous US session. Broadcom declined 4.31 percent and Qualcomm fell 2.88 percent. Analysts said uncertainty over when and how much AI spending will pay back was behind the financing worries, weighing on semiconductor, data center and cloud stocks.
Investors moved out of technology and into bonds, which pushed the 10-year yield lower. The yield stood at 4.96 percent at the previous close, down 16 basis points, and was at 4.97 percent at the time of writing.
Oil up, gold down
Brent crude rose 0.7 percent to $114 a barrel for December futures at the time of writing. Analysts said higher oil prices could feed inflation through energy costs and keep central banks tight.
Gold spot fell 2.8 percent to $4,024 an ounce in the previous session and was at $4,022 at the time of writing. By our market data, as of 07:04 GMT, gold stood at $4,012.98 an ounce, its lowest in 31 days.
Middle East and France weigh
In Europe, French 10-year bond yields rose to 5.07 percent, their highest since 2002, as street protests threatened fiscal discipline. Asian markets fell except Hong Kong, led by semiconductors.
Data: LBMA
