
U.S. stock indices fell for the fourth day in a row on Wednesday. Dow Jones is now 2% lower from its previous record high seen last Friday. The index currently trades at 47,843. Nasdaq closed at 24,705 yesterday as rotation out of tech stocks continues. S&P500 is currently down 2.8% from its recent all-time high. The index traded at 6,730 this morning. Investors await November’s CPI report, which could set the next market direction. S&P 500 and Nasdaq 100 futures edged slightly higher in early trading today, while Dow futures were marginally lower.
Asia-Pacific markets fell broadly on Thursday as the global rotation out of technology stocks intensified. AI-related names led losses after reports that Oracle’s main investor withdrew from funding a major data center project, dragging down shares of Oracle and other AI-linked stocks such as Broadcom, Nvidia, and AMD.
Japan’s Nikkei 225 slid 1.5%, weighed down by heavy losses in tech and semiconductor stocks, while investors also looked ahead to a likely Bank of Japan rate hike to 0.75%, the highest in 30 years. South Korean and Australian markets also declined, while Hong Kong opened lower. Overall, regional sentiment remained weak as concerns over tech valuations and rising interest rates pressured equities.
In the Forex market, GBP/USD is trading sideways around 1.3370 after rebounding from a one-week low, as investors remain cautious ahead of the Bank of England’s policy decision and upcoming U.S. inflation data. The pair struggled to extend gains.
Sterling remains under pressure from softer UK data, including a sharp slowdown in headline and core inflation and a rise in unemployment, reinforcing expectations that the Bank of England will cut rates by 25 bps. However, limited U.S. dollar strength amid expectations of further Fed rate cuts in 2026 and a softer U.S. labor outlook, has helped cap GBP/USD losses, keeping the pair range-bound for now.
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