It’s another horrible day in the markets, and the usual suspects are to blame: AI, oil, and the French
Source: Fortune ·
“The wobbles of recent weeks all collided at once,” as Deutsche Bank’s Jim Reid said.
From the source
Stocks in Asia and Europe were broadly down today after a terrible day in the U.S., which saw the S&P 500 lose 1.21%. Much of the damage came from tech stocks. The Nasdaq fell 2.9%. AI cloud provider CoreWeave fell 10.06% and is now down 22% for the year. Meta fell 6.98% overnight, and lost another 0.33% in overnight trading. Some signs suggest traders are buying the dip this morning. Nasdaq futures were up 0.28% before the open in New York. S&P futures were flat. The usual suspects were to blame for the carnage: AI, oil, and France. “The wobbles of recent weeks all collided at once,” as Deutsche Bank’s Jim Reid said this morning in an email to Fortune. Traders have not lost their angst about AI, especially after reports that OpenAI was forced by private equity investors to reduce the valuation it wanted in its latest fundraising round, from $1.4 trillion to $1.25 trillion. The price of oil rose to $114 this morning after The Financial Times reported that President Trump’s envoy to…