A tech snafu drags US stocks down, as investors grapple with an untidy China market

📆 16/10/2024 00:02:00
📰 FXStreetNews

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As Asian investors gear up to take the baton, sentiment and risk appetite will likely remain subdued after a Wall Street selloff.

Markets Despite solid earnings from financial powerhouses like Goldman Sachs, Citi, and Bank of America, concerns over tech stocks and the gloomy global economic outlook are looming large. The tech sector's stumble and broader market jitters have cast a shadow over the optimism fueled by robust bank earnings, leaving investors cceautious as they navigate the turbulence ahead.

leading the global slump. ’s shocking earnings miss—booking only half the orders analysts expected—sent the stock plunging the most in 26 years, rippling across the tech landscape. It's a wake-up call for an industry thrived on lofty expectations. Like any major innovative transformation, adaptation is uneven, especially in sectors already feeling the pinch—such as the global car market, which hit the brakes after a strong rebound last year and a resilient first half of 2024.

, the leading producer of cutting-edge chips for AI applications, expected to report a whopping 40% surge in third-quarter earnings on Thursday, global tech investors might be pinning their hopes on this juggernaut to plug the minor leak in the tech sector's dyke. ’s performance could offer much-needed reassurance amid the recent tech stock stumble as investors look for solid footing in the volatile landscape. All eyes will be on the chipmaker to reinvigorate market sentiment and steady the ship. China markets China's markets took another beating on Tuesday as persistent concerns over faltering domestic demand in the world's second-largest economy weighed heavily on investor sentiment.

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