SYDNEY, Sept 1 ― Asian stocks slid and the dollar spiked today as investors greeted September by selling everything that was not nailed down after a month battered by concerns about aggressive rate hikes from global policymakers.
Tech stocks took a hit, dragged lower by a 6.6 per cent after-hour plunge in chip designer Nvidia Corp, after US officials told the company to stop exporting two top computing chips for artificial-intelligence work to China. “Month end yields no surprises, but rather an extension of the major themes seen during August with further increases in core global bond yields and weaker equities.” This month, both the US Federal Reserve and the European Central Bank are expected to raise borrowing costs aggressively.
US stocks ended the month with the worst August performance in seven years. For the month, the Dow Jones Industrial Average fell 4.06 per cent, the S&P 500 4.24 per cent and the Nasdaq 4.64 per cent.