Global Stocks Drop on AI Rethink, Yen Strengthens: Markets Wrap

-- Equities in Asia were set to decline as investors began pulling back on the artificial-intelligence frenzy that has powered the bull market this year.Equity futures in Japan, Australia and Hong Kong all fell. The Nasdaq Golden Dragon China Index, a gauge of US-listed Chinese shares, slid 1.9%. In the US, the S&P 500 slumped 2.3%, its worst showing since December 2022 and one that ended the best stretch without a 2% drop since the start of the global financial crisis.

The move is “potentially squeezing the yen short positions, given yen-funded carry trading has been a popular strategy over the last few years,” Saxo Capital Markets’ head of FX strategy Charu Chanana wrote in a note. Elsewhere in Asia, South Korea’s economy contracted in the second quarter. Japan services producer prices for June, and Hong Kong trade for June are due Thursday. Meanwhile, Singapore’s central bank will likely maintain tight monetary policy settings.After driving the rally in stocks for most of 2024, big tech slammed into a wall. Traders rotated from megacaps to lagging parts of the market, spurred by bets on Fed rate cuts and concern AI still needs to pay off.

Both the Nasdaq 100 and the S&P 500 benchmarks have breached thresholds that trigger a selling signal for commodity trading advisers, or CTAs, according to models at Goldman Sachs Group Inc.’s trading desk. MEXICO CITY, July 24, 2024--Orbia Advance Corporation, S.A.B. de C.V. today released unaudited results for second quarter of 2024.Prisons minister Lord Timpson has announced IPP prisoners will not have their cases addressed in the government’s planned sentencing reviewSEATTLE — Brandon Drury drove in the go-ahead run with an RBI single in the eighth inning as the Los Angeles Angels completed a three-game sweep of the struggling Seattle Mariners 2-1 on Wednesday.

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