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Stock market today: Global shares tumble after a wipeout on Wall Street as Big Tech retreats

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Global shares have dropped, with Tokyo’s benchmark losing more than 1,300 points at one point and closing 3.3% lower, as pessimism set in over Wall Street's overnight nose-dive. Chinese shares fell as investors questioned a central bank decision to cut another key interest rate after several similar moves earlier this week. U.S.

A wipeout on Wednesday sent U.S. stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology.Currency traders watch monitors near a screen showing U.S. President Joe Biden at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 25, 2024. Currency traders watch monitors near a screen showing U.S.

In currency trading, the U.S. dollar edged down to 152.50 yen from 153.89 yen. The euro cost $1.0844, up from $1.0841.Stock market today: Asian stocks fall after a torrent of profit reports leaves Wall Street mixed South Korea’s Kospi declined 1.7% to 2,710.65 after the government reported the economy contracted at a 0.2% rate in the last quarter.

 

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