US markets have pulled back from recent highs, with tech stocks leading the decline. The S&P 500 fell 0.61% to 6,052.85, while the Nasdaq dropped 0.62% to 19,736.69. The Dow Jones lost 241 points, closing at 44,401.93.
Chipmakers were hit hard, with Nvidia falling 2.6% after China announced an anti-monopoly probe into the company. Advanced Micro Devices slid 5.6% following a downgrade from Bank of America, which cited rising competitive risks in artificial intelligence.
Tech giants Meta and Netflix also saw declines, and Bitcoin retreated slightly from last week’s record high of over $100,000.
Attention now shifts to upcoming US inflation data, with economists expecting a 0.3% monthly increase. Analysts believe the market will continue its gradual climb, despite ongoing uncertainties.
In currencies, one Australian dollar is buying 64.37 US cents, 61.02 euro cents and 97.31 Japanese Yen.
Turning to Australia, ASX futures are pointing to a modest rise as Chinese stimulus hopes lift commodity prices.
The Reserve Bank of Australia is expected to hold rates steady today at 4.35% for a ninth consecutive meeting. Meanwhile, Platinum Asset Management (ASX:PTM) will be closely watched after its stock fell 14% yesterday on news that a takeover deal with Regal Partners collapsed.
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.
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