Global tech stocks tumble in $3-trillion selloff over AI spending doubts
A massive selloff driven by artificial intelligence spending doubts wiped out nearly $3 trillion in US market value on Thursday, with the S&P 500 closing down 4.36 per cent at 7,353.73 and all 11 major sectors ending lower, led by technology stocks, with Nvidia falling 9.26 per cent. On Friday, futures were mixed: Dow futures dropped 475 points while S&P 500 and Nasdaq futures rebounded as chip shares including Nvidia, Micron and AMD attempted a recovery. The turmoil spread overseas, with Japan's Nikkei and South Korea's Kospi each falling about 6 per cent and major European indexes retreating between 1 and 2 per cent, a development with direct consequences for Canadians' pensions and registered savings. Also in this briefing: Ottawa offers permanent residency pathway to 200,000 temporary residents; Health Canada approves first mRNA flu and combination flu-COVID vaccines.
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Doubts over artificial intelligence payoffs triggered a three trillion dollar single-day global market selloff.
Major semiconductor shares plunged, with Advanced Micro Devices and Micron both dropping over seventeen percent.
Asian markets tumbled, triggering a circuit breaker in South Korea and pushing Japan into a bear market.
Canada announced a one-time pathway granting permanent residency to up to two hundred thousand temporary residents.
Health Canada authorized the world's first messenger RNA flu and combination flu-COVID shots for older adults.
- 01Intro1 min
- 02Global tech stocks tumble in $3-trillion selloff over AI spending doubts: market rout and tech losses2 min
- 03Global tech stocks tumble in $3-trillion selloff over AI spending doubts: ripple effects and Canadian fallout2 min
- 04Ottawa offers permanent residency pathway to 200,000 temporary residents1 min
- 05Where things stand1 min
- 06Health Canada approves first mRNA flu and combination flu-COVID vaccines2 min
- 07Outro1 min
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