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Wall Street got a reality check as a bruising sell-off in several technology giants fuelled concern the artificial intelligence frenzy that has powered the equity bull market might be overblown.
The tech rout engulfed global stocks as worries about frothy valuations ignited a fresh bout of volatility after a nearly three-month surge in riskier assets.
The S&P fell 1.4 per cent. The benchmark index is coming off 11 weekly gains out of the last 12, led largely by technology stocks.
The Dow Jones Industrial Average, which is less influenced by tech stocks, gave up an early gain and closed just 0.1 per cent lower. The Nasdaq composite fell 2.2 per cent.
Losses were more pronounced in Asia, with South Korea’s Kospi plunging 10 per cent from a record. SpaceX climbed after briefly falling below its debut’s open price.
In a rush for safety, US Treasuries rose while haven currencies including the Japanese yen and the Swiss franc outperformed. Conversely, bitcoin lost 3 per cent. Oil dipped, with tankers becoming more overt in transiting the Strait of Hormuz after an interim peace deal between the US and Iran.
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