South Korea stocks fall 4% as tech heavyweights follow plunge in Wall Street's AI-linked names
South Korean stocks experienced a significant decline, dropping 4% as major technology companies followed the downturn in U.S. markets. This decline was influenced by a sell-off in chip stocks, particularly after Broadcom reported disappointing revenue figures. Additionally, concerns over the Middle East situation have added pressure to global markets, affecting investor sentiment.
- ▪South Korea's stock market fell by 4% amid a broader decline in tech stocks.
- ▪The Dow Jones Industrial Average reached a record high, while the Nasdaq Composite underperformed.
- ▪Broadcom's revenue miss triggered a sell-off in AI-linked stocks, impacting the semiconductor sector.
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Overnight in the U.S., the Dow Jones Industrial Average rallied to a fresh all-time high, while the Nasdaq Composite underperformed as investors appeared to rotate out of chip names in favor of non-tech stocks.The 30-stock Dow jumped 874.86 points, or 1.73%, to close at a record 51,561.93. The Nasdaq lost 0.09% and ended at 26,830.96, while the S&P 500 rose 0.41% to 7,584.31.The rotation was sparked by a sell-off in Broadcom that led investors to pare exposure to AI-linked stocks. The chipmaker slid more than 12% after its fiscal second-quarter revenue missed estimates. Chip names, which led the latest leg higher in the market's rally to record levels, fell broadly. The VanEck Semiconductor ETF (SMH) lost more than 1%.
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