Market Overview

Tech stocks led by $NVIDIA (NVDA.US)$ continued to drag down the broader market. $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ fell for the third consecutive day, while $Dow Jones Industrial Average (.DJI.US)$ rose for the fifth straight day, reaching a one-month high. AI stocks experienced significant declines, with Nvidia plummeting 6.7% and losing over $400 billion in market value over three days, falling below the $3 trillion mark and entering correction territory. $Broadcom (AVGO.US)$ dropped nearly 4%, and $Advanced Micro Devices (AMD.US)$ fell over 8%.

The dollar index halted its two-day gain, retreating from a more than seven-week high. After Japanese officials issued stern warnings about intervention, the yen, which had approached the 160 mark to hit an eight-week low, briefly surged back above 159 before giving up most of its gains. Bitcoin dropped more than $4,000 intraday, falling below the $60,000 mark and reaching a seven-week low.

Crude oil rebounded to an eight-week high, with WTI crude rising over 1%. Gold also saw a rebound. Copper on the London Metal Exchange fell for the second consecutive day to a two-month low, while nickel, tin, and zinc saw slight rebounds.