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Wall Street sees a correction fueled by tech sell-off. Nasdaq (US100: -1.2%) is leading losses, followed by Russell 2000 (US2000: -0.75%) and S&P 500 (US500: -0.5%), while Dow Jones (US30) trades flat.
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Palantir (-8.3%) and major semiconductor producers (AMD: -5.1%, Nvidia: -2.9%, Broadcom: -3.5%) are driving declines, with Intel as the notable exception, gaining after news that the U.S. government and Japan’s SoftBank plan to acquire a 10% stake in the company.
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French news agency AFP reported that Vladimir Putin, during a call with Donald Trump yesterday, suggested Moscow as a potential venue for a meeting with Ukraine’s president.
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In the U.S., housing starts data surprised to the upside (1.43M vs. forecast 1.29M, prior 1.36M), boosting real estate stocks.
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In Canada, inflation fell in line with expectations to 1.7% (prior 1.9%), while core monthly inflation disappointed (0.1% vs. 0.4% expected, prior 0.1%). Slowing price growth alongside labor market weakness shifts expectations for the Bank of Canada toward renewed rate cuts (current 2.75%; last cut in March).
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Despite early losses, European indices closed higher, with Euro Stoxx 50 (EU50) briefly surpassing the key 5500 level to reach its best level since March. Austria's AUT20 (+1.6%), Poland's W20 (+1.05%), Swiss SUI20 (+0.87%), and France's FRA40 (+0.84%) led gains, while DAX futures (DE40) traded flat.
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On FX markets, the dollar index was steady. The Japanese yen was the strongest G10 currency, gaining against the USD (USDJPY: -0.25%). The euro (EURUSD: 1.165) and Swiss franc (USDCHF: 0.807) traded flat, while the Canadian dollar weakened after CPI data (USDCAD: +0.4%).
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Natural gas futures dropped over 5% to nine-month lows on strong production, cooler-than-expected U.S. weather forecasts, and Hurricane Erin, which could reduce demand from power plants and dampen conditions on the East Coast. OIL is down 1.2%.
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Coffee futures gained over 2% on unfavorable weather in Brazil, where frost and cold temperatures are hurting both production and bean quality, weighing on forecasts for the next harvest.
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Cryptocurrencies retreated in line with U.S. equity weakness. Bitcoin fell to around $113,000, while Ethereum dropped below $4,200. Despite prospects for a Dogecoin-based ETF, the token also slid more than 5%.
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