As Bitcoin Declines, Stocks Drift In Erratic Trading – Europe Market Wrap
US stock futures are looking for direction after the S&P 500 fell to its lowest level since September amid a persistent retreat from the market’s riskier stocks. Bitcoin dropped below $83,000.
Contracts on the S&P 500 and Nasdaq 100 fluctuated between gains and losses as sentiment remained shaky. Nvidia slid more than 1% in premarket trade, as the major AI stocks continued under pressure. Bitcoin has fallen by more than 30% from its peak last month.
A $5 trillion drop in global shares has left investors wondering how much further the tech-led selloff may extend. On Thursday, the S&P 500 had its steepest intraday reversal since April’s tariff upheaval, as fears about high valuations and dwindling expectations for US interest rate reduction roiled sentiment.
In Asia, Japanese PM Takaichi’s cabinet approved the highest tranche of additional spending since the outbreak. The plan allocates ¥17.7 trillion ($112 billion) for general account spending.
Oil was expected to fall more than 3% this week, with Brent trading around $62 a barrel. Crude fell as Ukrainian President Zelenskiy agreed to work on a peace proposal, just as US sanctions against two Russian oil majors were set to go into force on Friday.
