Tech Stocks Rise While Bitcoin and Silver Fall – Europe Market Wrap
A global drop in technology equities came to a halt on Thursday as traders wondered whether a selloff that included everything from software to chipmakers had gone too far. Bitcoin and silver plummeted.
Nasdaq 100 futures crept higher after the index lost its year-to-date gains in the previous two sessions. Alphabet’s considerably higher-than-expected investment plan boosted AI infrastructure companies like Broadcom in early trading, despite the Google parent’s 2.8% decline. S&P 500 contracts increased 0.1%.
Trading in Europe indicated that the shift away from tech and toward economically sensitive companies was slowing. The Stoxx 600 was set for its worst day in more than a week as the auto sector led losses, while chemical and retail sectors also underperformed.
The BoE came close to reducing interest rates, with officials voting 5-4 to keep them at 3.75%. The Pound fell further after the announcement, having been under pressure as a new round of political uncertainty weighed on UK assets.
Outside of technology, the focus was completely on precious metals. Silver fell as much as 17% as the commodity battled to find a footing after a historic collapse. Gold traded around $4,900 per ounce. Bitcoin fell below $70,000, a level last seen in 2024, amid broader cross-asset pressures.
