S&P 500 futures are flat this morning prior to the opening of markets in New York after the index fell 1.57% yesterday as traders fled from stocks exposed to AI. The market is now in negative territory for the year.
Tech stocks led the decline yesterday, with the Nasdaq Composite down 2%. The S&P 500’s software sector is down 27% since October, according to the Financial Times, which gives you an idea of how worried investors are that AI will simply replace software makers. Gold—which is supposed to be a safe haven—took a sharp dip yesterday, an indicator that traders just want their cash out of assets generally. It’s back under $5,000 per troy ounce.
Asia had a tough day—Japan’s Nikkei 225 was down 1.21%, and China’s CSI 300 was down 1.25% at the close this morning. But markets in the U.K. and Europe were flat-to-up, suggesting sellers may be taking a breather today.
