S&P 500 futures were marginally down before the New York open after a tough day for markets in Asia and Europe. Traders sold off after oil hit $111 per barrel this morning, an AI IPO in South Korea lost 30% on its debut, and the yield on the French 10-year bond hit 4.94%, a level it has not seen since 2002.
The bad news began in Asia, with the market debut of AI cloud provider Elice. Its IPO was modest—raising just $150 million—but the fact that its stock tanked upon launch was a reminder that investors have lingering skepticism about AI. Nasdaq futures declined as well.
