Global stock markets were in the red on Tuesday as Nvidia’s sharp slump continued, causing the FTSE 100 and European stocks to dip. The chipmaker has lost over $550bn off its valuation since being named the world’s most valuable company last week. This rotation away from technology stocks also impacted the S&P 500, which was down by 0.3%. London’s benchmark index was 0.2% lower, while Germany’s DAX dipped 1.1% and the CAC in Paris headed 0.8% into the red. Wall Street was set to open mixed, with S&P 500 futures, Dow futures, and Nasdaq futures fairly muted. The pound was trading flat against the US dollar. Investors are facing economic and political uncertainties, prompting them to rebalance portfolios. Gold prices edged down, but remained stable around $2,300 level. Contactless payment transactions are projected to grow by 113% over the next five years. Morrisons reported a rise in sales despite competition from discount grocers. Airbus shares fell almost 10% after cutting its profit forecasts. Argentina entered a recession amid government spending cuts. Oil prices held steady ahead of US consumer price data. Stock markets in Asia mostly rose, while the yen remained weak against the dollar. Looking ahead, there are reports due on PMI services, manufacturing, and composite indices, along with inflation and consumer confidence reports. Stay tuned for more updates throughout the day.
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https://uk.finance.yahoo.com/news/live/ftse-100-live-european-stocks-slump-as-550bn-wiped-off-nvidia-market-value-081420562.html
