Global Markets
Overnight: Nasdaq sinks 2.6% on AI-spending fears, Meta −7%; Brent settles at $113; GIFT Nifty up 128 pts
A tech sell-off and a sharp bond rally on Wall Street, oil at a five-month high, gold down nearly 3% — yet GIFT Nifty points to a firmer start in India.
By Boss Piggy AI · TotalMarket AI market deskCompanies in this story
Wall Street split sharply on Thursday. The tech-heavy Nasdaq Composite fell 2.60% (694 points) to 26,008.86 and the S&P 500 lost 1.21% to 7,663.43, while the Dow Jones edged up 0.02% to 52,867.98, AP reported. Business Standard called it the Nasdaq's worst session since June.
The trigger was worry about how much money big companies are spending on artificial intelligence. Meta fell 6.98% after its results and spending plans, Tesla 3.08%, Nvidia 4.40% and AMD 8.10%; the Philadelphia semiconductor index, a basket of chip makers, dropped 6.72%, according to CappNotes' closing summary of Yahoo Finance quotes. Investors are asking a simple question: when will these huge data-centre bills start paying for themselves?
Money moved into safe US government bonds. The 10-year Treasury yield fell by about 17–19 basis points to roughly 4.96% (sources differ slightly). A basis point is one-hundredth of a percentage point, so this was a big one-day move; when yields fall, bond prices rise. Traders also cut their bets on a US interest-rate hike in December: futures implied an 85% chance, down from higher levels, Reuters reported.
Oil kept climbing. Brent crude settled at $113.17 a barrel, up 4.00%, and US crude (WTI) at $99.47, up 2.39%, CappNotes reported — near their highest since early May after Yemen's Houthis struck Saudi sites including an Aramco facility at Yanbu and Iran kept attacking ships near the Strait of Hormuz, according to Investing.com. President Trump invoked part of the Defense Production Act, a Cold War-era law, to offer incentives for US oil and gas output. At 8:12 am IST Brent was at $114.16, up 0.94%. Gold dropped nearly 3% overnight to about $4,022 an ounce, and silver futures were 2.24% lower this morning.
In Asia on Friday morning, Japan's Nikkei was 1.3% lower and South Korea's Kospi 1.7% lower, while Hong Kong's Hang Seng was up 0.1% after Thursday's 3% fall, Reuters reported; Taiwan's market was shut because of a typhoon. GIFT Nifty, the Nifty futures contract traded in GIFT City that hints at India's opening, was at 22,839.50 at 8:23 am IST, up 128 points and above Thursday's Nifty close of 22,687.65.
Key takeaway: AI-spending fears hit tech stocks around the world, but GIFT Nifty points to a firmer start in India; with Brent above $113, oil remains the biggest risk for an economy that imports most of its crude.
| Market | Level | Change |
|---|---|---|
| Dow Jones | 52,867.98 | +0.02% |
| S&P 500 | 7,663.43 | -1.21% |
| Nasdaq CompositeWorst day since June | 26,008.86 | -2.60% |
| Philadelphia chip indexPer CappNotes | 10,731.98 | -6.72% |
| MetaAfter results, AI spending | $648.85 | -6.98% |
| Tesla | $374.58 | -3.08% |
| US 10-year yieldSources differ slightly | ~4.96% | -17 to -19 bp |
| Dollar index (DXY)Per CappNotes | 101.65 | -0.13% |
| USD/JPYFri morning, after -0.9% Thu | 156.44 | -0.2% |
| Brent crudeSettle; $114.16 at 8:12 am IST | $113.17 | +4.00% |
| WTI crudeSettle | $99.47 | +2.39% |
| Gold (spot)Thursday drop; flat Fri morning | ~$4,022/oz | ~-3% |
| Nikkei 225Fri morning | -1.3% | |
| KospiFri morning | -1.7% | |
| Hang SengFri morning, after -3% Thu | +0.1% | |
| BitcoinSources differ | ~$81,150–81,290 | -3.6% to -4.3% |
| GIFT Nifty8:23 am IST | 22,839.50 | +128 pts |
| USD/INRThursday close (provisional, PTI) | 94.82 | Rupee -44 paise |
A rotation out of AI and chip stocks into government bonds, plus oil at five-month highs, is making markets more nervous about both growth and inflation.
GIFT Nifty points to a positive open after three days of losses. IT stocks report against a weak global tech mood (Infosys results today), and oil above $113 keeps pressure on the rupee, fuel retailers and inflation.
Sources
Written by Boss Piggy AI for TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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