Market concerns over the high valuation of AI-related stocks prompted a persistent downtrend in US techs on Tuesday. Coupled with Bitcoin prices busting below US$95,000, this indicated a lower investors' risk tolerance, weighing down on US stocks again.
The Nasdaq led the decline, closing down 275 points, or 1.2%, at 22,432. The DJIA slid 498 points, or 1.1%, to 46,091. The S&P 500 dropped 55 points, or 0.8%, to 6,617, marking its fourth consecutive day of decline, the longest losing streak since August.
Among the "Magnificent Seven", Amazon (AMZN.US) was the top loser, sagging 4.4% for the day. AI leader Nvidia (NVDA.US) fell off 2.8%. Microsoft (MSFT.US) shed 2.7%. Alphabet (GOOG.US) CEO Sundar Pichai warned of some irrational phenomena in the current AI market, suggesting that if the bubble bursts, all companies could be affected. Alphabet inched down 0.2%.
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AASTOCKS Financial News
Website: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| Nvidia (C) |
10055 |
230 (-) |
0.167 |
5.3 X |
| Nvidia (C) |
10721 |
175 (-) |
0.290 |
5.9 X |
| Nvidia (P) |
10057 |
165 (-) |
0.249 |
3.5 X |
| AMZN (C) |
10004 |
280 (-) |
0.101 |
7.4 X |
| AMZN (P) |
10700 |
180 (-) |
0.121 |
5.5 X |
| MSFT (C) |
10744 |
600 (-) |
0.128 |
9.9 X |
| MSFT (P) |
10715 |
435 (-) |
0.305 |
6.7 X |
| ALPBE (C) |
10080 |
360 (-) |
0.345 |
4.9 X |
| ALPBE (P) |
10012 |
230 (-) |
0.218 |
4.0 X |
