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Stock futures dip amid tech decline
U.S. stock futures declined sharply, with the Nasdaq Composite experiencing an unprecedented drop of 1.1%, amid concerns over excessive spending on artificial intelligence and its impact on the market. The fears were particularly focused on Corov, which fell more than 5% before the market opened, amid worries of excessive debt to fund AI technologies. Shares of memory chip manufacturers, such as Micron and Sandisk, also declined following a broad sell-off, while the yields on Corov’s bonds rose. This was coincided with increased expectations of monetary policy tightening by the Federal Reserve, after inflation and consumer prices in September rose faster than expected, leading to Nasdaq’s biggest daily loss since July.
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