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After a mixed start, Wall Street returned to a sharp correction led by the tech sector. Futures on all major U.S. indices are in the red, with Nasdaq (US100: -2.3%) and Russell 2000 (US2000: -1.9%) suffering the most. S&P 500 (US500: -1%) shows milder losses, while the value-heavy Dow Jones (US30: -0.1%) holds up best.
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The tech selloff was triggered by AMD’s (-16%) disappointing Q1 revenue forecast, which fell short of sky-high market expectations despite a strong Q4 report. AMD posted $10.27B in Q4 revenue, above consensus, but projected roughly $9.8B for Q1—technically above estimates, yet underwhelming for an AI-driven growth story.
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Alphabet and Amazon are down prior to today’s earnings call, 2.7% and 2.6% respectively.
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Private ADP data showed U.S. employment rose only 22k in January versus forecasts of 45k, with December revised down to 37k. Gains were driven by education and healthcare, otherwise the report would have been negative.
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Donald Trump held a “long call” with Xi Jinping on trade, Ukraine, and tensions around Iran and Taiwan. He confirmed his April Beijing visit and Chinese soybean purchases. The call follows Xi’s conversation with Putin, highlighting growing geopolitical coordination and the fragile trade truce.
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European indices largely held up: Switzerland (SUI20: +0.95%), UK (UK100: +0.9%), France (FRA40: +0.85%), Poland (W20: +0.7%), and Spain (SPA35: +0.6%) are green. Germany (DE40: -0.7%) and the Netherlands (NED25: -0.6%) lag.
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The dollar strengthens across G10 and major EM currencies (USDIDX: +0.3%), while Antipodean currencies lag (AUDUSD: -0.5%, NZDUSD: -0.8%). EURUSD falls 0.1% to 1.18.
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Gold drops 0.5% to $4,920, silver rises 0.5% to $86. Brent and WTI crude extend gains (~1.5%), NATGAS up 2% for a second day.
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Crypto selling intensifies: Bitcoin -2.3% to $74,000, Ethereum -3.2% to $2,164.
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