- BIST10011,710-2.98%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,218.70+1.17%
- INTEREST37.00%-1.00
- BITCOIN82,206+0.09%
- October 16, 202613°
- BIST10011,710-2.98%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,218.70+1.17%
- INTEREST37.00%-1.00
- BITCOIN82,206+0.09%
- October 16, 202613°
US stocks shed about $1 trillion as Nebius and chipmakers sink
The U.S. stock market lost an estimated $1 trillion in value in a single session as September inflation beat forecasts and an AI sell-off hit CoreWeave and Nebius, the company that grew out of Yandex’s international business.
U.S. stocks were hit by a sharp sell-off on Wednesday, Oct. 14, with market estimates putting the loss in value at about $1 trillion in one session. The Nasdaq Composite dropped 1.88% to 26,692.87, its worst day since July 23. The S&P 500 fell 1.11% to 7,718.94 and the Dow Jones 0.09% to 51,621.48.
AI companies in the crosshairs
Artificial intelligence companies took the hardest hit as investors increasingly question whether the billions poured into the sector will pay off. Shares of cloud provider CoreWeave fell more than 15% and Nebius Group more than 10%. Amsterdam-based Nebius was built on Yandex’s international operations after the company’s 2024 split.
The iShares semiconductor fund lost 4.5%, AMD more than 5%, Micron more than 4% and Nvidia about 3%.
Inflation and the Fed
The sell-off was sparked by inflation data: consumer prices rose 0.6% in September and 3.7% from a year earlier, against a 3.6% forecast. More than half of the monthly rise came from gasoline, up 9.1%. Core inflation came in at 2.6% versus 2.5% expected, reinforcing bets on another Fed rate hike.
In commodities, Brent crude fell 1.7% to $104.3 a barrel on reports that Trump is considering easing sanctions on the so-called shadow fleet of tankers. Gold rose 1% to $4,145 an ounce.
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