Stock markets faced a significant downturn as the tech rout persisted, causing the Nasdaq, S&P, Dow, and Russell 2000 to plummet. TSMC reported strong earnings and an optimistic outlook, contrasting Nvidia and ASML's sharp declines.
The US imposed export restrictions on China, amidst concerns about Biden's COVID-19 response and potential Fed rate cuts. Netflix's Q2 results disappointed, while labor market activity showed signs of cooling.
Additionally, Wall Street experienced a tech-driven sell-off, impacting tech and semiconductor stocks, with smaller players like Carvana adjusting. Beyond the tech sector, Domino's missed expansion targets, and Warner Bros Discovery considers a spin-off to boost stock prices.
Europe and Asia also witnessed stock losses, with a particular focus on tech underperformance and potential investment opportunities beyond the tech realm. The stock market slump extended to Bitcoin and altcoins, prompted by warnings of an AI bubble risk from Goldman's Covello and Bahnsen Group, and a Lucidworks survey revealing modest returns for AI-related investments, contributing to stock declines in major tech companies.
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