US Futures Slide as Traders Return; Gold Retreats: Markets Wrap
(Bloomberg) — US stock futures fell as concerns around artificial intelligence weighed on sentiment, with Wall Street set to return from a holiday break. Treasuries edged higher and gold slid.
Contracts on the Nasdaq 100 index retreated 0.9% and those on the S&P 500 dipped 0.4% as all members of the so-called magnificent seven US tech stocks declined in premarket trading. The pound weakened against the dollar after UK unemployment rose to a near five-year high. Spot gold dropped toward $4,900 an ounce. Europe’s Stoxx 600 gauge was little changed.
US traders are coming back to their desks eying firms’ swelling AI budgets, while also wary of the technology’s potential to hurt industries outside the tech sector. Meanwhile, tensions are mounting in the Middle East and private sector jobs data later Tuesday may give clues on the Federal Reserve’s interest-rate path.
There’s “lingering anxiety about whether AI spending will be profitable enough, concerns about competition, and a broader de-risking from the most crowded trades after a very strong run,” said Aneeka Gupta, macroeconomic research director at WisdomTree.
The risk-off mood and last week’s slower inflation print buoyed Treasuries, lowering the yield on the 10-year note two basis points to 4.03%. The yen, historically seen as a haven, strengthened 0.3% against the dollar.
A second round of talks between the US and OPEC member Iran is due later on Tuesday in Geneva.
Trump threatened to strike the Islamic Republic unless it agrees to a deal curbing Tehran’s nuclear program in exchange for sanctions relief. He’s mobilized warships and fighter jets near Iran in response to a recent deadly crackdown by the regime there following mass protests.
Fed Speakers
Investors will be following Fed Governor Michael Barr when he speaks Tuesday on the labor market and AI, while San Francisco Fed President Mary Daly discusses AI and the economy. ADP private payrolls numbers on Tuesday and the minutes from the Fed’s January meeting on Wednesday may also offer a fresh read on the economy.
Elsewhere, other precious metals followed gold’s retreat, with silver tumbling more than 3% and platinum also falling. Bitcoin dropped 1.5% to $67,826.
China, Hong Kong and several regional markets are shut for the Lunar New Year.
What Bloomberg strategists say…
“Tuesday’s moves may be difficult to trust with US and Asian holidays draining liquidity, but those investors who are around look to be in a cautious mood at best. With precious metals also lower, the signs are there that the bruises to sentiment are lingering from the late-January episodes when gold and silver melted down along with stocks.”
— Garfield Reynolds, MLIV Team Leader. For full analysis, click here.
Corporate Highlights:
BHP Group’s shares soared after the company said earnings for the six months to the end of December rose by more than a fifth, thanks to a surge in copper prices. Anthropic PBC has partnered Indian technology firm Infosys Ltd. to develop advanced artificial intelligence solutions for companies across sectors including telecommunications and financial services. Toshiba Corp. is considering reducing its stake in its elevator unit amid interest in the business from Finland’s Kone Oyj, people with knowledge of the matter said. Apple Inc. said on Monday it is holding a product launch on March 4, with the company preparing to announce several new devices in the coming weeks. Danaher Corp. is nearing a roughly $10 billion deal to acquire US medical technology firm Masimo Corp., the Financial Times reported, citing unidentified people familiar with the matter. Alibaba Group Holding Ltd. unveiled a major upgrade of its flagship AI model, accelerating a race with a panoply of startups and sectoral leaders aiming to get in ahead of Chinese sensation DeepSeek’s next big platform. Advanced Micro Devices Inc. is partnering with Tata Consultancy Services Ltd. to deploy the US chipmaker’s latest AI data center technology in India, challenging Nvidia Corp. in one of the world’s fastest-growing markets. Hyatt Hotels Corp. Executive Chairman Tom Pritzker said he’s retiring from his position at the company and won’t stand for reelection to its board, citing an association with the late disgraced financier Jeffrey Epstein. Some of the main moves in markets:
Stocks
S&P 500 futures fell 0.4% as of 6:22 a.m. New York time Nasdaq 100 futures fell 0.9% Futures on the Dow Jones Industrial Average fell 0.2% The Stoxx Europe 600 was little changed The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1842 The British pound fell 0.3% to $1.3585 The Japanese yen rose 0.3% to 153.01 per dollar Cryptocurrencies
Bitcoin fell 1.5% to $67,826.38 Ether fell 1.5% to $1,967.52 Bonds
The yield on 10-year Treasuries declined two basis points to 4.03% Germany’s 10-year yield declined two basis points to 2.73% Britain’s 10-year yield declined four basis points to 4.36% Commodities
West Texas Intermediate crude rose 1.6% to $63.87 a barrel Spot gold fell 1.3% to $4,929.46 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Aya Wagatsuma.
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