Geopolitical tensions and tech sector concerns weigh on stocks
The stock market has come under renewed selling pressure, driven by a volatile mix of geopolitical escalation and skepticism about the tech sector’s massive artificial intelligence spending.
The Philadelphia Semiconductor Index has reached its lowest level in nearly a month, now 15.95% below its mid-June highs.
The 30-year Treasury yield closed above 5% for the first time in nearly a month, at 5.06%, while South Korea’s Kospi index entered a bear market with a 20% plunge from its peak.