Nasdaq slips in volatile trading as 2026 high-flyers pull back

{"text":[[{"start":11.25,"text":"Shares in chipmakers and companies tied to the AI investment boom slipped on Tuesday as tech jitters returned ahead of the hotly anticipated SpaceX listing later this week."}],[{"start":21.6,"text":"The Nasdaq Composite declined 1 per cent in turbulent trading, recovering from losses of as much as 3.7 per cent."}],[{"start":29.8,"text":"Many of the richly valued tech stocks that have propelled the market to record highs this year fell sharply. Dell — which has added 161 per cent over the past three months — on Tuesday dropped 4.8 per cent. The Philadelphia Semiconductor index, which tracks 30 of the biggest US-listed chip groups, lost 1.9 per cent, though it remains up 79 per cent year-to-date."}],[{"start":53.3,"text":"“The whole market needed a correction, it had got way too hot,” said Manish Kabra, head of US equity strategy at Société Générale. "}],[{"start":61.949999999999996,"text":"The blue-chip S&P 500 fell 0.3 per cent even as about seven in 10 of its member stocks rose on the day. Real estate groups, materials stocks and healthcare companies which have lagged behind for much of the year all posted solid gains."}],[{"start":null,"text":"

"}],[{"start":79.05,"text":"Energy stocks also fell as Brent crude, the international oil benchmark, declined 3 per cent to $91.45 a barrel. "}],[{"start":88.35,"text":"Tuesday’s moves extend a rotation within the stock market that began on Friday, out of tech and into defensive sectors, when strong US jobs numbers contributed to the Nasdaq’s biggest one-day drop since April 10 last year and a 2.6 per cent decline for the S&P 500. Utilities, staples and real estate climbed on the day."}],[{"start":110.69999999999999,"text":"Some analysts have attributed the recent tech slump to investor repositioning ahead of SpaceX’s landmark initial public offering, which could raise as much as $86bn. AI start-ups OpenAI and Anthropic have also confidentially filed IPO paperwork, with both companies expected to fetch valuations of about $1tn if and when they come to market later this year. "}],[{"start":134,"text":"“Large IPOs can certainly absorb liquidity and encourage some portfolio rebalancing, particularly when investors want to create room for a new position,” said Valérie Noël, head of trading at Syz Bank."}],[{"start":146,"text":"Nerves about the scale of Big Tech’s AI spending have intensified since Alphabet last week said it planned to raise up to $85bn in equity to fund its infrastructure investments. Meta is also considering raising tens of billions of dollars in a stock offering, the FT reported last week. "}],[{"start":164.7,"text":"“Investors [are] reassessing AI-related spending, questioning the timing of returns on massive capex programmes, and looking beyond the most crowded trades of the past two years,” Noël added."}],[{"start":177.35,"text":"The Vix index, which tracks the options-implied movement of the S&P, on Tuesday rose as high as 23.34, its highest level since early April. Bankers are usually reluctant to take companies public during periods of heightened stock market volatility. "}],[{"start":193.75,"text":"In a sign of investors’ growing caution about the market’s year-to-date rally, data released last week by the Commodity Futures Trading Commission, the US derivatives regulator, showed speculators in S&P futures have taken out their biggest short position since September. "}],[{"start":210.6,"text":"Treasury yields dipped but remained near the recent highs hit after Friday’s jobs numbers forced traders to bet on a single quarter-point increase in rates by December."}],[{"start":228.2,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1781051635_3646.mp3"}