AI Profit-Taking Returns Ahead of Holiday-Shortened Week

AI-related stocks and markets are under pressure again this morning, with the overnight retreat appearing to be driven more by profit-taking than fresh news. After yesterday’s sharp bounce, investors appear to be taking some risk off the table ahead of the weekend and a holiday-shortened week to come.

There are no major corporate earnings or economic reports on the calendar today, leaving markets to trade largely on momentum, positioning, and recent leadership trends.

US futures are lower this morning, with NASDAQ futures down 1.1% and Dow futures down 0.1%.

Global equity markets are broadly weaker. In Asia, the Nikkei fell 4.1%, Hong Kong’s Hang Seng declined 1.8%, and South Korea’s KOSPI dropped 5.8%. In Europe, Germany’s DAX is down 1.3%, while the FTSE is lower by 0.9%.

Commodities are mixed. Crude Oil is down 2.8%, trading below $70.00/bbl, while Gasoline is down 2.0%, trading below $3.00/gallon. Gold is up 0.3%, regaining $4,000/oz, Copper is up 0.8%, hovering near $6.10/pound, and Silver is down 0.4%.

Currencies and rates are relatively steady. The US 10-year Treasury note yield is holding near 4.40%, while the US 30-year Treasury note yield is holding near 4.85%. The US Dollar is backsliding against other currencies, with the Euro up 0.3% and the Loonie up 0.1%.

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