Nasdaq Futures Tumble as Chip Rout Deepens, Trump Targets China, More
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Hi, I'm David Weston.
News when you want it with Bloomberg News Now. I'm Karen Moscow and U.S. stock index futures are dropping this morning as the sell-off in semiconductor names gathers steam following the reveal of an artificial intelligence model from a Chinese startup. Contracts on the tech-heavy Nasdaq 100 index are retreating down 1.9 percent or 555 points. S&P futures are down nine-tenths of a percent. Dow futures down seven-tenths of a percent. The 10-year Treasury yield this morning is at 4.53 percent. Nvidia leading the MAG-7 cohort lower in early trading, while the Philadelphia Stock Exchange Semiconductor Index is on the cusp of a bear market and poised to extend yesterday's losses. Now, the sell-off in shipmakers was triggered by a surprise breakthrough from China's Moonshot.
It said its Kimi K3 model could rival the strongest offerings from OpenAI and Anthropic. Investors drew parallels with last year's deep-seek moment. John Stolfitz is chief investment strategist at Oppenheimer.
The one thing, of course, with China is what kind of security do you have if you use a deep seek or this latest programming? China is not a great business partner. It's been proven since COVID. That's why we have the globalization process is going through a huge re-diversification where many other countries will participate and all roads will not lead to China.
And that's John Stoltzfus at Oppenheimer. The U.S. and Iran intensifying their attacks beyond military targets during a sixth straight day of hostilities, and that's increasing fears of a return to full war with no agreement reached over the Strait of Hormuz. The U.S. hit southern Iran overnight, striking six road bridges, according to Iranian state media. There were separate reports of attacks on the southern town of Bushir, which houses the country's only nuclear power plant in the western province of Luristan. Iran responded by firing on U.S. bases in Kuwait, Jordan and Bahrain and on Oman's As-Salama archipelago, which sits on the strait. Kuwait reported strikes on a water desalination and power generation plant, causing a fire and damage.
Oil is headed for its biggest weekly advance since April as the escalating conflict between the U.S. and Iran disrupts supplies from the Middle East. NYMEX crude oil is up 2.7 percent at $81.04 a barrel. Brent is at $86.26. In a primetime address from the White House, President Trump accused China of interfering with U.S. elections in 2020, threatening to upend ties with the world's second biggest economy as he focuses on securing a victory in the midterms in November. Jennifer Lawless is a professor of politics at the University of Virginia.
My reaction to the speech was that it was a lot of nothing and no new information.
Why are Nasdaq futures tumbling amid a semiconductor sell-off?
It's the same kinds of broad, vague claims that we've been hearing since the 2020 election. And to do it during prime time is dangerous, and it really sows a lot of doubt into the election system.
Jennifer Lawless of the University of Virginia, President Trump said the Chinese government stole 220 million voter files, including names, addresses and other sensitive data. It's a claim U.S. intelligence agencies have previously debunked. China punched back today with a foreign ministry spokesman calling Trump's allegations, quote, purely fabricated. In the UK, Andy Burnham said he'll be a pro-business prime minister. It was his first speech since formally winning an uncontested race to lead the governing Labour Party.
Make no mistake, everybody, I will be a pro-business leader of the Labour Party as I was a pro-business mayor of Greater Manchester.
And Burnham will take over as Prime Minister from Keir Starmer on Monday. Federal health officials have identified lettuce from Mexico served by Taco Bell locations across five U.S. states as a source of the widespread outbreak of diarrhea causing parasite cyclospora. The Centers for Disease Control and Prevention confirmed the source and warned consumers not to eat shredded iceberg lettuce from Taco Bell restaurants in Indiana, Kentucky, Michigan, Ohio and West Virginia.
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