Tech hit, Iran delays, JOLTs today
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Why are tech stocks sliding and what does it mean for AI spending?
Tech stocks are falling over AI and all that. Oil is rising over Iran worries. And we now have dates for non-farm payrolls in the United States. And Jolts comes out today, and the ECB and Bank of England tonight as well. But we know the likely outcome, both on hold. It's Thursday. It's the fifth of February, twenty twenty six. It's the morning call from NAB. Good morning. Well, another day of big falls in the US share market. The Nasdaq is down two point three percent, naught point six percent off the S P, whilst in Europe the DAC's down naught point seven percent. But it's pretty mixed in Europe because the uh cat car on has climbed one percent and the FTSE one hundred is also up naught point nine percent.
The US dollar has risen a little, the Aussie has fallen half percent, down below seventy US cents now. That is a bigger fall than the pound or the euro. And oil is higher, another 2.3% added to Brent, which is uh closing in on sixty-nine a barrel. WTI is up one point eight percent, spot gold is down 0.6%, but silver is up two and a half percent, and Bitcoin down four percent today in US dollar terms, down over twenty percent in the last month. Not much going on with US treasuries, but yields are down across Europe, down three basis points in most places. Up three basis points for the UK ahead of the Bank of England today. Uh the Aussie 10 years climbed to 4.86% yesterday, up just one basis point higher on that on uh futures overnight.
And out of bed today is NABS Ken Crompton. Um, it's the US share market, isn't it? That's got a lot of people on edge, particularly if they are holding a lot of tech. So AMD, advanced micro devices. showed a slowdown in earnings, still pretty healthy earnings, but a slowdown in the last quarter, and their forecasting revenue growth is going to be uh slowing as well, uh, this coming quarter, and their shares as a result are down seventeen percent this morning.
Yeah, good morning, Phil. It does show just how relatively jittery certain sectors of the market are. We've seen that play out a fair bit over the past uh the past week or so, haven't we, with the uh with the with the wobbles in precious metals at the end of last week and again um air tech stocks overnight. So I think seventeen percent down for AMD now. I mean they've Predicting Q one revenue of um of of of about ten billion, but still that's disappointed on the um on the AI front. And I think just sort of playing into some of the broader jitters. Sorry to reuse that word again, but a bit across that across that market since we've had the that news um a a couple of days ago on some of the perceived threats to a lot of the software ecosystem from some AO tools, that sort of thing.
It's just sort of really continuing to to play To play into that theme. It's pr it probably is sort of worth noting though that the behind all this the tech rot or the the rotation out of tech theme still seems to be in play. So I did see someone noting that the uh the equal weighted S P five hundred that was actually up about half a percent, you know, despite um you know decrease despite falls in NASDAQ and some of the tech sector. So you've still got that uh rotation theme playing out.
Yeah, well it's consumer staples and healthcare and financials that are doing well today and energy that are doing well today. And I guess that's because if the economies get a bit stronger, I mean tech almost played the part of a a safe haven, didn't it? And if people feel as though that we're coming out of the worst of it, uh th that would explain the ro rotation.
Yeah, and um yeah Blo Bloomberg also noting that uh that an index they have of leveraged loans, particularly in the software sector, you know, sort of absolutely uh uh falling, you know, very rapidly over the past week or so as well. Yeah, sort of coming out of that um your software as a service. Uh um again, story to to pick up the colloquial phrase that's being thrown around, but uh but you're seeing in that that's another sign of an area where there's where there's weakness in the tech sector as well.
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