Asian Markets Plummet as AI Stocks and Oil Prices Soar
Asian markets have taken a hit, with the Kospi down 5.2%. This decline follows a similar trend in the US futures market, where AI-related stocks continue to sell off. Oil prices, however, are on the rise again.
The S&P 500 and Dow Jones Industrial Average futures were relatively unchanged, while Nasdaq futures declined by 0.1%. Oracle shares slipped more than 1% before the market opened Wednesday, with Marvell Technology and Intel both falling nearly 2%. Micron Technology dipped 1%, dragged down by its status as one of the largest drags on the S&P 500 Tuesday.
Target's stock declined 1.6% despite reporting its second straight quarter of comparable sales gains under new CEO Michael Fiddelke. The decision by President Donald Trump to delay US tariffs on $20 billion worth of Canadian imports also weighed on markets.
The Federal Reserve will release minutes from the most recent meeting of the rate-setting committee later Wednesday, which may provide insight into future monetary policy decisions. Crude prices continue to climb due to ongoing tensions over the Strait of Hormuz, with Brent crude up 1% to $91.91 per barrel and US benchmark crude oil rising by 1.1% to $84.99 per barrel.