"The last 24 hours have brought a clear risk-off move, as concerns over lofty tech valuations have hit investor sentiment. Markets compounded these losses in the early hours of Asian trading but have been rallying back in the couple of hours prior to going to print with US futures clawing back towards flat with the Kospi rallying back a couple of percentage points from early -5% plus losses."
"Whilst the moves were only one day's selloff, the market narrative saw a discernible shift, with a growing chorus discussing whether we might be on the verge of an equity correction. That speculation has gathered pace over the last month in particular, mainly because the Magnificent 7 has diverged from the rest of the S&P 500, which has revived questions about how concentrated this equity market now is."
There is growing concern that equity markets may be on the verge of a correction after a clear risk-off move over the last 24 hours driven by lofty tech valuations. Markets sold off in early Asian trading but later staged partial recoveries, with US futures nearing flat and the Kospi retracing from early -5% losses. The S&P 500 closed down 1.17% as tech stocks fell sharply, including a 7.94% slump in Palantir despite a raised revenue outlook. The Magnificent 7 have diverged from the rest of the S&P 500, reviving questions about market concentration.
Read at www.theguardian.com
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