Market Turmoil: Wall Street's AI Boom Ends & SpaceX Readies for IPO

Asian markets brace for a decline after Wall Street's tech sell-off ends a nine-week rally. Key events include SpaceX's anticipated IPO and upcoming reports on U.S. consumer prices. Meanwhile, geopolitical tensions in the Middle East cause fluctuations in oil prices as investors focus on shifting economic dynamics.

Asian markets prepared for a downturn on Monday, following the conclusion of Wall Street's nine-week winning streak marked by a sell-off in tech stocks, particularly semiconductors. This development followed a strong U.S. jobs report that fueled expectations of further Federal Reserve interest rate hikes, which impacted the AI-driven market rally.

The upcoming week is poised for significant activity as SpaceX plans for its much-anticipated IPO, with prices expected to be set on Thursday. Additionally, there is keen attention on inflation as the U.S. consumer price index is set to be revealed, alongside major central bank meetings in Canada and Europe.

Amid these financial shifts, geopolitical tensions remain high as recent Israeli strikes on Beirut have pushed oil prices higher. In response, Iran launched missile attacks at Israeli targets, affecting the energy markets. Meanwhile, OPEC+ approved its fourth increase in oil output targets in consecutive months.