Market Turmoil: Tech Stocks Tumble as Silver Soars to New Heights

Global market indexes experience a downturn led by declining U.S. tech stocks, while precious metals like silver surge. Oil prices rise following U.S. sanctions on Venezuela. Investors focus on upcoming inflation data after a prolonged government shutdown, with anticipation for central bank rate decisions around the globe.

Markets worldwide saw a downturn as technology stocks led declines in the U.S., impacting MSCI's global equities gauge, which fell under the pressure. Meanwhile, silver prices hit a record high, spurred by renewed hopes for Federal Reserve rate cuts and President Trump's actions in Venezuela, which drove safe-haven demand.

Oil prices turned positive on Wednesday after Trump ordered a blockade of sanctioned oil tankers entering and leaving Venezuela to increase pressure on Nicolas Maduro's government. Federal Reserve Governor Christopher Waller announced the Fed might cut interest rates, signaling weakness in the job market.

Investors pushed U.S. Treasury yields higher in anticipation of new inflation data due Thursday. Amid a turbulent economic backdrop, with ongoing scrutiny from traders concerning delayed economic data, U.S. crude prices rallied, and silver continued its ascent, surpassing $66 an ounce for the first time.

(With inputs from agencies.)