Market Maelstrom: Stocks, Metals, and Cryptos Quake Amid Global Selloff

Global markets continued their descent as Wall Street's selloff spread, affecting stocks, precious metals, and cryptocurrencies. Volatility gripped investors, leading to substantial losses in Asia-Pacific markets and concerns over AI's impact on software profits. The U.S. dollar remained stable, while oil and bond markets showed resilience.

Global markets endured a turbulent session as the selloff on Wall Street extended into a third consecutive day, impacting stocks, precious metals, and cryptocurrencies. Market volatility intensified, with fears regarding AI's influence on software firms' profits adding to the decline.

MSCI's broad Asia-Pacific index, excluding Japan, recorded substantial losses, largely driven by the 5% dive in South Korea's Kospi. Meanwhile, U.S. markets also suffered, with the S&P 500 and Nasdaq futures witnessing declines amid heightened concerns over the labor market.

In addition to equities, precious metals and cryptocurrencies faced notable volatility. Bitcoin rebounded following a steep decline, and Ether followed suit, while precious metals like gold and silver attempted a modest recovery from earlier losses. The broader market now anticipates potential policy easing from the Federal Reserve.

(With inputs from agencies.)