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A 9.5% fall for Nvidia overnight wiped the most off a US company’s market cap in history and is setting the ASX200 up for a 1.24% slide today.
It was weak manufacturing data from both China and the US that caused the spectacular fall – that saw Nvidia lose some $415 billion in value – and proved a contagion on other semiconductor stocks.
The tech tumble pulled the Nasdaq down more than 3 per cent.
The S&P500 lost more than 2 per cent and the Dow Jones dropped 1.5%.
Cryptocurrencies also lost ground, Bitcoin to about US$58,000, or below AUD$86,500 and Ethereum was down nearly 3% to around US$2462 (AUD$3667).
Back home, the Australian Bureau of Statistics will release National Income, Expenditure and Product data, as well as the Monthly Spending Indicator for July.
To some of the key commodities – reported here in US dollars: Iron Ore has held at $98.70 a tonne, gold’s below $2500 ($2492) an ounce, brent crude’s at $73.80 a barrel and natural gas is nudging $2.20 ($2.19) a gigajoule.
The Australian dollar is sitting at 67 US cents.
