Semiconductors fell 8.24 percent to 471.51 dollars, the largest move in the market tables. This morning’s reporting ties the fall to Intel’s collapse and Amazon’s cash outflow turning an earnings week into a sector wide repricing of AI spending (see today’s semiconductor story). Broadcom fell 5.48 percent to 326.08 dollars and Nvidia 4.22 percent in the same move, and the broader tech sector fell 4.89 percent.
Silver futures fell 5.93 percent to 49.1 dollars an ounce and spot silver broke below 50 dollars, while gold futures fell 3.29 percent. Investors sold metals to cover losses in sliding technology stocks, and spot gold touched 3,891.67 dollars, its weakest in a year (see today’s gold and silver story).
The miners fell further than the metals. Silver miners fell 5.58 percent to 71.25 dollars, gold miners 5.21 percent to 77.09 dollars, copper miners 5.19 percent to 71.96 dollars and rare earth miners 5.12 percent to 49.99 dollars. The precious metals moves follow the gold and silver story above; for copper and rare earth miners, no clear single driver beyond the broad miners selloff appears in this morning’s reporting.
Uranium miners fell 5.57 percent to 33.73 dollars. Cameco cut production guidance and raised cost guidance in its third quarter results even as the long term uranium price held at 97 dollars a pound (see today’s uranium story).
The pattern was risk off in growth and mining, with one offset. Every large fall sat in technology or the miners that fund and supply it, while Brent crude rose 2.4 percent to 117.64 dollars on Hormuz risk and tanker freight rose 2.05 percent, so energy tightness, not demand optimism, was the bid under oil. Treasury yields eased, with the 10 year down 6 basis points to 4.93 percent, consistent with money leaving equities rather than a rates shock.