Asian markets drop as tech stocks slide; Bitcoin and gold edge up
Asian stock markets took a hit on Thursday, following Wall Street's lead as tech shares tumbled—NVIDIA dropped 3.8%, pulling the Nasdaq down too.
Investors were cautious across the board, with Bitcoin dipping over 2% before bouncing back a bit.
Worries about whether AI companies are worth their sky-high prices added to the nerves.
Other details:
Long-term US Treasury yields climbed higher thanks to concerns about AI spending and infrastructure costs.
Meanwhile, gold and silver prices rose (silver especially had a strong day), and oil inched up amid global tensions involving Russia and Venezuela.
The Japanese yen also got stronger on talk of an interest rate hike by Japan's central bank.
Over in real estate, China Vanke is moving toward a major debt restructuring—a sign of just how tough things are for China's property market right now, which could ripple out to global markets too.