US stocks fall into negative territory, give back big gains as chipmakers slump

Suddenly, it’s not a pretty picture in global equity markets.

Today’s 10-year Treasury sale was a poor one, pushing yields higher. The bond market has stabilized since but stocks are now at the lows of the day.

The price action has bled into FX as well, with the Australian dollar now barely positive.

The turn in stocks has been led by chipmakers, with Nvidia initially rising 3% but now down 3% at $100.96. Broadcom and Micron,are also lower.

Super Micro reported earnings earlier and is down 19%.

There is also some pressure in biotech, which has been another high flyer this year, particularly GLP-1 companies. Travel and tourism companies are also struggling today after Disney highlighted slowing traffic at theme parks.

This article was written by Adam Button at www.forexlive.com.