Finance

The tech-heavy Nasdaq led market losses following an extended selloff among major semiconductor manufacturers. Investor sentiment cooled down significantly after lithography giant ASML noted its production capacity falls short of fab demand, while concurrent product advancements from overseas competitors created a drag across the artificial intelligence sector.

Wall Street financial giants recorded volatile trading performances during the early phase of the quarterly corporate reporting cycle. Bank of America plunged over 5% on weak revenue results alongside a massive regulatory fine, whereas peers like Morgan Stanley and Citigroup achieved positive trading momentum despite navigating a cautious guidance landscape.

The unexpected spike in consumer inflation sent U.S. sovereign bond yields higher, with the 10-year Treasury yield advancing significantly to touch 5.30%. The strong inflationary impulse simultaneously propelled a macro rally for the greenback, adding downward pressure on various emerging market currencies.