Finance

The tech-heavy Nasdaq Composite faced downward pressure due to steep corrections in high-profile tech shares following recent corporate reports. SpaceX saw its stock slump significantly after revealing that its massive capital expenditures on artificial intelligence are expected to continue well into the future. Similarly, Advanced Micro Devices witnessed a notable stock decline as its financial results failed to satisfy elevated investor expectations.

Spot gold prices surged by roughly 4% to hit their highest level in nearly seven weeks, reversing previous summer losses. The commodity's sharp rally was heavily supported by a softening greenback and stabilizing oil markets. This movement underscores a renewed demand for safe-haven assets as geopolitical negotiations remain a focal point for global market participants.

Stablecoin issuer Circle Internet Group fell short of revenue expectations in its second-quarter earnings report, causing its stock price to tumble by nearly 4% in early trading. Although the company surpassed Wall Street profit estimates due to a 19% increase in USDC circulation, the mixed results highlighted broader headwinds across the cryptocurrency landscape. The report mirrored recent data from Coinbase, which previously disclosed slumping trading volumes.