Finance

The tech sector remained under significant pressure as chipmakers experienced sharp sell-offs due to concerns over high AI valuations. The Nasdaq is currently facing its steepest weekly drop in over a year, further exacerbated by reported delays for high-profile initial public offerings and rising hardware costs.

Digital assets saw a significant downturn, with Bitcoin and Ethereum falling toward their lowest levels since late 2024. Over $1 billion in leveraged positions were liquidated in a single day as traders sought downside protection through complex option structures ahead of a major derivatives expiry.

Revised data indicated the US economy grew by 2.1% in the first quarter, exceeding previous estimates and suggesting underlying strength. While the personal consumption expenditures price index rose, its monthly pace slowed slightly, offering some relief to investors worried about aggressive central bank tightening.