\u201cThe market likes to take two steps forward, one step back, and that\u2019s the step-back phase.\u201d<\/p>\n
After falling the last three days, SpaceX early in the session retreated below US$150 ($264) \u2013 the level at which it began trading on June 12, its first day on the Nasdaq.<\/p>\n
But SpaceX shares later reversed course, finishing at US$156.11, up 1.0% for the day.<\/p>\n
Still, the announcement of a bond offering by Elon Musk\u2019s rocket company and satellite operator added to investor unease.<\/p>\n
SpaceX \u201cjumping on the bond train to fund excessive AI and infrastructure spending revives earlier concerns that Big Tech may be spending too much on AI infrastructure and increasingly financing that spending through debt\u201d, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.<\/p>\n
Share prices of South Korean chip giants SK hynix and Samsung tumbled more than 12% to drag the Kospi index down 10%, having finished Monday at a record high.<\/p>\n
\u201cWhen you have markets that go up in a straight line … they tend to experience sharp moves in the opposite direction at unpredictable times,\u201d said Steve Sosnick of Interactive Brokers.<\/p>\n
\u201cThis is what happens when markets get stretched.\u201d<\/p>\n
Tokyo also took a beating, shedding 3.6%, with tech investment titan SoftBank down more than 10%, Tokyo Electron 6.2% lower and Advantest off more than 2%.<\/p>\n
Oil prices slipped, adding to recent falls as more tankers return to the Strait of Hormuz following a US-Iran deal aimed at ending the Middle East war.<\/p>\n
Traffic on Monday through the Strait of Hormuz reached the highest level since the start of the Middle East war, according to maritime tracking data from analytics platform Kpler.<\/p>\n
A temporary suspension of US sanctions against Iran during their negotiations also raised hopes that more oil would be hitting the market soon.<\/p>\n
Brent North Sea Crude shed another 1.1% to US$77.08 a barrel around 3.30pm GMT and West Texas Intermediate dropped similarly to US$73.21.<\/p>\n
Earlier in the conflict, they had soared past the US$110 mark.<\/p>\n
Key figures around 2020 GMT<\/p>\n
New York – Dow: DOWN 0.1% at 51,666.84 (close)<\/p>\n
New York \u2013 S&P 500: DOWN 1.4% at 7,365.46 (close)<\/p>\n
New York \u2013 Nasdaq: DOWN 2.2% at 25,587.04 (close)<\/p>\n
London \u2013 FTSE 100: DOWN 0.1% at 10,428.85 (close)<\/p>\n
Paris \u2013 CAC 40: DOWN 0.7% at 8,340.71 (close)<\/p>\n
Frankfurt \u2013 DAX: DOWN 1.0% at 24,893.58 (close)<\/p>\n
Seoul – Kospi: DOWN 10.0% at 8203.84 (close)<\/p>\n
Tokyo – Nikkei 225: DOWN 3.6% at 69,788.38 (close)<\/p>\n
Hong Kong – Hang Seng Index: DOWN 1.8% at 23,336.28 (close)<\/p>\n
Shanghai – Composite: DOWN 1.4% at 4106.25 (close)<\/p>\n
Brent North Sea Crude: DOWN 1.1% at US$77.08 a barrel<\/p>\n
West Texas Intermediate: DOWN 0.9% at US$73.21 a barrel<\/p>\n
Pound\/dollar: DOWN at US$1.3196 from US$1.3251<\/p>\n
Dollar\/yen: DOWN at \u00a5161.52 from \u00a5161.57<\/p>\n
Euro\/pound: DOWN at 86.23 pence from 86.26 pence<\/p>\n
– AFP<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cThe market likes to take two steps forward, one step back, and that\u2019s the step-back phase.\u201d After falling…\n","protected":false},"author":2,"featured_media":492755,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[6030,138,10709,59776,6097,55414,44014,1437,45057,3012,8482,220,111,139,69,4156,90,246866,1523,97266,8603,643,5424,19862,370,145,14578,95298,16541,13558,102,377,14932],"class_list":["post-492754","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-again","tag-business","tag-concerns","tag-dips","tag-down","tag-dragged","tag-drags","tag-global","tag-highflying","tag-hopes","tag-huge","tag-markets","tag-new-zealand","tag-newzealand","tag-nz","tag-oil","tag-on","tag-outlays","tag-over","tag-persistent","tag-slump","tag-stocks","tag-street","tag-supply","tag-tech","tag-technology","tag-tuesday","tag-tumbling","tag-valuation","tag-wall","tag-with","tag-world","tag-worries"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/492754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=492754"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/492754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/492755"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=492754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=492754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=492754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}