Global stock sell-off deepens as tech rout spreads from Asia to Wall Street, wiping out $400 billion in SpaceX value and sending gold to two-week lows amid surging dollar bets on Federal Reserve rate hikes.

The rout accelerated on Tuesday, with semiconductor stocks leading declines of at least 10% in major indices, while silver and cryptocurrencies also slumped. SpaceX shares extended losses after losing approximately $400 billion in market value on Monday, falling more than 4% in premarket trading following a surprise debt financing announcement despite holding over $100 billion in cash. The company’s market capitalization now stands at around $2 trillion .

The dollar surged to a 13-month high as investors priced in higher-for-longer US interest rates, further pressuring dollar-denominated assets. Gold slipped to a two-week low, defying traditional inflation-hedge expectations amid rising borrowing costs. “Higher rates, not inflation, now drive the gold price,” analysts noted, as US inflation hit a three-year high while the precious metal headed for a fourth consecutive monthly decline .

ByteDance, the parent company of TikTok, sought $20 billion in its largest-ever offshore loan, signaling continued appetite for debt despite market turbulence . Meanwhile, European markets showed tentative signs of stabilization, with Spain’s Ibex 35 holding near record levels after weathering Monday’s sell-off, while South Korea’s Kospi and Nasdaq futures rebounded .

The rout began in Asia before engulfing US equities, with semiconductor stocks bearing the brunt of the decline. Analysts questioned whether the sell-off marked the end of “irrational exuberance,” a phrase popularized by former Federal Reserve Chair Alan Greenspan . UK markets remained mixed as easing inflation data provided little relief, with sterling weighing on sentiment .

Retail investors in France pulled more than €5 billion from Livret A savings accounts since January, seeking higher returns in life insurance products amid rising interest rates. Banks including La Banque Postale, BPCE, and Société Générale reported the largest outflows, though a potential rate hike on 1 August could slow the trend .

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Articles

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UI-razprodaja najprej zajela Azijo, nato pa v isti meri še ZDA Številne vroče delnice, predvsem iz sektorja polprevodnikov, so v torek doživele vsaj desetodstotni padec, sunek navzdol pa je bil opazen tudi pri srebru in kriptovalutah. Ali je, kot bi rekel pokojni Alan Greenspan, neracionalnega navdušenja konec?

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