Stock market crash: Major Asian stock markets suffered strong losses, with Japan’s Nikkei and Korea’s Kospi crashing 2 per cent each and Hang Seng dropping by a per cent during the session on November 7, following an up to 2 per cent fall on Wall Street overnight.
According to Reuters, the Nikkei was set to experience its worst week since the April tariff shock.
The S&P 500 index dropped 1.12 per cent, while the tech-heavy Nasdaq plunged 1.90 per cent on losses in tech major stocks, including Nvidia, Microsoft, and Amazon.
Growing concerns over the stretched valuations of the US stock market, largely due to the steep rise in AI-themed stocks, are prompting investors to book profits.
Nasdaq, which comprises most tech major stocks, has jumped 20 per cent this year so far.
(This is a developing story. Please check back for fresh updates.)
