The tech-led market correction deepened for a second day, with European stocks down about 0.5% and Japan sliding 1%, while China traded broadly flat. US futures pointed to modest losses as investors reassessed lofty valuations in the sector.
In corporate news, Apple Inc. is reportedly preparing to enter the low-cost laptop market, signaling an effort to broaden its consumer base. IBM is also said to be planning job cuts as part of its ongoing restructuring.
Meanwhile, Norges Bank Investment Management, which manages the world’s largest sovereign wealth fund, said it would oppose Tesla’s proposed $1 trillion pay package for CEO Elon Musk, calling it excessive.
On the earnings front, Uber Technologies and Spotify Technology posted strong quarterly results, while Novo Nordisk trimmed its outlook again amid intensifying competition in the weight-loss drug market.
Investors are watching for results later today from Costco, McDonald’s, Emerson Electric, Qualcomm, and MetLife.
Gold remains under pressure, struggling to reclaim the $4,000 an ounce level as risk appetite stabilizes.