Chip stocks plummeted due to ASML cutting guidance and pound weakening after CPI drop

From Investing.com: 2024-10-16 05:41:00

Investors Panic After ASML Cuts Chip Guidance
Shares of chip stocks plummeted after ASML slashed its 2025 sales guidance, causing a tech selloff. Other chipmakers like Intel, AMD, and Nvidia also took a hit.

Pound Falls as UK Inflation Drops
The pound dropped as UK inflation fell below 2%, raising expectations for a rate cut by the Bank of England. Services CPI dipped, leading to concerns about the future rate path.

Kiwi and Loonie Weaken on Rate Cut Expectations
The New Zealand dollar and Canadian dollar declined as inflation data supported potential rate cuts by their respective central banks.

Gold Nearing Record High, Oil Unsettled
Gold prices approached record levels on the back of geopolitical risks, while oil struggled amid uncertainty in the Middle East and global markets.



Read more at Investing.com: Chip Stocks Experience Selloff as Pound Slides Following CPI Drop