Fears over AI resurface; the Nasdaq falls. Milan hits another record high on the back of a rally in Fincantieri shares
Buying in defence and oil stocks is offsetting selling in tech shares in Europe. On Wall Street, the Dow Jones has hit new record highs. SpaceX has opened lower on the Nasdaq
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(Il Sole 24 Ore Radiocor) - European stock markets are mostly down after Wall Street took a decisive turn downwards. Defence and oil stocks are also retreating from their highs, unable to offset the latest correction in the tech sector. The weakness on the markets began as early as the Asian session, with investors once again questioning the sustainability of valuations inflated by months of rallies. This time, the catalyst for the uncertainty was was Samsung, which announced a 19-fold increase in operating profit in the second quarter but saw its shares fall by almost 7 per cent on the Seoul Stock Exchange, with concerns centring on demand and spending. Also weighing on the market is the news that China’s DeepSeek is developing its own artificial intelligence chip.
Investors are also closely monitoring the NATO summit in Ankara, particularly with regard to the outlook for the defence sector and with US President Donald Trump’s controversial statements against European allies.
In this context, the FTSE MIB in Milan, having hit a new intraday record of 53,200 points this morning, is losing ground, despite Fincantieri’s rally.
Nasdaq falls on Wall Street amid AI fears
On Wall Street, following a mixed start (with the Dow Jones having hit a new record high), selling is prevailing, with the S&P500 and the Nasdaq weighed down by a fall in semiconductor stocks, with investors once again appearing to turn away from artificial intelligence. Heavy selling is particularly evident in Micron Technology , Marvell Technology, Broadcom and AMD, which are down respectively.
“The reaction to Samsung highlights one of the biggest risks the markets will face in the coming weeks: second-quarter results are likely to be fairly solid in absolute terms... but unlike in the first quarter, expectations are currently very optimistic (and the S&P 500 index is around 1,000 points higher than it was before the first-quarter results were published), which means the bar is set quite high”, wrote Adam Crisafulli of Vital Knowledge, as reported by CNBC.
