US stocks sold off led by tech weakness amid concerns about valuations and AI race with China – Newsquawk Asia-Pac Market Open

US stocks declined with the Nasdaq and big tech names leading the losses, seemingly driven by concerns over the US position in the AI race against China after a slew of positive updates from Chinese tech companies overnight. The SPX sold off by over 100 points at the close, while RUT and NDX clearly underperformed. Sectors were predominantly lower, with the homes of the heavy weights, Consumer Discretionary, Tech and Communications the laggards, while Energy, Consumer Staples and Healthcare outperformed, in which energy stocks tracked crude prices higher as Russia appeared frustrated with Ukraine’s lack of negotiations although crude settled…