Tech/AI selloff, hedge fund de-risking and a cross-asset rebound
After Friday's Nasdaq 100 -3.5% and SOX -7.2%, futures are rebounding while hedge funds go underweight AI for the first time since 2023. Gold and silver bounced and oil is falling.
What we know
First Squawk reports a rebound in futures and Brent at $111.60 and falling. An account on X notes hedge funds underweight AI with record de-grossing. Gold bounced near $3,900 after its worst October since 2008. Bilello notes bear markets often occur without recessions, while AAPL is decoupling from QQQ. Kioxia fell 14%.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.