Live Nasdaq Composite: No Safe Harbor as Chip Stock Rout Drags Markets Lower

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Gold Bears

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Investors have fewer places to hide. Deutsche Bank is trimming its outlook on gold, cutting its Q4 price forecast to $4,800 per ounce while flagging a more sobering scenario in which the metal could retreat to $3,800 if the Federal Reserve follows through on multiple rate hikes. The bank pointed to a hawkish Fed posture, resilient U.S. economic data, and weak investment demand as the primary headwinds. ETF outflows, soft futures positioning, and cooling appetite from China and India are adding to the bearish case. Central bank buying remains the one pillar keeping the floor from dropping further.

This article will be updated throughout the day, so check back often for more daily updates. 

The Nasdaq Composite is bracing for a rough open Tuesday as a wave of selling pressure tied to AI spending concerns is pulling futures sharply lower across the board. Nasdaq 100 futures are down 2.5%, S&P 500 futures are off 1.3%, and Dow futures are slipping 0.6%, with AI giants, chipmakers, and SpaceX (NASDAQ:SPCX) all facing heavy premarket selling as investors take a harder look at whether the massive infrastructure buildout underpinning the AI trade is generating returns that justify the capital being deployed.

The selling is broad based but chips are getting hammered. Micron Technology (NASDAQ:MU | MU Price Prediction) is down 9%, SanDisk (NASDAQ:SNDK) is off nearly 10%, and Seagate Technology (NASDAQ:STX) is shedding more than 7%. Intel (NASDAQ:INTC), Advanced Micro Devices (NASDAQ:AMD), and Qualcomm (NASDAQ:QCOM) are each falling more than 6% to 7%, painting a picture of a sector-wide unwind that shows little sign of finding a floor before the opening bell.

Rising Treasury yields are adding another layer of pressure to an already cautious tape, with the rate backdrop compressing valuations on the high-multiple names that have carried the Nasdaq’s record-setting run

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 51,416 Down 0.72%
Nasdaq Composite: 25,529 Down 2.4%
S&P 500: 7,350 Down 1.6%

Market Movers

Bitcoin slid to a two-week low of $61,877 Monday as a tech-driven risk-off mood swept across markets and pulled crypto down alongside it. Ether, Solana, and XRP posted accompanying losses as the broader digital asset space tracked the weakness in high-beta risk assets. The pullback follows renewed unease over the pace of AI infrastructure spending and softening tech sentiment.

Meta Platforms (Nasdaq: META) has reportedly unveiled fresh smart glasses in the $299 price point.