It was a very rough start to New York’s trading week as Nvidia led semiconductor stocks sharply lower. Bitcoin plunged. Oil dropped. Follow updates here.
Oil declined amid risk-off sentiment in wider markets and a solidifying consensus that the Trump administration’s trade and foreign policy will rely more heavily on tariffs than on supply-constricting sanctions. West Texas Intermediate fell by more than 2 per cent to below $US73 a barrel, tumbling alongside equities as concerns about Chinese artificial-intelligence startup DeepSeek fuelled a rout in US stock markets.
He has also threatened action against China, Canada, Mexico and the European Union, while urging OPEC to help lower prices and arguing that declining oil prices could starve Russia of revenue and help halt the war in Ukraine. The moves are helping unwind price gains tied to the latest round of US restrictions against Russia, said Jon Byrne, an analyst at Strategas Securities.
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