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US equities rebounded overnight, led by semiconductor stocks, which posted their strongest rise since April 2025 after recent heavy selling. The S&P 500 recorded its best session in seven weeks.

US equities posted heavy declines overnight, with the S&P 500 falling 1.5% – its worst session since 10 June – amid a further sell-off in some of the largest tech sector names. Investor anxiety over AI-related spending continued ahead of earnings reports from major AI spenders Meta and Microsoft.

Wall Street saw mixed results last night, as hopes for de-escalation in the Middle East were offset by concerns over valuations in the information technology sector.

The S&P 500 closed the day almost unchanged after giving up all its early gains. The fall was driven by a sell-off in semiconductor shares, although most sectors posted increases. Reports that giant chipmaker Nvidia is helping to finance data centre development raised concerns that it is financing its own chip sales, adding to anxiety over the sustainability of huge investments in AI data centres.

The S&P 500 closed virtually flat on Friday, as the initial gains were wiped out later in the session amid a sell-off in tech stocks ahead of earnings from the top megacaps this week.

US and European equities slumped overnight as the Middle East situation deteriorated further and oil prices hit two-month highs, lifting inflation expectations and bond yields. However, tech was the main drag on US markets, as traders continue to question whether future earnings justify current valuations and heavy AI data centre spending.