Nasdaq nears 1-month low as AI sell-off hammers hedge funds
What's new: Goldman Sachs said AI stocks were sold for six straight sessions, while Asia-focused hedge funds lost 2.6% in a day.
The Nasdaq slid near a one-month low as a broad retreat from artificial-intelligence trades deepened across global markets. On Oct. 15, the tech-heavy index fell 1.24% in early trading to 26,363.01, while the S&P 500 slipped 0.43% and the Dow rose 0.52%. Investors pulled back from AI-linked names as hotter US inflation data raised expectations of further rate hikes, pressuring companies that depend on heavy capital spending. Goldman Sachs said long-short fund managers sold global AI stocks for six straight sessions. On Thursday, Asia-focused hedge funds dropped 2.6%, tech-focused funds lost 2%, and global stock-picking funds were down 0.9%. South Korea's Kospi fell 8% to a six-month low, and Taiwan stocks dropped more than 3%.