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An early swoon shook the US stock market on Friday, as Nvidia, bitcoin, gold and other high-flyers swung on an increasingly antsy Wall Street, but it quickly calmed.
After starting the day with a sharp drop of 1.3 per cent, the S&P 500 erased all of it and then meandered up and down before finishing with a slight dip of 0.1 per cent. The Nasdaq composite flipped to a gain of 0.1 per cent, while the Dow Jones trimmed its loss to 309 points, or 0.7 per cent, after earlier being down nearly 600.
The Australian sharemarket is set to retreat, with futures on Saturday pointing to a fall of 14 points, or 0.2 per cent, at the open. The Australian dollar was trading at US65.38¢ at 5.15am AEDT.
AI stocks were again at the centre of the action, a day after dragging Wall Street to one of its worst drops since its springtime sell-off. Nvidia, which has become the poster child of the frenzy around artificial-intelligence technology, began the day with a loss of 3.4 per cent. It then stormed back to a rise of 1.8 per cent and yanked the market in its wake.
