Global Markets Waver Amid Election Uncertainty and Tech Divergence

Global stock indexes dipped due to disappointing forecasts from semiconductor companies like Advanced Micro Devices. Meanwhile, British stocks fell as UK Finance Minister Rachel Reeves announced substantial tax increases. Despite this, gold prices soared to a new high amidst election uncertainties, and tech stocks displayed varied performances.

Global stock indexes experienced a setback on Wednesday, largely attributed to a lackluster forecast from Advanced Micro Devices. The news, coupled with pre-election uncertainty in the U.S., saw gold prices soar to record highs. The British stock market also faced downward pressure following tax increase announcements from UK Finance Minister Rachel Reeves.

On a more positive note, shares of Alphabet enjoyed a robust upswing, growing over 3% due to stronger-than-expected quarterly revenues. However, the semiconductor sector was hit hard, with AMD shares tumbling nearly 10% after revenue forecasts fell short of expectations, dragging down other chipmakers like Nvidia.

Amid mixed performances in tech stocks, market strategist Quincy Krosby noted the heavy focus on tech companies' future guidance and AI infrastructure spending. As markets remain jittery, speculative assets like bitcoin also reflect investor apprehensions about the impending election, while U.S. energy markets showed signs of recovery with crude oil prices rebounding.

(With inputs from agencies.)