Major Indexes Extend Losses As Tech Weakness Deepens Risk-Off Mood

Global equity markets moved lower for a fourth consecutive session as renewed weakness in large-cap technology stocks intensified risk-off sentiment. Investors continued to unwind positions built during the November rally, with concerns growing that elevated valuations in the tech sector remain vulnerable in a slowing macro environment.

U.S. markets led the decline. The Nasdaq 100 underperformed as selling pressure returned to mega-cap technology and semiconductor names. The S&P 500 followed lower, dragged down by communication services and consumer discretionary stocks, while defensive sectors offered only limited protection.

The pullback reflects a broader reassessment of growth expectations. While central banks have signaled a willingness to ease policy in 2026, investors appear increasingly focused on near-term earnings risks rather than future liquidity support. Several high-profile tech companies have faced cautious guidance revisions, reinforcing fears that revenue growth may decelerate faster than anticipated.

Bond markets showed modest safe-haven demand, with Treasury yields edging lower as equities weakened. Credit spreads widened slightly, suggesting a more defensive posture among institutional investors. In FX markets, the U.S. dollar firmed against high-beta currencies, while the yen and Swiss franc attracted renewed inflows.

Gold held relatively steady despite the stronger dollar, supported by declining yields and lingering uncertainty around global growth and fiscal dynamics. Oil prices slipped further, adding pressure to energy equities already struggling with demand concerns.

For traders, the message from this session is clear: market leadership remains fragile. Until confidence returns to the tech sector, broader equity indices may struggle to regain momentum. Volatility is likely to stay elevated as investors balance expectations of future rate cuts against the reality of slowing earnings growth.