New Delhi: Global financial markets witnessed a sharp risk-off wave as more than $3 trillion in value was reportedly wiped out across major asset classes in 24 hours, triggering steep losses in equities, commodities and cryptocurrencies.
The sell-off was led by Wall Street, where the S&P 500 fell around 2.64% to close at 7,383.74, marking one of its worst sessions in recent months. The Nasdaq crashed 4.2%, its steepest single-day fall since April 2025, as technology and semiconductor stocks came under intense pressure.
Chip stocks were among the biggest casualties of the rout. Marvell plunged 16%, Micron dropped 13%, while Intel and AMD slipped nearly 11% each, reflecting investor anxiety over valuations and growth expectations in the semiconductor and artificial intelligence-linked sectors. Market data also showed the US 500 down sharply, while Micron’s fall was highlighted in fresh market coverage.
The pain was not limited to equities. Precious metals also saw a severe correction, with gold falling 3.27% to around $4,328 per ounce and silver tumbling 8.19% to nearly $67.72 per ounce. Bullion came under pressure after strong US jobs data strengthened the dollar and raised expectations that the Federal Reserve may keep monetary policy tighter for longer.
Cryptocurrencies also joined the global sell-off. Bitcoin slipped below $60,000, hitting its lowest level since 2024 amid a wider crypto-market decline. Crude oil weakened as well, with Brent crude falling around 2% to nearly $93 per barrel.
For perspective, the estimated $3 trillion erosion is roughly comparable to about three-fourths of India’s annual GDP, underlining the scale of the global market shock.
Indian market indicators, however, showed relatively smaller pressure compared to the global carnage. After an earlier indication of resilience around 23,450, GIFT Nifty finally closed at 23,091, down 1.52%, signalling a weaker opening bias for Indian equities but still far less dramatic than the overnight crash across US technology stocks and global commodities.
Analysts say the sharp correction reflects a combination of stretched valuations, rate concerns, profit-booking in AI-linked stocks, dollar strength and broad deleveraging across risk assets. The next few sessions are expected to be crucial in determining whether this remains a one-day panic sell-off or develops into a deeper global market correction.
