U.S. and world stock markets plunge Thursday

NEW YORK, New York - A sharp sell-off gripped Wall Street on Thursday, dragging major indices down by more than 1.5 percent in a broad-based retreat led by technology stocks. "It seems like a natural consolidation to me," Ron Albahary, chief investment officer at Laird Norton Wealth Management, told CNBC Thursday, calling the day's pullback "healthy." "Part of the, I think, AI narrative is that at some point all this capital expenditure is going to actually manifest itself. The benefits of it will manifest itself within the broader economy, so if you start seeing health care and manufacturing, industrials start to actually benefit from AI, that supports the overarching narrative, which is AI capex is going to enhance productivity across the board." The tech-heavy NASDAQ Composite (^IXIC) bore the brunt of the selling pressure, plunging 589.79 points or 2.52 percent to settle at 22,816.67, with an hour left to trade. The decline marked one of the index's worst single-day performances in recent months. The broader market also suffered heavy losses. The Standard and Poor's 500 (^GSPC), a key benchmark for U.S. stocks, tumbled 121.43 points, a decline of 1.77 percent, to 6,729.49. with less than an hour left on the clock The blue-chip Dow Jones Industrial Average (^DJI) was not spared, dropping 802.47 points or 1.66 percent to be trading at 47,452.30 shortly after 3:00pm. Analysts pointed to a combination of rising bond yields, renewed inflation concerns, and profit-taking after a recent rally as key drivers behind the sudden downturn. The steep losses set a negative tone ahead of Friday's trading session and a week of critical economic data. U.S. Dollar Shows Mixed Performance in Thursday Trading, Sterling and Euro Lead Gains The U.S. dollar traded in a mixed range against its major rivals on Thursday, softening against European currencies while firming against several commodity-linked and Asian counterparts. The British pound was the standout performer, with GBP/USD climbing 0.44 percent to trade at 1.3190. The euro also posted solid gains, as EUR/USD advanced 0.37 percent to reach 1.1635. The dollar's weakness was not universal, however. The greenback managed a modest gain against the Canadian dollar, with USD/CAD rising 0.20 percent to 1.4033. In a clear risk-off move, the U.S .dollar strengthened significantly against the safe-haven Swiss franc. The USD/CHF pair fell 0.64 percent, meaning the franc gained substantial ground, with the pair trading at 0.7926. Across the Pacific, the dollar continued its relentless rise against the Japanese yen. USD/JPY edged down a slight 0.21 percent to 154.47, remaining firmly entrenched near multi-decade highs. The commodity-sensitive Antipodean currencies faced selling pressure. The Australian dollar declined, with AUD/USD falling 0.18 percent to 0.6528. The New Zealand dollar also weakened, as NZD/USD dropped 0.21 percent to 0.5654. The day's price action suggests a fragmented market, with traders favoring European currencies while retreating from riskier assets and continuing to sell the yen amid stark interest rate differentials. All eyes are now on upcoming economic data for further direction on global growth and central bank policy. Global Markets Paint a Mixed Picture as Canadian, UK and European Sell-Offs Offset Asian Gains Global equity markets delivered a fractured performance on Thursday, with a sharp sell-off across the UK and Europe contrasting with modest gains in several major Asian financial hubs. Canada's S&P/TSX Composite index (^GSPTSE) mirrored the downdraft on Wall Street, falling sharply by 660.70 points, or 2.14 percent, to settle around 3:15pm at 30,166.88, with 45 minutes left to trade. The UK's benchmark FTSE 100 (^FTSE) uffered significant losses, dropping 103.74 points, a fall of 1.05 percent, to end the session at 9,807.68. European indices were awash with red, leading the day's declines. Germany's DAX (^GDAXI) was among the hardest hit, plunging 339.84 points or 1.39 percent to close at 24,041.62. The broader pan-European EURO STOXX 50 (^STOXX50E) fell 44.52 points, or 0.77 percent, settling at 5,742.79. Belgium's BEL 20 (^BFX) retreated 40.42 points, representing a 0.79 percent decline, to finish at 5,046.30. In France the CAC 40 (^FCHI) showed relative resilience, dipping a mere 8.75 points or 0.11 percent to 8,232.49, while the Euronext 100 Index (^N100) fell 5.69 points, or 0.33 percent. The narrative was more positive in Asia, though performances were mixed. Japan's Nikkei 225 (^N225) continued its strong run, adding 218.52 points, a gain of 0.43 percent, to close at 51,281.83. Hong Kong's Hang Seng Index (^HSI) advanced 150.30 points, or 0.56 percent, to 27,073.03. Mainland China's Shanghai Composite Index (000001.SS) posted a solid gain, rising 29.36 points, or 0.73 percent, to 4,029.50. South Korea's KOSPI Composite Index (^KS11) was up 20.24 points, or 0.49 percent. Other Asian and Pacific markets were more subdued. Singapore's STI Index (^STI) inched up 7.00 points (0.15 percent), and Malaysia's FTSE Bursa Malaysia KLCI (^KLSE) edged higher by 0.66 points (0.04 percent). India's S&P BSE Sensex (^BSESN) was virtually flat, adding just 12.16 points, a marginal gain of 0.01 percent. Not all Asian indices joined the rally. In the Pacific, Australia's S&P/ASX 200 (^AXJO) fell 46.10 points (0.52 percent), and the broader All Ordinaries index (^AORD) dropped 44.90 points (0.49 percent). New Zealand's S&P/NZX 50 Index (^NZ50) declined 73.86 points (0.54 percent). Indonesia's IDX Composite (^JKSE) slipped 16.57 points (0.20 percent), and Taiwan's TWSE Index (^TWII) decreased by 43.53 points (0.16 percent). In other regional action, in the Middle East, Israel's TA-125 (^TA125.TA) gained 5.34 points (0.15 percent), while Egypt's EGX 30 (^CASE30) dipped 38.20 points (0.09 percent). In Africa, South Africa's Top 40 USD Net TRI Index (^JN0U.JO) was a standout performer, jumping 111.69 points, a robust gain of 1.69 percent. The day's trading highlighted divergent regional sentiments, with British European investors grappling with economic concerns while Asian markets largely held their ground,. 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