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The S&P 500 fell 1.1% as investors grew wary of stretched AI stock valuations, with its forward P/E rising above 23. Losses in tech, energy, and industrials weighed on the index, while defensive sectors and Berkshire Hathaway outperformed. Gold dropped 1% to around $3,970 as a stronger dollar, cautious Fed outlook, and China’s VAT cuts on gold dampened demand. Despite near-term pressure, UBS sees the pullback as temporary with a target of $4,200. The Coindesk Indices, which tracks the broader crypto market, fell 5.69% with Bitcoin and Ether down 5.57% and 10.73%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this link.
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