US equities closed lower as technology stocks continued to face pressure amid renewed concerns around stretched AI valuations. The S&P 500 fell 0.83% and the Nasdaq dropped 1.21%, marking the fourth consecutive decline for the S&P — its longest losing streak in three months. Nvidia slipped 2.8% ahead of its highly awaited earnings release today, keeping sentiment cautious across the semiconductor and AI ecosystem. On the macro front, the US 10-year yield stayed flat at 4.12%, reflecting stable bond-market expectations ahead of the FOMC October meeting minutes, scheduled for release today. These minutes will offer more clarity on the Fed’s stance regarding future rate cuts and inflation risks. Commodity and currency cues were supportive: Brent crude eased to $65, providing relief for oil-importing economies like India, while the Dollar Index softened to 99.6, indicating a weaker USD and potential support for EM flows. Early Asian cues are positive with GIFT Nifty trading 53 points higher at 25,964, signalling a stable start for Indian markets.

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