Global Tech Selloff Deepens as Cisco Miss Drags Nasdaq and Hang Seng
Investors remain cautious ahead of key U.S. inflation data, while silver extends its strong weekly rebound.
Today's Snapshot
- S&P 500: 6,832.76 (-108.71 pts, −1.57% — last close)
- Nasdaq Composite: 22,597.15 (-469.32 pts, −2.03% — last close)
- Hang Seng: 26,476.20 (-557.43 pts, −2.05%)
- Gold: ~$4,955.05/oz (+0.97%)
- Silver: ~$76.19/oz (+1.41%)
Global Markets
Precious Metals
- Gold: ~$4,955.05/oz (+0.97%) — Appreciated due to USD weakness and equities decline amid investor nervousness; upcoming inflation data increased safe-haven demand.
- Silver: ~$76.19/oz (+1.41%) — Rose on fresh buying after earlier sharp declines made it attractive to investors seeking cheaper entry points.
Energy
- Brent: $67.36/bbl (+0.2%) — Stabilized after recent decline; supported by Middle East geopolitical tensions and U.S.–Iran concerns affecting supply outlook despite demand worries.
FX
- Dollar Index (DXY): 96.93 (slightly weaker) — Declined as investors awaited inflation data and anticipated interest rate cuts; lower U.S. returns prompted capital reallocation elsewhere.
- EUR/USD: 1.1860 (slightly weaker) — Euro eased 0.09% as markets paused ahead of key U.S. data.
Stock Market — What Happened Today
U.S. Equities
- S&P 500: 6,832.76 (-108.71 pts, −1.57%)
- Nasdaq Composite: 22,597.15 (-469.32 pts, −2.03%)
Major decline driven by Cisco (-12.32%) after issuing revenue guidance of $61.2–$61.7 billion (below consensus of ~$63.9 billion). Apple fell 5% amid broader tech sector nervousness and investor selling pressure.
Hong Kong
- Hang Seng Index: 26,476.20 (-557.43 pts, −2.05%)
Declined due to U.S. tech stock losses triggering Asian tech sector concerns. Notable declines: Alibaba (~4%), Tencent (~3%).
Volatility & Positioning
VIX rose sharply to ~20.82, up ~18% from previous close, following the tech-led selloff.
What Traders Are Watching
- U.S. inflation data — Whether calm enough to ease rate fears and stabilize risk assets.
- Tech sentiment — Whether selloff spreads after Cisco's drop and mega-cap tech pressure.
- Yen strength — USD/JPY remains key FX focus after yen's strong week.
“In the short run, the market is a voting machine. In the long run, it's a weighing machine.”
Yesterday's Market News – 12 February 2026
U.S. stocks remained mostly steady with Nasdaq at 23,066.47 (−0.16%); Robinhood fell 9% on weak revenue. Japan's Nikkei 225 briefly exceeded 58,000 before easing. Gold declined 0.3% to $5,063.11/oz on strong jobs data; silver fell 0.8% amid profit-taking.
Read full recap →Sources
- Reuters — Asian shares step back from record as tech jitters return; gold and silver rebound, oil steadies
- Reuters — Yen on track for best week in nearly 15 months as traders reassess positioning
- Reuters — Wall Street sinks as tech rout deepens on AI angst
- Reuters — European shares retreat from record highs as financials and industrials tumble
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