What moved the S&P 500 today?

A deepening tech selloff dragged the market. Reports that Alphabet may spend up to US$185 billion on AI capex in 2026 raised concerns about margins and buybacks. Bitcoin’s drop below US$64,000 added to risk-off sentiment. Together, they pressured high-multiple tech and turned the index negative year-to-date.

How does a US tech selloff affect the ASX?

Wall Street sets the tone for global risk. When US tech falls, local tech and growth names often weaken, while defensives and income plays can hold better. Currency moves matter too. A softer AUD can lift unhedged US holdings for Australian investors but may also increase imported cost pressures.

Why did crypto fall with equities?

Crypto often trades as a high-beta risk asset. When liquidity tightens and investors de-risk, leveraged strategies unwind and spill into crypto, triggering faster declines. The move below US$64,000 signalled weaker risk appetite, which fed back into equities and amplified volatility across growth and momentum trades.

What should Australian investors watch next?

Focus on US labour data, Fed speakers, and guidance from major AI spenders. These shape rate expectations and tech valuations. Locally, monitor ASX sector rotation, AUD direction, and bond yields. Use rebalancing bands, manage concentration, and consider hedging choices to handle swings while staying invested in quality.

Global Market Insights

^GSPC Today, February 8: Tech Rout Sends Index Negative for 2026

ByDanny Kontos February 7, 2026February 7, 2026

S&P 500 today turned negative for 2026 as a sharp tech selloff shook confidence. The ^GSPC slid after reports that Alphabet may spend up to US$185 billion on AI in 2026, pressuring software and chip leaders. Bitcoin’s fall below US$64,000 added to risk-off sentiment. For Australian investors, the move sets the tone for the ASX open, currency swings, and sector rotation. We break down what is driving the shift, what to watch next, and how to position with clear, practical steps.