spot_img
spot_imgspot_img
October 7, 2026 - 6:13 PM

TNC Daily Open: Tech Dips, AI Remains Market Driver

—

This report is from today’s TNC’s Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.

What To Note Today

Tech Pulls The Nasdaq Down

Monday’s U.S. markets were erratic. Amidst a widespread tech sell-off, the Nasdaq Composite sank while the S&P 500 and Dow Jones Industrial Average increased. Tuesday saw largely positive trading in Asia-Pacific markets. Hong Kong’s Hang Seng index gained 2.3%, while China’s CSI 300 increased by almost 2.7%. According to LSEG statistics, Japan’s 40-year government bond yield increased to 2.766%, the highest level since 2007, and the country’s Nikkei 225, the only exception, dropped by about 2%.

Possible New US Steel Bid

According to sources who spoke to CNBC’s David Faber, Cleveland Cliffs is collaborating with rival Nucor in a possible takeover play for U.S. Steel, whose acquisition by Japan’s Nippon Steel was thwarted by the White House earlier this month. The price per share would be in the mid $30s. In a deal worth over $14 billion, Nippon had intended to purchase U.S. Steel for $55 per share.

HSBC Predicts China’s Electric Vehicle Boom To Stall In 2025

HSBC analysts predict that sales of alternative energy vehicles, such as hybrid and battery-only vehicles, in China will increase by just 20% in 2025. According to figures from the China Passenger Car Association, that represents a sharp decline from the 42% growth in 2024. According to the association, by the second part of the year, the percentage of new automobiles sold that were NEVs had surpassed 50%.

More Limitations On Exporting Chips

The U.S. administration said Monday that it would enact new export limits on artificial intelligence processors depending on the tier in which nations are categorized. For example, access to AI chips won’t be restricted for close allies of the United States. The largest provider of AI processors, Nvidia, referred to the regulation as “sweeping overreach” on Monday.

Will Elon Musk Buy TikTok In The US?

Bloomberg News said Monday, citing unnamed sources, that the Chinese government is contemplating a plan to sell Elon Musk TikTok’s U.S. business. If the U.S. Supreme Court upholds a statute that would essentially ban a Chinese-owned TikTok in the U.S., that would permit the company to continue functioning in the nation.

Possibilities Beyond The “Magnificent Seven”

The S&P 500’s 23% returns in 2024 were mostly driven by the “Magnificent Seven” stocks. A portfolio manager suggests that investors use discretion when choosing from the Magnificent Seven firms, even if he believes those stocks still have the opportunity to rise this year. He also sees potential in tech stocks not included in that basket.

Bottom Line

As investors profited from the 2024 winners and searched for this year’s winner, tech stocks fell on Monday.

The tech-dominated Nasdaq Composite had a 0.38% decline. During Monday’s session, major tech companies well-liked by investors saw a general decline. Nvidia lost 2%, and Palantir, the best-performing company in the S&P last year, fell 3.4%, which increased their losses from the previous week. Palantir lost over 15%, while Nvidia dropped around 6%.

Greg Bassuk, CEO of AXS Investments, stated that Friday’s jobs report “cemented” those worries. “That’s a necessary part of a corrective phase in our view, and we are likely further along in this correction than many investors recognize since many stocks peaked in late November, early December,” Bassuk said.

Nonetheless, as investors shifted their holdings to nontech stocks like Amgen, Caterpillar, and UnitedHealth, the S&P 500 increased by 0.16%, and the Dow Jones Industrial Index increased by 0.86%.

This does not imply that those industries will assume the role of market leader in the near future or at all. As investors protect their profits and search for the next equities with upside potential, sectoral rotation is a typical occurrence in markets. Additionally, growth-oriented tech firms are under more pressure from rising rates than value equities, which normally comprise the Dow.

Furthermore, based on the most recent earnings results from TSMC and Foxconn, which trades as Hon Hai Precision Industry, the artificial intelligence craze is still going strong. Due to the strong demand for AI-related products, both businesses saw a surge in income.

There is little chance of a long-term shift away from technology and AI. However, one in the field cannot be disregarded.

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted

Share post:

Subscribe

Latest News

More like this
Related

Improve welfare of Nigerian Teachers 

I was and I am a teacher. I was a Parents Teachers Association hired teacher at Oba Akinbiyi High School (II), Mokola, Ibadan in 1997. Apart from that stint, I also taught briefly at a private secondary school during my National Youth Service at Asaba, Delta State as well as at another private secondary school at Akowonjo area of Lagos state around 2001 / 2002. My late father, Deacon Isaac Oyeniyi Ojo taught for about 40 years across several primary schools in Oyo and Osun sates and retired as a headmaster in 1995. At present, I don’t just teach but train people across various democratic institutions namely election management bodies (INEC and SIECs), political parties, media, national and state legislative assemblies, police, and civil society organisations. Information gleaned from the website of UNESCO says “World Teachers’ Day is held annually on 5 October to celebrate all teachers around the globe. It commemorates the anniversary of the adoption of the 1966 ILO/UNESCO Recommendation concerning the Status of Teachers, which sets benchmarks regarding the rights and responsibilities of teachers, and standards for their initial preparation and further education, recruitment, employment, and teaching and learning conditions. In 2026, the Day marks the 60th anniversary of the Recommendation concerning the Status of Teachers.” In Nigeria, this year's celebration focused on five interconnected pillars: innovation, mobility, Artificial Intelligence, inclusion, and professional excellence. The Minister of State for Education, Prof. Suwaiba Ahmad, announced that the selection process for the 2026 World Teachers' Day awards was digitised to promote transparency, accountability, and efficiency. The celebration includes a symposium, a march-past featuring state flags and cultural attire, and the recognition of 14 awardees, including the first, second, and third best teachers receiving prestigious car gifts, while the best Federal Unity College received a bus. Other prizes include laptops. In commemoration of the World Teachers Day, Dr. Akin Ayeni and I were guests on a breakfast programme on Ekiti 91.5 FM, Ado Ekiti last Monday where we dissected the plights of Nigerian teachers and proffered solutions to them. The host was Ademola Adeleke. I enumerated some of the plights of Nigerian teachers to include: Low wages, insecurity, quackery, inadequate classrooms, lecture theatres, libraries and laboratories, high turnover of staff especially in private schools, high workloads, disrespects from parents, students and even government. I made a proverb on the programme. Elo ni teacher ngba, ti o ntuto s’owo ka’wo osu (meaning, how much does a teacher earn that he or she needs to use saliva to count salary). This was a random joke even among teachers when they used to collect their salary in cash. This day, they receive their wages via online money transfer. The proverb however is meant to drive home the paltry nature of the salaries and wages of teachers cum lecturers. I recall the sticker produced by Academic Staff Union of Universities many years ago which has the inscription “My take home pay cannot take me home”. That’s very instructive. On issue of insecurity, according to Daily Trust of October 1, 2022, “The registrar of the Teachers Registration Council of Nigeria, Professor Josiah Ajiboye, said attacks on schools by insurgents have claimed the lives of more than 2,295 teachers in the North East between 2009 and 2022.” The PUNCH in its June 5, 2026 online edition reported that “An estimated 603 students and teachers have been kidnapped in seven mass abductions across schools in Nigeria between March 2024 and May 2026 under President Bola Tinubu, despite the N145bn Safe Schools Initiative.” Recall that on May 15, 2026, a total of 46 persons – seven teachers and 39 students – were abducted from Community High School Ahoro-Esinele and Yawota Baptist Nursery and Primary School in Oriire Local Government Area of Oyo State. Thankfully, most of them were rescued though two teachers were murdered by the bandits.  Michael Oyedokun, was reportedly beheaded, while John Olaleye, was shot dead during the attack. It is noteworthy that some university lecturers have also been abducted in the past. The heavy workloads and low wages have resulted into brain drain and high turnover of teaching staff across our academic institutions. Many education graduates don’t want to teach. The lecturers in tertiary institutions are leaving in droves for greener pasters abroad. Many teachers today take the job as a last resort when better options are not available. Many of the private schools recruit untrained teachers. They side step the federal government policy of having every teacher certified by Teachers Registration Council of Nigeria. Recall that the TRCN regulates the teaching profession in Nigeria by setting standards, accrediting teacher education programmes, registering qualified teachers, and enforcing professional ethics.  It establishes national minimum standards for teacher education and monitors teacher training institutions, including Colleges of Education, university faculties, polytechnic schools of education, and the National Teachers Institute. Unlike in the 20th century when teachers in Nigeria were widely respected and seen as mini-God, in contemporary times, there have been situation where pupils and students openly abuse teachers, bully them and even beat them up. Some irresponsible parents have even gone to school to harass and molest teachers for caning or meting out corporal punishments to their wards and children. Thus, many teachers now work in an atmosphere of fear. Mrs. Comfort Fasunwon is a multiple award-winning teacher in Ondo State, here is an excerpt from what she wrote on her Facebook wall in commemoration of the 2026 World Teachers Day “To my fellow teachers, today.  Teaching is not always easy. There are days when the workload is heavy, resources may be limited, and the results of our efforts may not be immediately visible. Yet we continue to show up, teach, encourage, correct, inspire and believe in our students. Sometimes, the greatest reward of a teacher is not a certificate or trophy. It is seeing a child who once struggled begin to understand. It is watching a student grow in confidence. It is meeting a former student years later and hearing the words, “Ma or sir, you made a difference in my life.” My plead to government at all level as well as private schools’ owners is to ensure that their schools are well resourced and staff welfare is made paramount. Professionalism should be their watchwords. Teachers’ rewards shouldn’t be in heaven; a foretaste of that should be here on earth. Best wishes to fellow teachers and nation builders. Remember the popular song that says “Anyone who hates teachers will homeschool his or her  child” I.G: @jideojong  

Over 22,000 Arms Recovered Across Nigeria in 10 Years – NCCSALW

The National Centre for the Control of Small Arms...

NBA Calls for End to Torture, Deaths in Nigeria’s Detention Centres

The Nigerian Bar Association (NBA) has called for tougher...

Kari, Tinubu – APC and Nigeria’s Years of Devaluation

Whenever I think about 2015, I remember two births....
Join us on
For more updates, columns, opinions, etc.
WhatsApp
0
Would love your thoughts, please comment.x
()
x