ISTANBUL

US-based chipmakers and technology giants lost shares on Monday, causing investors to be cautious amid mixed course in the global markets on Tuesday.

US-based chipmaker and AI firm Nvidia's shares fell 2.3% on Monday, while a financial result from the company is expected on Wednesday.

Semiconductor companies Broadcom and Qualcomm's shares declined 4% and 2.3%, respectively, while chipmaker Micron's shares lost 3.8% and Intel's fell 2% at the same time.

US tech giants Microsoft, Meta Platforms, and Amazon lost around 1% in their shares, while Tesla shares fell 3.5%.

Although Fed Chairman Jerome Powell gave the market the green light on rate cuts last week, uncertainties over the central bank's future decisions continue, as the Fed is certain to cut interest rates by 100 basis points until the end of the year in the money markets, while estimates for a 50-basis-point cut in November are going strong.

Fed officials stated that companies are showing a low hiring and low firing approach, which will be short-lived, while price pressures may ease in the rest of the economy, though, still, the size of the rate cuts is too early to deduce.

Given these changes, the US 10-year bond rose to 3.82% on Monday, while the US Dollar Index climbed 0.2% to 100.9.

The ounce price of gold declined 0.2%, trading at $2,513 on Tuesday, after a record closing at $2,518 on Monday, while the barrel price of Brent crude oil carried its upward trend to the fourth consecutive day, trading at $80.2.

The Dow Jones index closed at a record rate, while the S&P 500 fell 0.32% and the Nasdaq declined 0.85% on Tuesday. American index future contracts started Monday with a mixed course.

As for European stock markets, a mixed course stood out on Monday, as the German economy contracted 0.1% quarter-on-quarter while the annual rate of change remained unchanged, according to data released on Tuesday.

The European Central Bank (ECB) is certain to cut its interest rates at least twice until the end of the year after the Fed's green light.

The DAX 40 Index in Germany fell 0.09% and the FTSE MIB in Italy 0.13%, while the CAC 40 in France climbed 0.18% on Monday. European index future contracts started Tuesday on a mixed course.

As for Asia, the selling pressure on US tech stocks negatively influenced the stocks in the region, as a mixed course prevailed.

The Nikkei 225 index in Japan climbed 0.5% and the Hang Seng in Hong Kong 0.1%, while the Kospi in South Korea and the Shanghai Composite in China fell 0.3% near the close on Monday.

Meanwhile, Türkiye's BIST 100 followed a sales-heavy course on Monday, ending the day at 9,565.76 points, down 1.06% from its previous close.

The US dollar/Turkish lira exchange rate closed at 33.9932 on Monday with a flat course, while it is trading at 34.0260 at the opening on Tuesday.

Analysts said that the 9,500 and 9,300 points are in support, while 9,600 and 9,750 points are in resistance position for the BIST 100.

*Writing by Emir Yildirim