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Global Markets Slide, SpaceX Down 20% as AI Fatigue Hits

7/2/2026

Summary

Story summary

Global stock markets fell on Tuesday, tech shares dragging indices lower, with the S&P 500 down 1.4 percent and the Nasdaq down 2.2 percent.
SpaceX’s stock shed 20 percent in the past week, erasing $600 billion in value, and closed near $156 after a 1 percent rise.
South Korea’s KOSPI fell 10.5 percent, prompting a 20-minute trading halt.
BNY strategist Geoffrey Yu warned AI exhaustion could raise concerns about global growth amid tighter funding and fiscal constraints.

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Story summary

Global stock markets fell on Tuesday, tech shares dragging indices lower, with the S&P 500 down 1.4 percent and the Nasdaq down 2.2 percent.
SpaceX’s stock shed 20 percent in the past week, erasing $600 billion in value, and closed near $156 after a 1 percent rise.
South Korea’s KOSPI fell 10.5 percent, prompting a 20-minute trading halt.
BNY strategist Geoffrey Yu warned AI exhaustion could raise concerns about global growth amid tighter funding and fiscal constraints.