Nasdaq 100 futures fell more than 1%, with S&P 500 and Dow Jones Industrial Average futures also turning lower. Markets reacted negatively to Amazon’s plan to raise capital expenditure to nearly $200 billion this year, largely directed toward artificial intelligence initiatives. The scale of the spending revived concerns that the massive AI buildout across Big Tech may take longer to translate into earnings growth.

The equity retreat unfolded alongside continued strength in the U.S. dollar, which held near a two-week high as volatility spread across equities, commodities, and cryptocurrencies. 

Precious metals struggled under the weight of the firmer dollar. Gold slipped to around $4,751 per ounce, retreating further from last week’s record high, while silver extended its underperformance after a steep selloff. 

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