Markets Snap Out of the Rate-Cut Dream: Tech, Crypto and Small Caps Lead the Sell-Off

Markets Hit Reality Check

The ASX joined a global rout on Friday as fading hopes for interest rate cuts triggered a sharp sell-off across risk assets. The S&P 200 slid 1.4%, wiping out $37 billion in market value and marking its steepest weekly drop since March.

The sell-off followed Wall-Street's slump overnight, where the Nasdaq fell 2.3% and the S&P 500 dropped 1.7%, as investors digested a new reality: central banks may not be as dovish as markets had hoped.

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