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Western stock markets rebounded on Friday following a sharp tech selloff driven by investor anxiety over massive artificial intelligence expenditures.
While the Dow hit a record high and the Nasdaq rose 1.5%, the recovery was uneven; Amazon shares tumbled 7.7% after the company signalled plans for even higher tech spending, joining Alphabet and Meta in the red.
Outside of equities, Bitcoin struggled, falling toward $60,000 and erasing all post-election gains. In the energy sector, oil prices climbed after the U.S. imposed new sanctions on Iranian exports.
Meanwhile, in Europe, Stellantis saw its stock plummet 24% following a major write-down, while mining giants Rio Tinto and Glencore saw mixed results after calling off a massive $260 billion merger.
