AI chip selloff, Morgan Stanley bets expectations, LVMH plunges

A $420 billion sell-off in chip stocks rocks the global AI semiconductor sector.

US stock futures climb following strong results from Morgan Stanley, the bank pushes higher after its third quarter numbers beat across the board.

Luxury giant LVMH plunged after its earnings report showed a slowdown in its Chinese consumer. Sales fell the most since the pandemic, wiping 150 billion Euros from its market cap. The numbers also show weakness in the company's second-largest market, the U.S.