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US stocks attempted an unsuccessful rebound on Thursday as the Nasdaq and S&P 500 added to Wall Street's latest Big Tech sell-off, fueled by concerns the artificial intelligence trade could be losing steam.
The Nasdaq Composite (^IXIC), which wobbled between losses and gains throughout the trading day, closed down about 0.9% after coming off the worst day for the tech-heavy index since October 2022.
The benchmark S&P 500 (^GSPC) dropped 0.5%, while the Dow Jones Industrial Average (^DJI) remained the only major index in the green, up a modest 0.2%.
Stocks are running into a wall as Wall Street starts to question when tech companies' huge investments in AI will start to pay off. Unimpressive earnings from Alphabet (GOOGL, GOOG) and Tesla (TSLA) earlier in the week have dented hopes that Big Techs can live up to their AI-fueled sky-high valuations.
At the same time, concerns about the robustness of the US economy are emerging as big-name earnings misses cast doubt on how consumers are holding up in the face of historically high borrowing costs.
Given that, traders are now pricing in bigger cuts by the Federal Reserve — a reduction of about 30 basis points by September, and of almost 70 basis points over 2024, according to money markets. Odds on an earlier-than-expected rate cut in July have also ticked up, CME FedWatch data showed.
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