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Chip stocks have taken it on the chin lately, but worries about the AI trade don’t have to bring down the entire market. The S&P 500’s information technology and communications sectors fell 15% from June 1 through July 29, when the Federal Reserve announced it was holding the fed-funds rate steady, strategist Jim Paulsen wrote Monday on Substack. The overall S&P 500 ended up down less than 4%.
Stocks looked set to open higher on Thursday as investors weighed up earnings reports from Microsoft and Meta Platforms, which came just hours after Federal Reserve Chairman Kevin Warsh’s press conference triggered a brutal market selloff.
The latest oil spike was sending the Dow tumbling, but the Federal Reserve’s interest-rate decision and a gauntlet of earnings loom. The Dow Jones Industrial Average fell 700 points, or 1.3%. The S&P 500 was down 0.
Markets face the week's most consequential moment Wednesday at 2:00pm when the Federal Reserve announces its rate decision and Fed Chair Kevin Warsh holds his first post-decision press conference, setting policy direction.
(Bloomberg) -- A rapid selloff in the high-flying momentum trade is wrecking the strategy’s staunchest bulls: Retail traders. Most Read from BloombergRetina Chip Designed to Restore Sight to Go on Sale in EuropeHegseth Turns to UNC, Virginia Tech After Dropping Ivy LeagueApple Plans Overhaul of MacBooks, iMac in Push to Meet AI DemandTrump Rebuilds Tariffs With New Levies on 60 EconomiesAlphabet Falls as $205 Billion Spending Plan Fuels AI Cost FearA basket of 50 stocks favored by amateur invest
The task force will "survey the pace, the reach [and] the economic impact of new general-purpose technologies, including AI."
Tuesday's catalysts include flash PMIs, Richmond Fed data, ADP weekly employment, Treasury bill and 2-year note auctions, and May money supply.
SpaceX (NASDAQ:SPCX) stock is down 8% on Thursday, June 18, sliding to $176 a day after the Federal Reserve’s latest policy decision. The pullback broke a three-day winning streak, the first losing session since the company’s IPO on June 12. SPCX stock touched a session high of $188.40 and then dropped quickly. That volatility, following ... SpaceX Drops 8% as the Post-IPO Cooldown Deepens: Profit-Taking or Fading Hype?
Stock Market Today: The Dow Jones index wavered Wednesday ahead of the Fed's decision and Fed Chair Warsh's comments. SpaceX stock rallied.
Microsoft has reportedly abandoned talks with Oracle to lease $3 billion in AI computing power after a stalemate over federal security regulations.
The report is accused of falsely describing AI use at UBS, NHS Greater Manchester, Swiss Federal Railways and TfL.
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