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Wall Street Drifts After Tech Stocks Keep Swinging
AI-linked chip stocks led losses as traders weighed inflation at a three-year high and higher oil prices after U.S. strikes on Iran.
- On Wednesday, U.S. markets drifted in mixed trading as inflation data released before the opening bell matched economist expectations, helping Treasury yields ease and relax pressure on stocks.
- Oil prices rose 2% Wednesday after the United States military launched attacks against Iran, with President Donald Trump warning the nation would "pay the price" for stalled negotiations.
- Artificial intelligence stocks fell sharply, with Super Micro Computer tumbling 14.1% after announcing plans to raise $7 billion, while SoftBank Group lost 8.3% amid valuation concerns.
- Elsewhere, Cracker Barrel shares jumped 10.7% Tuesday after strong third-quarter results, while South Korea's Kospi index fell 4.5% due to losses for Samsung Electronics and SK Hynix.
- Traders recently increased bets that the Federal Reserve will hike interest rates this year as inflation reached its highest level in three years, leaving market participants cautious.
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18 Articles
18 Articles
Wall Street closed with heavy losses on Wednesday after an upsurge in tensions between the U.S. and Iran boosted oil prices and revived concerns about inflation and interest rates, factors that overshadowed the initial relief generated by a more moderate underlying inflation data than anticipated.See more: SpaceX conquers space, but analysts believe that its future is at stake in AIThe S&P 500 fell 1.62% and ended at its lowest level in five wee…
The upturn of the CPI in May and the threat of new offensives against Iran reactivate fear of high rates and energy shock.
Coverage Details
Total News Sources18
Leaning Left4Leaning Right3Center5Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 33%
C 42%
R 25%
Factuality
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