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Sharp Drops for AI Stocks Overwhelm Markets Worldwide as Oil Prices Jump | Chattanooga Times Free Press
Investors are watching whether Alphabet, Microsoft and Amazon can calm fears over AI spending as about one-third of S&P 500 companies report next week.
- Wall Street's main indexes opened lower on Friday as caution prevailed following a sharp selloff in AI-linked stocks, while telecom stocks tumbled on fears that intensified competition from SpaceX could erode their market share.
- The latest shudder for stocks in the artificial-intelligence industry pulled markets lower worldwide, while Brent crude oil leaped 4% to $113.17 after touching its highest level in five months on worries about the war with Iran.
- Nvidia dropped 4.4% amid the broader tech slump, while Kim Forrest, chief investment officer at Bokeh Capital Partners, said, "This is the short term where the selloff is extreme, and I don't think there are fundamental reasons for it."
- U.S. government bonds drew investors seeking safety as the 10-year Treasury yield tumbled to 4.97% from 5.13% late Wednesday, while Procter & Gamble limited market losses by topping profit expectations.
- Market focus remains on next week's earnings reports from Microsoft, Alphabet and Amazon, while the Federal Reserve is expected to keep interest rates unchanged at its policy meeting next week.
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The dizzying investments in AI are increasing the chip stocks. After days of bloodletting, the mood vis-à-vis the tech levels is calming down a little as the oil price rises. SpaceX's advance scares the mobile phone industry.
Wall Street expanded the losses this Friday, after the Thursday falls, driven by losses in technology actions such as Meta that suffered in stock exchange after the release of the results.
·Lisboa, Portugal
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The Nasdaq index - with a high technological colour - declined by 0.21%, the expanded S&P 500 index lost 0.52% and the Dow Jones declined by 1.23%.
·Issy-les-Moulineaux, France
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Coverage Details
Total News Sources58
Leaning Left6Leaning Right12Center9Last UpdatedBias Distribution45% Right
Bias Distribution
- 45% of the sources lean Right
45% Right
L 22%
C 33%
R 45%
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