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Sinking AI stocks and higher oil prices weigh on Wall Street
Nvidia, Oracle and CoreWeave led AI shares lower as oil climbed more than 2.5%, with investors awaiting earnings from major tech companies.
- Wall Street's record-setting rally stalled on Tuesday as slumping artificial-intelligence stocks and rising oil prices weighed on major indices, with the Nasdaq falling 1% from its record.
- Uncertainty regarding the war in Iran continues to drive crude oil prices higher, as the Strait of Hormuz remains closed to traffic and Brent prices move toward their $119 peak.
- Nvidia sank 2.8% and Oracle fell 4.9% following reports of concerns regarding OpenAI's data center spending, while the yield on the 10-year Treasury ticked up to 4.36%.
- Investors turn their attention to Wednesday, when the Federal Reserve meets to announce its interest rate decision and the Senate Banking Committee votes on confirming Kevin Warsh to succeed Fed Chair Jerome Powell.
- Analysts are closely monitoring how the ongoing Middle East situation impacts the broader economic outlook, as the average price for a gallon of gasoline in the United States reached $4.18 on Tuesday.
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30 Articles
The Dow Jones index closed by 0.05%, at 49.141.93 points, the S&P 500 depreciated 0.49%, at 7.138.80 points, and the Nasdaq recorded a loss of 0.90%, at 24.659.910 points
·Brazil
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Sinking AI stocks and higher oil prices weigh on Wall Street
Slumping AI stocks and another climb in oil prices because of the Iran war are helping to halt Wall Street’s record-setting rally on Tuesday.The S&P 500 slipped 0.5% from its latest all-time high. The Dow Jones Industrial Average, which has less of an emphasis on technology stocks, held up better and was up 116 points, or 0.2%, as of 9:35 a.m. Eastern time, while the Nasdaq composite fell 1% from its own record.Stocks enmeshed in the artificial-…
·Orlando, United States
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Coverage Details
Total News Sources30
Leaning Left8Leaning Right3Center6Last UpdatedBias Distribution47% Left
Bias Distribution
- 47% of the sources lean Left
47% Left
L 47%
C 35%
R 18%
Factuality
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