Slumping AI stocks weigh on Wall Street, even as oil price ease
Broadcom fell 14.5% as investors took profits after AI shares ran up sharply this year and several chipmakers gave back gains.
- On Thursday, Wall Street tech stocks retreated as Broadcom sank 14.5% and Micron Technology fell 6.2%, despite both companies reporting strong quarterly results that surpassed analysts' expectations.
- Analysts suggested AI-focused stocks may have run too high, prompting investors to take profits after recent surges, while CrowdStrike Holdings dropped 9.7% despite beating profit forecasts.
- Outside of tech, PVH Corp tumbled 29.2% after CEO Stefan Larsson warned of "the prolonged effects of the Middle East conflict, which is putting pressure on" customers, while Marvell Technology sank 4.4%.
- Treasury yields eased as the price of Brent crude oil fell 2.6% to $95.18 per barrel, potentially lessening pressure on stock prices and the broader United States economy.
- High yields worldwide threaten to slow economies, as mortgage rates reached nine-month highs and could curtail companies' "Borrowing to build the artificial-intelligence data centers that have supported the U.S. economy.
17 Articles
17 Articles
Slumping AI stocks weigh on Wall Street, even as oil price ease
Stocks that have been artificial-intelligence winners are giving back some of their big recent runs on Thursday, leaving the U.S. market mixed as oil prices ease.The S&P 500 fell 0.2% a day after dropping from its all-time high and coming just short of its longest winning streak in more than three decades. The Dow Jones Industrial Average was up 496 points, or 1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower.Most stocks …
Market Open: TSX Rises on Energy Strength, AI Stocks Face Pressure
Markets are mixed as strength in Canadian equities contrasts with renewed weakness in technology stocks. The TSX is pushing higher, supported by gains in energy and materials, while U.S. markets are split with the Dow rising strongly and the Nasdaq falling as AI momentum cools. Investors appear to be rotating capital out of high‑growth names and into cyclicals and value plays, reflecting a more cautious tone after a record‑breaking run. Commodit…
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