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Stocks closed lower overnight as sentiment on the AI trade continued to sour amid growing concerns about valuations, with Nvidia leading the broader to the downside ahead of its quarterly results due later this week.
Stocks closed mixed on Friday night, well off the lows of the session as investors bought the dip in AI-related stocks to spark a turnaround in tech and shrugged off concerns about waning odds of a December rate cut.
Tech stocks led the market lower as an ongoing rotation out of big tech and waning odds of a December rate cut weighed on sentiment even with the ending of the longest ever US government shutdown.
The rotation to a more defensive stance continued overnight as investors rotated out of Tech into ahead of the confirmation of a deal to end the longest-ever federal government shutdown.
Tech fell as the DOW rallied as investors weighed up record valuations, AI Chip depreciation & the long-running government shutdown.
In what could possibly be the dumbest rally in history, investors rejoiced, as the Senate voted in favour of the first step towards ending the longest ever government shutdown in the country’s history.
Stocks finished largely on Friday, recovering deep mid-session losses as hopes that the government shutdown could be nearing end were boosted after Senate Minority Leader Chuck Schumer proposed a deal that could re-open the government.
Sellers returned to tech overnight, with AI names including Nvidia the hardest hit amid concerns about valuations while data showing big job cuts stoked concerns about the economy.
Stock bounced overnight as the “Bull market default” of buying the dip saw investors pile back into tech following recent weakness just as President Donald Trump’s IEEPA tariffs* go on trial.
Investor optimism took a hit overnight after major Wall Street CEOs warned of a possible pullback ahead amid concerns about tech valuations and uncertainty on further rate cuts.
Stocks closed higher overnight as artificial intelligence stocks, led by Nvidia & Amazon as another continued to rack up gains amid recent signs that spending on AI is far from over.
Stocks closed higher Friday, but investors had to contend with swings between gains and losses as quarterly results from big tech including Amazon and Apple continued dominate market moves and the “Hindenburg Omen* ” flagged the lack of breadth in the rally, high risk