CandleFocus US stock markets take a dip as big tech AI spending worries investors
2024-11-01
Author: Content Editor
US stock markets, particularly the Nasdaq Composite, experienced a significant drop on Thursday due to concerns over the prospects of the tech sector and rising AI costs. Microsoft and Meta's quarterly reports failed to impress investors, despite beating estimates, as the companies announced plans to invest even more in AI infrastructure. This led to a tech stock contagion, with Amazon and Apple also feeling the effects. As a result, the value of AI-focused company Nvidia dropped, and the yields of 10-year Treasury bonds rose. However, Alphabet CEO Sundar Pichai stated that his company had benefited from increased AI demand, resulting in a rise in Alphabet's shares. The Personal Consumption Expenditures (PCE) index, an important inflation input for the Federal Reserve, rose by 2.7% in September, and initial jobless claims fell to a five-month low.
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