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Goldman’s Mueller-Glissman Sees Healthy Pullback in Tech Rally
Traders work on the floor of the New York Stock Exchange. Photographer: Michael Nagle/Bloomberg
No tech, no problem. Dow makes record and traders think these stocks can lead now
The flashiest group in the market took a step back Thursday as chip stocks dropped 1.5%, but U.S. stock market bulls didn't miss a beat. The Dow Jones Industrial Average closed at a fresh record following a 2% pop and the S&P 500 bounced 0.4% as 9 of 11 sectors advanced. Health-care stocks led gains and options traders followed suit, piling into the group as a handful of insurers and drugmakers pushed toward new highs.
$1.3 trillion erased from Wall Street: Here's what slowed down AI rally
US tech stocks came under heavy pressure on Friday, with semiconductor giants leading the decline as investors grew cautious about artificial intelligence-fuelled valuations and digested stronger-than-expected US jobs data. The sell-off was most severe in the chip sector, where the PHLX Semiconductor Index plunged 10.3%, marking its steepest single-day fall since March 2020. The decline followed losses a day earlier after Broadcom's quarterly earnings failed to meet the market's elevated...
Bitcoin trails stocks by most since 2019 as traders get their kicks elsewhere
Bitcoin hasn't had this cold a winter in seven years. The biggest crypto token – which trades with a market cap of $1.3 trillion – is down 35% since its relative strength versus the Nasdaq-100 peaked almost a year ago, during which the big-tech index has rallied about an equal amount. The resulting 70-percentage-point GAP is the widest in favor of stocks since March 2019, according to data compiled by CNBC.
South Korea's KOSPI craters nearly 9% as Fed fears hammer tech stocks
South Korea's KOSPI craters over 8% as Fed fears spark tech rout SEOUL, June 8 : South Korea's stock benchmark plunged over 8 per cent on Monday, tripping circuit breakers, after robust U.S. jobs data lifted bets on a Federal Reserve rate hike and unleashed a selloff in the tech‑heavy market that had powered the broader AI rally. The KOSPI fell 8.3 per cent to close at 7,484.41, marking its biggest daily fall since March 4. The index is now 15 per cent below the peak of 8,801.49 hit on June 2.
Chip stocks bounce back as OpenAI files for Wall Street float – business live
Rolling coverage of the latest economic and financial news, as the AI trade bounces backOpenAI confidentially files for initial public offering on US stock marketThe pound is strengthening against the US dollar today, as calm returns to the markets. Sterling is up a third of a cent at $1.3376.“A light week in terms of macroeconomic news out of the UK meant the focus for sterling traders was mostly elsewhere. We did see an MPC member (Greene) stating that she would consider voting for a hike...
Chip stocks bounce back as OpenAI files for Wall Street float – business live
Rolling coverage of the latest economic and financial news, as the AI trade bounces backOpenAI confidentially files for initial public offering on US stock marketThe pound is strengthening against the US dollar today, as calm returns to the markets. Sterling is up a third of a cent at $1.3376.“A light week in terms of macroeconomic news out of the UK meant the focus for sterling traders was mostly elsewhere. We did see an MPC member (Greene) stating that she would consider voting for a hike...
Tech sell-off deepens as oil prices rise on renewed Iran tensions
Global stock markets fell on Wednesday, extending a volatile week driven by concerns about rising inflation, potential U.S. interest rate hikes, and escalating tensions in the Middle East. Asian shares mostly retreated on Wednesday after a sell-off in technology stocks on Wall Street, while oil prices climbed following fresh US airstrikes against Iran. The US military launched attacks early on Wednesday after an Army helicopter crashed near the Strait of Hormuz, an incident President Donald...