A wipeout sent US stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around AI.
A wipeout on Wednesday sent US stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology.
At Alphabet, meanwhile, investors’ patience with the company’s big AI investments may also be running thinner. The hope on Wall Street is that if momentum does flag for the Magnificent Seven, more stocks outside them can rise to support the market. Conditions may be improving at the right time. Hopes for imminent cuts to interest rates have helped smaller stocks in particular to flip the market’s leaderboard and jump in recent weeks.
Treasury yields were mixed Wednesday after preliminary data suggested US business activity is back to shrinking in manufacturing, though continuing to grow in services industries.
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