US equities fell on Wednesday as skepticism on grounds for future AI returns pressured tech companies, while markets assessed earnings from retailers and FOMC minutes. The S&P 500 and the Nasdaq 100 lost 0.5% and 1%, respectively, while the Dow was slightly lower.
Magnificent 7 companies fell further for a second session, coinciding with research noting that most AI firms will not be profitable. Nvidia, Meta, and Alphabet were over 1% down. In turn, retail earnings were mixed. Target slumped 10% as it revealed a new CEO, despite beating earnings, while Estee Lauder lost 4% on a pessimistic guidance. On the other hand, TJX and Lowe's added 7% and 3% after releasing results.
Walmart reports tomorrow. Minutes from the FOMC mostly agreed that inflation risks outweighed the employment risks, and that the impact from tariffs from the US government may lag the policy implementation. The meeting took place before the aggressive revisions to payroll aggregates and week ISM PMIs.
Source: Trading Economi
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