US stocks were mixed for a second session on Wednesday as the market assessed the sustainability of the AI-driven rally, retail earnings results, and the outlook for US interest rates. The Dow Jones Industrial Average edged higher while the S&P 500 held near the flatline, although the Nasdaq 100 weakened as the tech giant continued its aggressive decline from the previous session.
Tech giants' stocks weakened further amid concerns that valuations may have become overstretched, in line with research indicating that most AI companies will be unprofitable, while MetaTrader has overhauled its AI team. Nvidia, MetaTrader, and Alphabet all fell about 1%. Meanwhile, earnings at major retail companies were mixed.
Target fell 10% after announcing a new CEO, despite its revenue beating expectations, while Estee Lauder fell 4% on downbeat projections. Meanwhile, TJX and Lowe's rose 7% and 3% respectively after releasing earnings. Walmart will report tomorrow. Meanwhile, the FOMC minutes could reveal how policymakers weighed the labor market slowdown against stubborn inflation. (alg)
Source: Trading Economics
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