US stocks weakened for a second straight day on Wednesday as investors weighed pressure on AI leaders, mixed signals from the Federal Reserve, and profit-taking near record highs. The S&P 500 fell 0.3%, the Nasdaq 100 and the Dow Jones Industrial Average each fell 0.4%, extending Tuesday's decline that ended a three-day winning streak.
Nvidia fell nearly 1% after announcing a $100 billion partnership with OpenAI, while Oracle fell 1.7% and Micron Technology slumped 2.9% despite posting higher-than-expected earnings. Conversely, Alibaba's pledge to increase AI spending beyond its initial $50 billion commitment pushed its US-listed shares up 8.2%.
However, market sentiment was weighed down by concerns over high valuations, as Fed Chairman Jerome Powell reiterated that inflation and labor market risks persist, while warning that stock prices remain high. On the economic front, new home sales surged unexpectedly in August, offering a silver lining to concerns about slowing growth and a weakening seasonal market. (alg)
Source: Trading Economics
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