Stocks fell again on Thursday, bogged down by a further pullback in Oracle and Nvidia, as well as a jump in rates.
The S&P 500 dropped 0.6%, while the Nasdaq Composite lost 0.9%. The Dow Jones Industrial Average shed 116 points, or 0.3%.
Oracle and Nvidia saw more losses in the premarket, sliding nearly 4% and 1%, respectively. The two were on track to fall for a third straight day as questions over the state of the artificial intelligence trade lingered. The market action appears to be reflecting concerns about record-high valuations and potentially risky circular relationships in the AI industry after some recent deals.
Through Wednesday's close, Oracle, which led the latest leg of the bull market, is already off more than 10% from its recent high. Thursday's decline was partly driven by a sell rating issued in new coverage by Rothschild Redburn, which predicted a 40% pullback because the "market materially overestimates" how much Oracle's recent AI deals will boost the company's core cloud business.
Source : CNBC.com
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