US stock indices were muted on Tuesday amid fresh labor market concerns and continued skepticism on whether AI valuations are warranted by fundamentals.
The S&P 500 and the Nasdaq 100 inched lower, while the Dow was close to the flatline. Data from the ADP indicated an average of 11,250 jobs were lost per week through most of October, consolidating the wave of pessimistic labour reports released by other private sources.
In the meantime, stocks with exposure to soaring AI capital expenditures remained under pressure from recent concerns of frothiness after SoftBank sold its entire $5.8 billion stake in Nvidia to fund other AI ventures.
Nvidia dropped 2%, while Oracle, Meta, and Tesla fell more than 1.5%. Also, CoreWeave sank 10% after disappointing on its guidance. Still, broader stocks were mixed amid lingering hopes that the US government shutdown may end this week. The House of Representatives is due to vote on a temporary funding bill after it was approved by the Senate.
Source : Trading Economics
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