On Thursday, the S&P 500 Index closed down by 0.51%, the Dow Jones Industrial Average decreased by 0.20%, and the Nasdaq 100 fell 1.62%, marking a one-week low amidst concerns over the valuations of chipmakers and AI-infrastructure stocks. Notably, South Korea’s Kospi Index dropped 6% due to significant losses from SK Hynix and Samsung Electronics, influencing U.S. market sentiments.
Key economic data released showed U.S. weekly initial unemployment claims unexpectedly fell by 8,000 to 208,000, indicating a stronger labor market than anticipated. Additionally, the Philadelphia Fed business outlook survey rose to a 4.5-year high of 41.4, exceeding expectations. This came alongside a rise in the 10-year T-note yield to 4.57%, driven by hawkish comments from Federal Reserve officials regarding inflation concerns.
In corporate news, Abbott Laboratories surged over 10% after raising its full-year adjusted EPS forecast. Conversely, Alphabet’s shares fell by more than 4%, affected by reports that Google is behind schedule on its AI model. Overall, the market showed mixed reactions with significant sell-offs in technology and mining sectors while trucking stocks rallied following JB Hunt’s better-than-expected revenue report.
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