US stocks retreated. The Dow fell $175.28, the Nasdaq dropped 572.99 points and the S&P 500 declined 84.62 points in broad-based selling, apparently against a backdrop of renewed concerns over AI-related debt.
US stocks ended lower. The Dow Jones Average fell $175.28 from the previous day to 52,002.41, the Nasdaq dropped 572.99 points to 26,140.04, and the S&P 500 fell 84.62 points to 7,659.44. Waning expectations for a Fed rate hike and credit concerns over AI-related stocks weighed on the market.
In the US ADR market, some stocks declined, while reports that demand would expand with the launch of Apple's foldable iPhone, “DUO,” provided a buying catalyst. Selling related to CoreWeave stood out among other stocks, renewing concerns over financing for AI infrastructure.
Amid declines in the Dow and Nasdaq, Apple benefited from buying after reports that shipments of its new model would begin in or after January next year. Exxon Mobil also supported the market after preliminary third-quarter results suggested improved refining margins. CoreWeave again came under scrutiny over the risks of debt-dependent financing, and its bonds were sold.
Elsewhere, reports that Netflix would change its leadership and cut 6% of its entire workforce raised concerns over the company's growth outlook. Strategy was also cited as facing a risk of removal following changes to MSCI's index inclusion criteria.
In an overview of the US market, the Dow's decline widened toward the close. By sector, real estate and energy were relatively firm, while semiconductor-related stocks weakened.