Stock market today: Nvidia and other tech stocks win back some of Monday's sharp losses
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
The S&P 500 was 1% higher in late trading and clawing back nearly two-thirds of its earlier drop. The Dow Jones Industrial Average was up 152 points, or 0.3%, with a little less than an hour remaining in trading, and the Nasdaq composite was 2% higher after sliding 3.1 % the day before.
The spotlight remains on
Other AI-related companies also held steadier, including chip company Broadcom, which rose 2.6%.
Such revenues are under threat after
AI-related stocks have been Wall Street’s biggest stars in recent years, soaring on expectations for big continued spending. The gains, though, also created criticism that the stock prices had simply gone too high, too fast.
It's still uncertain how much
“If AI becomes less expensive to use, we think businesses will adopt it more quickly, making a greater investment in AI software," according to
Outside of AI-related industries, stocks held up fairly well on Monday, and they were mixed Tuesday following a set of mixed profit reports.
Later this week will come profit reports from some of Wall Street’s most influential companies, including
In the bond market, which had been driving much of Wall Street’s action before Monday’s upheaval,
The yield on the 10-year
A report showing confidence among
The widespread expectation is that it will leave the federal funds rate alone. If that proves true, it would be the first meeting where the Fed did not cut rates to help the economy since it began doing so in September.
In stock markets abroad, indexes were mixed across
Japan’s
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AP Business Writers
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