Selling pressure intensified, particularly among tech stocks, as growing concerns over profitability mounted due to sluggish Big Tech earnings and the heavy burden of massive AI investments. Furthermore, elevated interest rate burdens driven by persistent inflation weighed further on overall investor sentiment.
Alphabet's stock plunged and selling pressure spread across tech stocks as sluggish Q3 earnings and a disclosure of $98.5 billion in AI-related contingent commitments heightened concerns over AI profitability.
The U.S. September PCE price index rose year-over-year, heightening caution over additional Fed rate hikes and the maintenance of a tight monetary stance.
Amazon and Intel tumbled in extended trading after reporting post-market earnings and weak guidance that fell short of market expectations.
U.S. advance Q3 GDP growth came in at an annualized rate of 3.4%, demonstrating robust growth that beat market expectations.
Microsoft successfully issued $25 billion in corporate bonds to fund investments in AI data center infrastructure.
As the U.S. Federal Reserve held its benchmark interest rate steady, tightening concerns eased significantly with the Chair's comments interpreted as less hawkish than expected. Consequently, short-term U.S. Treasury yields turned lower, helping market investment sentiment quickly regain stability.
U.S. Federal Reserve (Fed) holds benchmark interest rate at 3.75-4.00% per annum and announces reduction of annual rate-setting meetings to six
MBK Partners clashes with Golfzon Holdings over opposition to sale of Golfzon County management rights, emphasizing due process under contract
