US Futures Drop on AI Safety Concerns
US stock futures fell on Monday amid rising concerns over the safety of artificial intelligence development, while investors turned their attention to the Federal Reserve’s policy meeting this week. On Saturday, Anthropic CEO Dario Amodei said AI companies should slow the pace of development for their most advanced models due to safety risks, while pledging to implement additional safeguards at the company. Meanwhile, OpenAI CEO Sam Altman said the ChatGPT developer does not plan to go public this year. On the monetary policy front, markets are pricing in an approximately 86% probability of a Fed rate hike on Wednesday, as elevated energy prices add to inflationary pressures. Oil prices climbed further on Monday after Saudi Arabia shut a key pipeline used to bypass the Strait of Hormuz following drone attacks. Rallying oil prices weighed on major US averages last week, with the Dow falling 1.57%, while the S&P 500 and Nasdaq Composite declined 0.8% and 0.66%, respectively.
US stock futures fell on Monday amid rising concerns over the safety of artificial intelligence development, while investors turned their attention to the Federal Reserve’s policy meeting this week. On Saturday, Anthropic CEO Dario Amodei said AI companies should slow the pace of development for their most advanced models due to safety risks, while pledging to implement additional safeguards at the company. Meanwhile, OpenAI CEO Sam Altman said the ChatGPT developer does not plan to go public this year.
On the monetary policy front, markets are pricing in an approximately 86% probability of a Fed rate hike on Wednesday, as elevated energy prices add to inflationary pressures. Oil prices climbed further on Monday after Saudi Arabia shut a key pipeline used to bypass the Strait of Hormuz following drone attacks. 66%, respectively.