US Stocks Fall Pull Back
US stock indices fell on Wednesday as the tech rally paused and strong economic data lifted Treasury yields. The Nasdaq 100 fell 0.5% from its record and the S&P 500 and Dow eased 0.3%. PMI data from S&P Global reflected soaring levels of new orders and multi-year high input and output charge inflation, backing hawkish calls from FOMC members and strengthening bets that the Fed is due to deliver another rate hike this year. Credit-sensitive AI hyperscalers, which are undergoing record-levels of debt issuance, retreated with Alphabet and Amazon falling over 2%. Chip producers also fell as markets took profits from their sharp rally this week, stemmed by fresh enthusiasm on the AI trade after positive feedback on the release of Meta's Muse agent. Broadcom, Micron, Intel, and Lam Research fell between 1% and 2%. Meanwhile, oil producers and refiners gained amid reports that the energy sector lobbied against President Trump's plan to halt diesel exports to curb prices.
US stock indices fell on Wednesday as the tech rally paused and strong economic data lifted Treasury yields. 3%. PMI data from S&P Global reflected soaring levels of new orders and multi-year high input and output charge inflation, backing hawkish calls from FOMC members and strengthening bets that the Fed is due to deliver another rate hike this year. Credit-sensitive AI hyperscalers, which are undergoing record-levels of debt issuance, retreated with Alphabet and Amazon falling over 2%.
Chip producers also fell as markets took profits from their sharp rally this week, stemmed by fresh enthusiasm on the AI trade after positive feedback on the release of Meta's Muse agent. Broadcom, Micron, Intel, and Lam Research fell between 1% and 2%. Meanwhile, oil producers and refiners gained amid reports that the energy sector lobbied against President Trump's plan to halt diesel exports to curb prices.