Lates News

On Tuesday morning, the rebound of the US stock market was stalled due to the drop in high market value AI-related stocks and traders analyzing data showing further weakness in the labor market. The S&P 500 index opened lower by 0.2%, led by declines in the technology and communication services sectors. Nvidia was the biggest drag on the index, with its stock price sliding after SoftBank sold its entire stake in the chipmaker for $5.83 billion to fund other AI investments. According to data from Citigroup research, investors increased bearish bets on the stock market in the past week, including a net addition of $3.75 billion in short positions on the Nasdaq. Analyst Chris Montagu wrote, "New shorts dominate the flow of funds in the US stock market." Traders also received more data on the weakness in the US labor market, as ADP reported that private sector employment in the US decreased by an average of 11,250 jobs per week in the four weeks ending on October 25th.