US Stocks Pull Back from Records
US stocks were mostly down on Monday from record highs on Friday as concerns of exaggerated valuations in companies in the AI space triggered some fresh losses for tech heavyweights.
The Nasdaq 100 fell 0.4% while the S&P 500 hovered below the flatline and the Dow was loosely unchanged. Tesla and Nvidia each dropped more than 2% as thinner holiday trading drove investors to continue assessing whether the aggressive AI capital expenditure for software and datacenter companies will deliver the returns that have been pledged.
In the meantime, commodity producers remained in the spotlight as speculative bets and geopolitical risks maintained volatility for raw materials. Freeport-McMoRan dropped as silver and copper benchmarks dropped from their record high.
Conversely, Chevron and ExxonMobil were higher as the US blockade of Venezuelan tankers lifted oil prices.
Source: Tradingeconomics.com