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Equity Alert: US indices fall Fri on weakness in AI stocks; mkt to be shut Mon
MUMBAI--0732 IST--US indices closed lower Friday, dropping from their record highs. The likes of Dell, Nvidia, and other artificial intelligence-related stocks pulled the market down. Investors also assessed inflation data, which will provide cues for the US Federal Reserve's rate cut trajectory. The US market will be shut Monday on account of Labor Day.
Core personal consumption expenditures index rose 2.9% on month in July, in line with expectations but an acceleration from the prior month and the highest level since February. "The Fed opened the door to rate cuts, but the size of that opening is going to depend on whether labor-market weakness continues to look like a bigger risk than rising inflation...for now, the odds still favor a September cut," CNBC reported Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, as saying.
Dell plunged 9% and was among the worst hit in the S&P 500 after high manufacturing costs for AI-optimised servers and intensifying competition overshadowed the company's bullish demand forecast for artificial intelligence infrastructure, Reuters reported. Nvidia fell over 3% and was down for the third straight session. The AI heavyweight's quarterly report had fallen short of investors' high expectations Wednesday.
On the other hand, US-listed shares of Alibaba surged 13% after the Chinese company reported stronger-than-expected quarterly growth in its cloud computing business, driven by AI-related demand.
Following are the closing levels of US indices Friday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 45544.88 | (-)0.20 |
| NASDAQ Composite | 21455.552 | (-)1.15 |
| S&P 500 | 6460.26 | (-)0.64 |
(Akash Mandal)
US$1 = INR 88.19
End
Edited by Avishek Dutta
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