US stocks fall further from their records
AP News • • business
Key Points:
- The U.S. stock market declined, with the S&P 500 falling 0.7%, the Dow dropping 322 points, and the Nasdaq down 0.8%, marking the third consecutive loss after recent record highs.
- Rising Treasury yields, driven by inflation concerns and geopolitical tensions in the Iran war affecting oil supply, are pressuring stocks and raising borrowing costs for companies and consumers.
- Technology stocks, particularly those linked to AI, are retreating after strong rallies; Nvidia's upcoming earnings report is seen as pivotal for the tech sector's momentum.
- Home Depot reported slightly better-than-expected earnings but showed signs of consumer uncertainty, while Akamai Technologies fell sharply after announcing a $2.6 billion convertible note offering.
- International markets showed mixed results, with South Korea's Kospi down due to tech stock declines, Germany's DAX up slightly, and London's FTSE 100 nearly flat despite job cuts at Standard Chartered linked to AI-driven automation.