"The S&P 500 and NASDAQ futures are trading down over 1% on Tuesday, following Palantir's 6.9% decline despite beating earnings expectations and giving strong forward guidance. Concerns over an AI bubble continue to mount. Tuesday's sell-off follows a wild start to the week, during which the Dow Jones Industrial Average traded lower due to weakness in Merck Inc. (NYSE: MRK) and UnitedHealth Group Inc. ( NYSE: UNH)."
"Meanwhile, the NASDAQ once again surged to a new record high, driven by strength in some of the big technology names. The S&P 500 posted a small gain. Amazon.com ( NASDAQ: AMZN) jumped almost 4% higher on news that the company reached a massive $38 billion deal with OpenAI. In addition, the partnership will utilize hundreds of thousands of chips provided by NVIDIA Inc. ( NASDAQ: NVDA) as the circular deal-making and financing on Wall Street continues through mega-cap technology."
"Yields were higher again across the Treasury curve on Monday as sellers continue to dominate the trading. The benchmark 10-year note finished the day at a 4.11% yield. As recently as late October, it traded at a 3.93% level, so we have seen some consistent selling for 2 weeks now. The combination of a very rich stock market and a hawkish Fed is keeping the 10-year note as the primary venue for investors seeking safe havens in the Treasury market."
US equity futures fell over 1% as Palantir dropped 6.9% despite beating earnings and providing strong guidance, and concerns about an AI bubble increased. The Dow traded lower on weakness in Merck and UnitedHealth, while the NASDAQ reached a record high and the S&P 500 posted a small gain driven by a few large technology firms. Amazon jumped almost 4% on a reported $38 billion partnership with OpenAI that will use hundreds of thousands of NVIDIA chips, amid continued deal-making among mega-cap tech companies. Treasury yields rose, with the 10-year at about 4.11%, and oil traded modestly higher after OPEC+ halted planned January production increases.
Read at 24/7 Wall St.
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