Today's trading highlights a significant downturn for technology stocks, particularly Google's parent company Alphabet, which has fallen 8% due to disappointing revenue and hefty AI-related expenditures. Concurrently, AMD’s shares have experienced a 9% drop linked to weak data center performance. Despite this tech malaise, the S&P 500 has managed to stay resilient above the crucial 6,000 mark, bolstered by gains in non-tech sectors like mining and trucking. Economic indicators remain positive, with private payrolls rising and wage growth reported, suggesting a robust job market.
Despite the pressure from tech stocks, the S&P 500 remains above 6,000, buoyed by strong performances from stocks like Newmont Mining and Old Dominion Freight Line.
Alphabet's steep 8% decline was due to a revenue shortfall combined with aggressive AI spending plans that raised concerns on Wall Street.
AMD's stock drop of 9% reflects weak data center results, although analysts noted the quarter was 'better than feared', indicating some resilience.
The workforce added 183,000 private payrolls in January, suggesting economic strength, particularly among service industries, and wages continuing to rise.
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