"Technology stocks are taking a breather after yesterday's relief rally as investors react to the latest whims of corporate leaders. Today's tech selling has sent the Nasdaq Composite and S&P 500 lower while the Dow Jones Industrial Average remains afloat. Nvidia ( Nasdaq: NVDA) captured the headlines after Japan's Softbank decided to offload its position in the leading U.S. chip company as Masayoshi Son's company pivots to concentrate its AI bet on ChatGPT developer OpenAI."
"CoreWeave ( Nasdaq: CRWV) stock is reeling today, losing 11% after JPMorgan downgraded shares of the AI-powered cloud computing company to a "neutral" rating on the heels of its Q3 earnings report. The analyst firm blamed supply chain and revenue related risks, slashing its price target on CRWV stock to $110 from $135. CoreWeave PC maker Dell ( Nasdaq: DELL) is also dragging tech lower today with a 3% drop in the stock, seemingly in sympathy with its tech peers."
Technology stocks pulled back after a relief rally as investor reactions to corporate moves pressured the sector. SoftBank sold its stake in Nvidia to pivot its AI focus toward OpenAI. ADP projections showed U.S. private-sector employment dipped, with businesses trimming about 11,000 jobs per week, signaling a cooling labor market. Morning trading had the Nasdaq Composite down 95.99 points (-0.41%) and the S&P 500 down 11.80 points (-0.17%), while the Dow Jones Industrial Average was up 29.38 points (+0.08%). CoreWeave fell 11% after a JPMorgan downgrade and a cut to a $110 price target. Dell slid about 3%, and Micron eased 2.8% after recent gains; Micron shares moved from above $257 toward levels below $250. Plug Power bucked the broader downward trend.
Read at 24/7 Wall St.
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