Stock market lulls as Tesla slides and Delta soars

"The S&P 500 slipped 0.2%, coming off its latest all-time high and its eighth gain in the last nine days. The Dow Jones Industrial Average was down 145 points, or 0.3%, as of noon Eastern time, and the Nasdaq composite was 0.2% lower. Gold also fell following its stellar rally this year, while Treasury yields held relatively steady in the bond market."

"Financial markets have been so relentless, including a roughly 35% leap for the S&P 500 since a low in April, that worries are rising that stock prices may have shot too high and become too expensive. Concerns are particularly strong about the frenzy lifting stocks related to artificial-intelligence technology. Dell Technologies sank 5% for one of the market's bigger losses, but that only trimmed its surge since talking up its AI growth opportunities earlier in the week."

U.S. stocks paused after strong rallies, with the S&P 500 slipping 0.2% from its latest all-time high, the Dow Jones falling 145 points (0.3%), and the Nasdaq down 0.2%. Gold pulled back after a strong run, while Treasury yields remained relatively steady. Markets had surged, including about a 35% rise in the S&P 500 since April, largely on expectations that the Federal Reserve will cut interest rates. Concerns grew that valuations, especially for AI-related stocks, became overheated. Dell dropped 5% despite weekly gains, Tesla fell 2% amid an NHTSA review, and Delta climbed 4.9% after stronger profit and guidance. The U.S. government shutdown is delaying economic reports.

Read at Fast Company