Stocks got up from their intraday lows, but all three main indexes closed down a day before one of Wall Street's most anticipated earnings reports. Government-collected economic data is flowing again. And markets will, of course, note the release of the minutes from the most recent Federal Open Market Committee meeting. But it only sets the stage for numbers and commentary from the leader of the AI revolution after Wednesday's closing bell.
Five of the 11 S&P 500 sectors were down for the day, with declines for consumer discretionary, industrial, utility, financial and technology stocks dramatized by downgrades for big names in three of them. Major questions about the sustainability and the profitability of capex spending for new computing power continue to color this week's price action. Worried about an AI bubble? So is Wall Street.
