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Barchart
Barchart
Rich Asplund

Stocks Undercut by Oil Prices and Continued AI Anxiety

The S&P 500 Index ($SPX) (SPY) is down -0.19%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.47%. December E-mini S&P futures (ESZ26) are down -0.29%, and December E-mini Nasdaq futures (NQZ26) are up +0.36%.

The US stock market remains on the defensive today after Thursday’s sharp risk-off sell-off, which saw the S&P falling -1.2% and the Nasdaq 100 falling -2.9%. Investors dumped chip and AI-related stocks on Thursday as anxiety continues about whether the AI theme will pan out from a profitability standpoint. However, a partial recovery in chip stocks today is helping to support the Nasdaq 100 index.

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