Dow Jones Today: Market Retreat Amid AI Valuation Concerns
Major stock indexes declined Thursday as renewed concerns about AI valuations weighed on the market. The Nasdaq, S&P 500, and Dow Jones Industrial Average slipped by 1.3%, 0.7%, and 0.5%, respectively.
Yesterday, all three indexes had closed higher, marking the 36th record-setting day during the U.S. government shutdown. During that session, investors set aside fears of an AI bubble and noted the Supreme Court’s skepticism regarding President Donald Trump's tariffs.
Economic Data and Market Indicators
With limited government economic reports available, investors have focused on alternative data sources. Consulting firm Challenger, Gray & Christmas reported that U.S. employers announced 153,074 job cuts in October — the highest for that month since 2003.
The 10-year Treasury yield, a key indicator for consumer loan rates, dropped to 4.09% from 4.16% the previous day. Meanwhile, the dollar index, which measures the U.S. dollar against a basket of currencies, eased 0.5% to 99.69.
Commodity and Cryptocurrency Movements
- Bitcoin, which fell below $100,000 on Tuesday for the first time since June, was trading near $101,400, down from an intraday peak of about $104,200.
- Gold futures remained steady around $4,000 an ounce.
- West Texas Intermediate crude oil futures declined 0.3% to $59.40 per barrel.
Tesla Stock Declines Ahead of Shareholder Meeting
Tesla shares dropped 3% before a shareholder vote scheduled for 3 p.m., where CEO Elon Musk's trillion-dollar pay package and other proposals will be considered.
"Tesla (TSLA) stock fell 3% ahead of a shareholder vote on CEO Elon Musk's trillion-dollar pay package and other proposals in a meeting set to start at 3 p.m."
Summary: Stock markets retreated on fresh concerns over AI valuations, shifting attention to job cuts data and notable corporate events, such as Tesla’s upcoming shareholder vote.
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