Lates News

The US stock market opened lower as risk aversion swept through the market, and the large-scale layoffs at the financial technology company Block exacerbated concerns about artificial intelligence disrupting many economic sectors. The US January PPI exceeded expectations by 0.5% (driven mainly by the service sector), which also put pressure on the stock market as it suggests the presence of inflation pressures that may prevent the Federal Reserve from lowering interest rates. The stock price of Nvidia, the stock with the highest weight in the S&P 500 index, continued to decline after the release of its financial report. Deutsche Bank strategist Jim Reid wrote: "The scale of its earnings beat did not reach the levels that the market is accustomed to for 2023 to 2024, and it occurred against a backdrop of widespread skepticism about AI trading."