Nasdaq 100 Heads for Correction, Trump and Zelenskyy Meet, More
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What is the main topic discussed in this episode?
Next week on Leaders, with me, Francine Lacqua. I speak with investor and entrepreneur Amanda Stavely on the boldest deal of her career.
That was bold. That was brave.
Walking away from Newcastle.
It was the toughest decision I've made.
And what she's looking for in her next football club.
I just want a challenge, and that's what excites me.
Listen and watch Leaders with me, Francine Lacqua, on Bloomberg Television or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Karen Moscow.
Why is the Nasdaq 100 heading toward a correction and how is AI investment to blame?
The Nasdaq 100 index is on track to enter a correction as worries about the eventual payoffs from artificial intelligence investments sour sentiment and the technology giants that have powered most of this year's stock market advance. The technology heavy benchmark is down 1.7% today. That leaves it on track to close in a correction. which is typically defined as a drawdown of 10% or more from a peak. Stuart Kaiser at Citigroup Global Markets says there are a few signs coming from the recent tech sell-off.
The market is telling these companies, you're failing to do a couple of things for us, right? Number one, you haven't made a compelling case for what the ROIC on these investments is going to be, so we're going to question that. Secondly, you haven't really communicated what the glide path on this spending is going to be. Right. You just keep up in the ante.
What signs are analysts citing that tech giants aren't showing clear ROI on AI spending?
Talk to us about the fact that you're front loading this investment because of the potential return on it and what you believe sort of medium term that spending is going to look like. And the companies, I'm not saying they're not doing a good job of it. The market is telling them they're not doing a good job of that.
And that's Stuart Kaiser at Citigroup. We'll have more on the markets in just a moment. Consumer confidence fell in July as Americans' views about current business conditions and the labor market deteriorated. The conference board's gauge of confidence decreased 1.4 points. It was down to 90.8. That's after an upward revision the month before. Senior U.S.
How did consumer confidence change in July and what drove the decline?
economist Yelena Shalecheva with the conference board said this is part of a downward trend.
Remember that the previous number was revised up slightly, but overall consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021.
And that's senior U.S. economist Yelena Shalecheva with the conference board. President Trump is meeting with Ukrainian President Volodymyr Zelensky ahead of Senator Lindsey Graham's funeral. It's their second sit-down this month. Zelensky said in a social media post shortly after his arrival in the U.S. that his number one priority is anti-ballistic defense and strategic cooperation with America. The president will also be meeting with Israeli Prime Minister Benjamin Netanyahu, and the war in Iran is expected to be a topic of conversation. We get more with Stuart Livingston Wallace, head of Bloomberg's Middle East coverage.
Israel, amongst others, is very concerned about Iran developing a nuclear weapon or having the capability to do so at relative short notice. I think that's been front and center of what certainly the Israeli Prime Minister has been saying publicly for many, many years.
What will President Trump's meeting with Volodymyr Zelensky focus on regarding Ukraine's defense needs?
So you would imagine that would be part of it. You would also think, though, that there will be some sort of discussion around Iran's missile program, which again is perceived, certainly by Israel and obviously now many other countries in the region, as an ongoing threat to safety.
And that's Bloomberg's Stuart Livingston Wallace. The discussions come as the president told Fox News he'd prefer to avoid another escalation in the war with Iran and urged Iran to make a deal laying the ground for further diplomacy after both sides paused tit-for-tat strikes. His comments came four days after the U.S. ended roughly two weeks of strikes on the Islamic Republic. French authorities have ordered nearly 4,000 more people to evacuate from tourist sites on the Atlantic coast. The returning heat threatens firefighters' fragile hold on a vast wildfire west of Bordeaux.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:01–0:36
2
Why is the Nasdaq 100 heading toward a correction and how is AI investment to blame?
0:36–1:25
3
What signs are analysts citing that tech giants aren't showing clear ROI on AI spending?
1:25–2:00
4
How did consumer confidence change in July and what drove the decline?
2:00–3:08
5
What will President Trump's meeting with Volodymyr Zelensky focus on regarding Ukraine's defense needs?
3:08–5:42
6
How are regional tensions with Iran shaping talks between world leaders this week?
5:42–7:48
7
Which major corporate and market headlines moved markets today (Apple, Visa, FIFA, oil)?
7:48–8:12
8
What are the overnight U.S. market and economic snapshots including yields, oil and flight disruptions?
8:12–8:18
Speakers
8 identifiedMore from Bloomberg News Now
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