Tech Tumbles, Nvidia, Apple Fight for Top, Smoke Chokes US Cities, More
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Hi, I'm Carol Masser with a helpful tip to keep you plugged in throughout the market day. Subscribe to the Stock Movers Report from Bloomberg. These are short audio episodes, five minutes or less, delivered right to your podcast feed. Stock Movers fills you in on the day's winners and losers on Wall Street and tells you about the news and data that's driving those gains and losses. Why spend all day watching tickers scroll across your screen? Subscribe to Stock Movers today on Apple, Spotify, or anywhere else you listen.
News when you want it with Bloomberg News Now, I'm Amy Morris. A sell-off in chipmakers drove the group toward a bear market on worries that the AI spending spree is becoming harder to justify.
How are chipmakers being driven toward a bear market by AI spending concerns?
The sectors faced turbulence on concerns about increased competition, including a breakthrough from Chinese AI startup Moonshot. Bloomberg Intelligence Global head of tech research, Mandeep Singh, says even while cutting edge development is happening in the U.S., it is the Asian market that has influence over price action.
That's part of the nervousness that when things go parabolic, as they did with some of the stocks for no reason whatsoever. Yes, the fundamentals have been great, but that doesn't mean, you know, things have to go up in that fashion. And that's what creates nervousness around valuations.
Bloomberg's Mandeep Singh on Bloomberg Intelligence. The Philadelphia Semiconductor Index now little changed, led by Applied Materials, which is down more than 2.5%. Now, amid the tech sell-off, Nvidia briefly lost its title as the world's most valuable publicly traded company to Apple. Apple shares are less than 0.5% lower. Nvidia shares now more than 0.5% lower. Nvidia has clawed back those losses, trading neck and neck with Apple for the top spot. Shares of SpaceX are down more than 4% as those shares keep sliding. SpaceX on track to wipe out more than a trillion dollars in market value from its all-time high. Sarah Hunt, Alpine Saxon Woods, Chief Market Strategist.
They're not putting all that supply out on the market at once. So the question is, is the scarcity factor enough for investors to keep chasing that? And the answer is we are waiting to see how that plays out in the next few months and the next year.
The decline comes after the company aborted a launch of its Starship rocket because of an engine issue. And Apple is in early discussions with the U.S. Justice Department about settling a 2024 lawsuit that alleges the iPhone maker violated antitrust laws. Meta is reportedly in talks to lease computing power to Anthropic in a potential two-year, $10 billion deal. Sources tell The New York Times Anthropic proposed the deal last month and Meta is considering it. Shares of Meta fell more than 2%. The tech route is impacting indexes across the board. Stocks are off their lows for the session. We check the markets all day long now at Bloomberg. The S&P 500 is down 0.5%. NASDAQ down 0.75%. The Dow down 0.4%.
The 10-year Treasury yield at 4.54% and the 2-year yield at 4.17%. Checking crude oil now, WTI and Brent crude both more than 4% higher. WTI at $82 a barrel and Brent nearing $88 a barrel.
Why is Asian competition and Moonshot's breakthrough rattling semiconductor valuations?
Dangerous levels of smoke are engulfing major cities across North America as hundreds of wildfires burn through Canada and send plumes across the continent. Lily Farrell is an air quality meteorologist at the Department of Environmental Protection in Maine.
What we usually tell people is if it is impacting visibility and you can smell smoke, then do take those health precautions like staying indoors, exercising less exertion,
The air quality map from the Environmental Protection Agency shows Chicago, Milwaukee and parts of Michigan and Minnesota under the most severe air quality alerts. Air quality from New York to Washington, D.C. is considered hazardous. Lettuce supplier Taylor Farms told U.S. regulators that company is preparing to issue a recall of ingredients. linked to the cyclospora parasite outbreak that sickened thousands in Michigan and nearby states. That's according to a document viewed by Bloomberg News.
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