"The markets are sinking across the board as traders and investors run for the exits on technology and inflation-related fears. All three of the major stock market averages are suffering steep declines, including a 1% drop in the Nasdaq Composite alongside a nearly 2% decline in the Russell 2000 index comprised of small-cap names."
"Signs of inflation rearing its head once again have weighed on market sentiment, as the latest wholesale inflation data came in hotter than expected. The PPI index, excluding food and energy, climbed higher by 0.8% last month compared with economist estimates for a much cooler 0.3% and on the heels of a 0.6% increase in December."
"Despite the market jitters, Big Tech companies are continuing to advance their AI agendas. OpenAI, the company behind ChatGPT, has secured its latest funding round, attracting $110 billion to its coffers from the likes of Amazon, Nvidia and Japan's Softbank."
Stock markets experienced significant declines across all major indices, with the Dow Jones falling 1.38%, Nasdaq Composite dropping 0.86%, and S&P 500 declining 0.69%. The selloff was driven by renewed inflation fears, as the Producer Price Index excluding food and energy rose 0.8% versus economist expectations of 0.3%. Technology stocks led the decline, though some companies bucked the trend. OpenAI secured $110 billion in funding from major investors including Amazon, Nvidia, and SoftBank. Netflix gained 8% after withdrawing from Warner Bros. acquisition bidding, while Dell surged 18% and CoreWeave fell 17% amid AI investment announcements.
Read at 24/7 Wall St.
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