Major US stock indices are closing lower day after both the S&P and the Dow industrial average closed at record levels.
The final numbers are showing:
- Dow industrial average -57.92.2 or -0.14% at 42454.18
- S&P index -11.99 points or -0.21% at 5780.05.
- NASDAQ index -9.57 points or -0.05% at 18282.05.
The small-cap Russell 2000 fell -12.16 points or -0.55% at 2188.41
The US CPI data was higher than expectations. Tomorrow, the PPI data will be released.
The initial jobless claims meanwhile were higher than expectations (weaker employment). However, there could have been some imports from things like the strike and weather. I would hold off on judgment for another week or two.
AMD shares fell -4.0% in trading today after launching lauched a new AI chip which it feels will rival Nvidia's data center GPUs, particularly the upcoming Blackwell chips.
AMD hopes the new MI325X chip will gain traction with developers and cloud providers, potentially placing pricing pressure on Nvidia, which currently dominates the AI GPU market. The MI325X will start production by the end of 2024, and AMD is accelerating its product cycle to compete better in the AI boom, which it predicts could be worth $500 billion by 2028.
The quarterly bank earnings will start tomorrow morning with BNY Mellon, Wells Fargo and J.P. Morgan Chase scheduled to release.
Next week other financial companies will announce
Tuesday:
- Bank of America
- Goldman Sachs
- Citibank
- State Street
- PNC
Wednesday:
- Morgan Stanley
- U.S. Bancorp
- Discover
Thursday:
- Key One
- Truist
- M&T Bank
Friday
- Regions
- Comerica
- American Express