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AI stocks lead Wall Street higher, even as Brent oil's price tops $91
National
AP Wire

AI stocks lead Wall Street higher, even as Brent oil's price tops $91

  • By STAN CHOE - AP Business Writer
  • Updated

More gains for makers of computer chips and other AI winners carried Wall Street higher. The S&P 500 rose 0.9% Tuesday. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite climbed 1.3%. Micron Technology and Nvidia were the two strongest forces lifting the market as AI stocks climbed for a second straight day after tumbling the week before. Brent crude oil's price got near $92 for the first time in five weeks because of continued attacks in the war with Iran. That’s up from less than $72 early this month and helped push Treasury yields higher in the bond market.

National
AP

Wall Street drifts as AI stocks hold steadier after last week’s losses

  • By STAN CHOE - AP Business Writer
  • Updated

Wall Street drifted through a quiet day of trading as AI stocks trimmed some of their sharp recent losses. The S&P 500 fell 0.2% Monday, coming off just its third losing week since the end of March. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite was nearly unchanged after slipping less than 0.1%. Stocks like Nvidia and Sandisk steadied after tumbling last week on worries that their prices had shot too high. But the broad market also felt pressure from rising yields in the bond market, which continued to climb with oil prices.

National
AP

The sell-off for AI stars worsens, while oil prices keep jumping

  • By STAN CHOE - AP Business Writer
  • Updated

The sell-off for AI winners deepened and yanked stock markets lower worldwide. The S&P 500 fell 1% Friday to finish its first losing week in the last three and only its third since March. The Dow Jones Industrial Average dropped 0.8%, and the Nasdaq composite sank 1.4%. Nvidia was the heaviest weight on the market and briefly gave up its status as the most valuable stock on Wall Street. The worries about whether AI stocks have shot too high dragged down Asian markets even more sharply. Oil prices jumped again on worries about the war with Iran, but longer-term Treasury yields eased.

America In Focus: US inflation cooled in June, but AI build-out poses latest threat
National
AP Wire

America In Focus: US inflation cooled in June, but AI build-out poses latest threat

  • By MICHELLE CHAPMAN - AP Business Writer
  • Updated

U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers, while underlying price pressures also cooled more than expected. Prices dropped 0.4% in June from May, the largest monthly drop in four years, the Labor Department said Tuesday. Meanwhile, the gusher of investment in data centers — likely topping $700 billion this year — to power artificial intelligence has made memory chips, computer processors, and other equipment, as well as electricity, more expensive. Economists expect it will continue to push up inflation at least through the end of this year.

National
AP

Slumping AI stocks drag down markets around the world

  • By STAN CHOE - AP Business Writer
  • Updated

Drops for computer chipmakers and other AI winners dragged down stock markets worldwide. The S&P 500 fell 0.5% Thursday, even though more stocks rose within the index than fell. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite lost 1.5%. Wall Street mostly rose after more U.S companies reported better earnings for the latest quarter than analysts expected. But drops for Nvidia and other chip companies overshadowed them. The losses were sharper in South Korea, where AI winners whipped lower. Yields rose in the bond market, and oil prices erased an early gain to dip modestly.

National
AP

US stocks rise within 0.5% of their record, even as oil prices keep climbing

  • By STAN CHOE - AP Business Writer
  • Updated

U.S. stocks ticked higher following strong profit reports from big companies. The S&P 500 added 0.4% Wednesday and pulled within 0.5% of its all-time high set last month. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite climbed 0.6%. BlackRock helped lead the market after becoming the latest financial company to report a bigger profit for the latest quarter than analysts expected. Stocks got a lift from easing yields in the bond market after data showed U.S. inflation slowed at the wholesale level last month. Oil prices, though, rose toward their highest levels in a month.

National
AP

US stocks rise after data shows slowing inflation, even as IBM plunges

  • By STAN CHOE - AP Business Writer
  • Updated

Stocks rose after a report showed U.S. inflation was not as bad last month as economists expected. Tuesday's gains came even though oil prices continue to climb on worries that the United States and Iran may return to all-out war. The S&P 500 rose 0.4%, the Dow Jones Industrial Average edged up by less than 0.1% and the Nasdaq composite gained 0.9%. Stocks got a lift from easing yields in the bond market, which fell following the better-than-expected inflation data. Chip stocks and other AI winners rebounded, while big U.S. banks reported strong profits. IBM kept indexes in check after falling sharply.

Warsh says Fed has 'no tolerance' for high inflation but provides no hints on next move
National
AP Wire

Warsh says Fed has 'no tolerance' for high inflation but provides no hints on next move

  • By CHRISTOPHER RUGABER - AP Economics Writer
  • Updated

Federal Reserve Chair Kevin Warsh pledged to make high inflation “a thing of the past” in his first congressional testimony Tuesday, yet provided no signal about the central bank’s next steps. Yet about half of the 19 members of the Fed’s interest rate-setting committee expect they will have to raise the central bank’s key rate by the end of the year to defeat inflation, while nearly half have penciled in no change or even a rate cut. Warsh faces a stiff challenge in reconciling the divided committee while navigating a rapidly-changing economic outlook.

Falling gas prices likely cut inflation last month but renewal of Iran war could undo progress
AP Wire

Falling gas prices likely cut inflation last month but renewal of Iran war could undo progress

  • By CHRISTOPHER RUGABER - AP Economics Writer
  • Updated

Inflation likely cooled last month as gas prices declined, providing consumers with some welcome relief even as renewed combat with Iran has sent oil prices climbing again. The government’s latest inflation report, to be released Tuesday, is forecast to show that consumer prices dropped 0.2% in June, according to a survey of economists by data provider FactSet. It would be the first monthly decline in nearly four years. Compared with a year ago, prices probably rose 3.9%, down from a 4.2% annual rate in May. Still, the better numbers aren’t likely to unwind concerns about affordability that have become a political liability for the Trump administration as the midterm elections near.

Trump will let bipartisan housing bill become law without signing in protest over GOP voter ID law
National
AP Wire

Trump will let bipartisan housing bill become law without signing in protest over GOP voter ID law

  • By THE ASSOCIATED PRESS
  • Updated

President Donald Trump has chosen not to sign a sweeping housing affordability bill on Friday, in protest of Congress not approving a strict voter ID bill that does not have enough support to pass. Still, the housing measure could become law on Friday without Trump’s signature, as he had 10 days to issue a veto and stop the measure. Trump’s post simply says that he will not sign it.