Economic Information Daily, October 16 - U.S. stocks rebounded on Thursday (the 15th), with the Dow rising over 1%, while the S&P 500 and Nasdaq also recorded gains. There are signs of market funds shifting from high-valuation tech stocks to other sectors, yet shares related to artificial intelligence remain under pressure, reflecting investors' ongoing concerns about returns on AI infrastructure investments, corporate financing costs, and sector valuations. U.S. September PPI exceeded expectations, and inflationary pressures have increased again.
The Dow closed up 556.21 points, or 1.08%, at 52,177.69; the S&P 500 rose 25.12 points, or 0.33%, to 7,744.06; the Nasdaq was down 1.4% earlier in the session, then fluctuated upward, closing up 20.16 points, or 0.08%, at 26,713.03.
*CoreWeave falls then recovers, AI and storage stocks still under pressure*
Pressure on AI-related stocks. Data center operator CoreWeave (US.CRWV) plunged nearly 10% early in the session but reversed to close up 5.9% by the end of trading.
Storage and semiconductor stocks continue to face pressure. Seagate Technology (US.STX) fell 3.2%, Western Digital (US.WDC) dropped 2.1%, and SK Hynix (US.SKHY) ADR also declined nearly 1%, indicating that the correction in AI-related stocks has spread from certain infrastructure firms to other hardware and storage segments. The Philadelphia Semiconductor Index fell 0.9%, marking its seventh consecutive day of losses.
Performance of other major tech stocks: SpaceX (US.SPCX) fell 2.3%, Tesla (US.TSLA) dropped 1.3%, Nvidia (US.NVDA) declined 1.8%, Meta (US.META) fell 0.1%, Apple (US.AAPL) dropped 0.3%, Microsoft (US.MSFT) rose 1.1%, Google (US.GOOG) gained 0.4%, and Amazon (US.AMZN) rose 0.3%.
*September PPI posts largest monthly rise since March 2022*
U.S. inflationary pressures have heated up again. The U.S. final demand Producer Price Index (PPI) for September rose 1.3% month-on-month, far exceeding market expectations of 0.5% to 0.6%, and accelerating from August's 0.4%, marking the largest monthly increase since March 2022. The annual increase widened to 6.3%, higher than the expected 5.3% to 5.4%. Excluding food and energy, the core PPI rose 0.7% month-on-month, above the expected 0.3%; the annual rise reached 5%, also surpassing the expected 4.4%.
*Dollar-yen hovers around 158*
The U.S. Dollar Index retreated from highs, falling about 0.4% to 102.07. The dollar-yen pair hovered around 158, down slightly by 0.1%. The euro-dollar pair rebounded from lows, rising to about 1.12 dollars, up 0.4%.
International gold prices rebounded, with spot gold and New York futures gold rising 1.3% and 1.8% respectively, reversing the previous three-day losing streak. Spot gold was quoted at $4,160 per ounce, up 1.3%; New York futures gold rose 1.8% to $4,181 per ounce.
New York crude futures rose 2.7%, closing at $97.67 per barrel; Brent crude futures rose 0.2%, at $105.79 per barrel. (yc)
The Dow closed up 556.21 points, or 1.08%, at 52,177.69; the S&P 500 rose 25.12 points, or 0.33%, to 7,744.06; the Nasdaq was down 1.4% earlier in the session, then fluctuated upward, closing up 20.16 points, or 0.08%, at 26,713.03.
*CoreWeave falls then recovers, AI and storage stocks still under pressure*
Pressure on AI-related stocks. Data center operator CoreWeave (US.CRWV) plunged nearly 10% early in the session but reversed to close up 5.9% by the end of trading.
Storage and semiconductor stocks continue to face pressure. Seagate Technology (US.STX) fell 3.2%, Western Digital (US.WDC) dropped 2.1%, and SK Hynix (US.SKHY) ADR also declined nearly 1%, indicating that the correction in AI-related stocks has spread from certain infrastructure firms to other hardware and storage segments. The Philadelphia Semiconductor Index fell 0.9%, marking its seventh consecutive day of losses.
Performance of other major tech stocks: SpaceX (US.SPCX) fell 2.3%, Tesla (US.TSLA) dropped 1.3%, Nvidia (US.NVDA) declined 1.8%, Meta (US.META) fell 0.1%, Apple (US.AAPL) dropped 0.3%, Microsoft (US.MSFT) rose 1.1%, Google (US.GOOG) gained 0.4%, and Amazon (US.AMZN) rose 0.3%.
*September PPI posts largest monthly rise since March 2022*
U.S. inflationary pressures have heated up again. The U.S. final demand Producer Price Index (PPI) for September rose 1.3% month-on-month, far exceeding market expectations of 0.5% to 0.6%, and accelerating from August's 0.4%, marking the largest monthly increase since March 2022. The annual increase widened to 6.3%, higher than the expected 5.3% to 5.4%. Excluding food and energy, the core PPI rose 0.7% month-on-month, above the expected 0.3%; the annual rise reached 5%, also surpassing the expected 4.4%.
*Dollar-yen hovers around 158*
The U.S. Dollar Index retreated from highs, falling about 0.4% to 102.07. The dollar-yen pair hovered around 158, down slightly by 0.1%. The euro-dollar pair rebounded from lows, rising to about 1.12 dollars, up 0.4%.
International gold prices rebounded, with spot gold and New York futures gold rising 1.3% and 1.8% respectively, reversing the previous three-day losing streak. Spot gold was quoted at $4,160 per ounce, up 1.3%; New York futures gold rose 1.8% to $4,181 per ounce.
New York crude futures rose 2.7%, closing at $97.67 per barrel; Brent crude futures rose 0.2%, at $105.79 per barrel. (yc)