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Stock market today: US stocks edge lower as AI-fueled tech rally stalls

NYSE Trader
Traders look on after trading was halted on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 18, 2020Lucas Jackson/Reuters

US stocks moved slightly lower on Friday following a sharp reversal in tech stocks on Thursday.

The AI-fueled tech rally showed signs of exhaustion, with the stalwart Nvidia experiencing a near 7% swing in Thursday's trading session, rising as much as 3% before it finished the day lower by 3.5%.

Other AI tech darlings saw sharp reversals and moved lower on Thursday, with those losses spilling over into Friday's trading session.

Shares of Nvidia were down an additional 2% in early Friday trades, while Dell, Broadcom, and Super Micro Computer were down between 1% and 2%.

With earnings season over, investors will focus on economic data releases next week, including US retail sales for May, industrial production, jobless claims, and a slew of speeches from top Federal Reserve officials.

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A recent uptick in jobless claims to the highest level since last August, combined with a sharp downturn in housing starts has some worried that recessionary cracks are beginning to form in the economy.

"The May slowdown in housing starts, notably single-family, is not a one-off. There is rising inventory and a perceived drop in traffic that is recessionary in its level," GlobalData TS Lombard said on Thursday.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

Here's what else is going on today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil rose 0.26% to $81.50 a barrel. Brent crude, the international benchmark, was higher by 0.21% to $85.89 a barrel.

  • Gold edged higher by 0.30% to $2,375.50 per ounce.

  • The 10-year Treasury yield dropped three basis points to 4.23%.

  • Bitcoin dropped 1.65% to $63,777.

Read the original article on Business Insider