Dow Rises, Nasdaq Slips as Wall Street Opens Mixed
What Happened
US stocks traded mixed on Thursday, with the Dow rising while the Nasdaq fell to near a one-month low. Reuters reported the Dow up 0.32%, S&P 500 down 0.42% and Nasdaq down 1.06% around 9:50 a.m. ET. Tech and AI-linked stocks remained under pressure, with Nvidia, Micron and AMD falling amid concerns over high valuations, financing costs and the outlook for AI investments. The pressure also came from fresh inflation data. Reuters reported that US producer prices rose more than expected in September, adding to concerns over interest rates
Key Takeaways
Money is rotating out of AI and technology stocks into other parts of the market. The Dow strengthened as the session progressed, while the Nasdaq remained under pressure from the continued tech sell-off.