After a tech-fueled selloff, stock buyers intervene: – US Market Wrap

Wall Street rebounded sharply from session lows as dip buyers jumped in, following a slump caused by concerns over whether the enormous expenditure on artificial intelligence will justify all of the cash. Commodity prices shifted dramatically, with gold falling and oil rising. Bitcoin dropped below $84,000.

Gains in economically sensitive stocks nearly offset the decrease in the S&P 500, which had fallen as much as 1.5%. Meta’s robust outlook allayed concerns about its expenditure intentions, pushing its stock up 10%. Microsoft’s stock fell 10%, the lowest since 2020, on concerns that AI efforts will take time to reap benefits.
President Donald Trump said he would announce his nominee to chair the Fed “next week,” and reiterated his expectation that the central bank’s new leader will lower interest rates.

The S&P 500 fell 0.1%. The yield on 10-year Treasuries declined one basis point to 4.23%. The dollar barely budged while still heading for its worst month since the April tariff-fueled meltdown.
Gold reversed an earlier rally that took the precious metal to a record above $5,500. Brent crude topped $71 after President Donald Trump warned Iran to make a nuclear deal or face military strikes.