Friends
High flying growth stocks have been slumping a bit lately, as valuation concerns continue to hinder AI shares. Now, granted many of these stocks have seen substantial gains this year and some digesting of those gains can be healthy. But concerns of an AI bubble are likely to be with us for a while as these stocks have driven the market gains this year.
As for today, by the close the Dow Jones Industrial Average was down 251 points to finish the day at 47,085. The S&P 500 was down 80 points to close at 6,771. The Nasdaq Composite Index was down 486 points to close at 23,348. Gold was down $65 to trade at $3,948 per ounce, while oil was down $.63 to trade at $60.42 per barrel WTI.
Also of concern to market participants is the weakness in the crypto currency markets. These have become an asset class that many investors have gravitated towards, so they are part of the alchemy of the total market these days. For now, this may all just be part of a normal pause or even correction in the financial markets in general and AI in particular. Of course, time will tell.
Have a nice evening everyone.
