New York, Oct 31, 2024 (AFP)
Wall Street stocks fell early Thursday on worries about the lofty investments for artificial intelligence programs following earnings from tech giants Microsoft and Meta.
Both companies topped earnings estimates, but were down sharply in the early going after signaling plans to ratchet up AI investments.
The market "has priced in a lot of good earnings news already," said Briefing.com analyst Patrick O'Hare. "Good results in general just aren't good enough at this juncture when valuations are stretched and interest rates are rising."
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 41,955.42.
The broad-based S&P 500 declined 0.8 percent to 5,766.46, while the tech-rich Nasdaq Composite Index tumbled 1.3 percent to 18,359.46.
The personal consumption expenditures price index, an inflation reading closely monitored by the Federal Reserve, eased to 2.1 percent in the 12 months to September, down from 2.3 percent in August.
This was in line with the median forecast from economists surveyed by Dow Jones Newswires and The Wall Street Journal, keeping the Fed on track to hit its long-term target of two percent in the not-too-distant future.

Sumber : AFP