FX.co ★ US Stocks Surrender Record Highs

On Monday, the S&P 500 concluded with a 0.2% decline, while the Nasdaq 100 fell by 0.3%, and the Dow by 0.4%. This dip followed record highs achieved last Friday, as renewed apprehensions over potentially inflated valuations in the AI sector spurred losses among leading tech stocks. Nvidia and Tesla led the decline, dropping by 1.2% and 3.3%, respectively, with Oracle dipping by 1.3% and Palantir by 2.4%. These movements occurred amidst ongoing market scrutiny regarding whether substantial AI-focused capital expenditures by software and data center firms will yield the anticipated returns. Meanwhile, commodity-related stocks experienced volatility, with Freeport McMoRan facing pressure as sliver and copper pulled back from recent peaks, adversely affecting miners. Conversely, energy stocks outperformed, driven by a surge in oil prices exceeding 2%, bolstered by ExxonMobil's 1.2% gain and Chevron's 0.7% rise, following the U.S. interdiction of Venezuelan tankers.