US Tech Stocks Slip as Investors Reassess AI Bets

📆 27/12/2024 10:54 p. m.
📰 FT

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US tech stocks experienced a decline on Friday as investors shifted away from companies that had driven market gains throughout the year. The S&P 500 and Nasdaq Composite both fell, with Tesla and Nvidia among the biggest losers. This widespread selling followed a strong rally in tech stocks fueled by optimism over artificial intelligence and favorable policies. However, recent weeks have seen increased volatility as investors reassess holdings and the Federal Reserve's hawkish stance on interest rates has dampened the appeal of growth stocks.

US tech stocks slipped on Friday as investors pivoted away from companies that had led markets higher for much of this year. The S&P 500, Wall Street’s main equity benchmark, fell 1.1 per cent on Friday, while the tech-heavy Nasdaq Composite dropped 1.5 per cent. Elon Musk’s electric-car maker Tesla was among the biggest laggards, falling 5 per cent, while chipmaker Nvidia dropped 2.1 per cent.

63 per cent on Friday, compared with lows in September of about 3.6 per cent. Higher yields typically tarnish the appeal of holding shares in fast-growing companies. Citigroup analysts on Friday said that while they still forecast the S&P 500 will rise about 10 per cent from current levels by the end of next year, they expect a “more volatile leg of the bull market ahead”.

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