US stocks whipsawed on Thursday as investors regrouped after a Big Tech-led wipeout in the prior session, inspired by AI doubts. The Dow Jones Industrial Average rose 0.4% while the S&P 500 rose 0.2% on the heels of Wednesday's steep closing losses. The Nasdaq Composite erased early session losses of more than 1.6% to climb above the flatline, coming off the worst day for the tech-heavy index since October 2022.
At the same time, concerns about the robustness of the US economy are emerging as big-name earnings misses cast doubt on how consumers are holding up in the face of historically high borrowing costs. Given that, traders are now pricing in bigger cuts by the Federal Reserve — a reduction of about 30 basis points by September, and of almost 70 basis points over 2024, according to money markets. Odds on an earlier-than-expected rate cut in July have also ticked up, CME FedWatch data showed.
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