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Earnings Derail Stock Rally Over Doubts on AI, Consumer Strength

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The latest earnings reports are fanning two worries that were already gnawing away at the US stock market: That the euphoria about artificial intelligence had run too far and that — at some point — consumers spending will start to stall.

Natalia Kniazhevich, Carmen Reinicke, and Alexandra Semenova --

That’s heightened the stakes as earnings continue to roll out next week, including those from the tech bellwethers Microsoft Corp., Meta Platforms Inc., Amazon.com Inc. and Apple Inc. The direction of the economy has remained well intact, with recent data showing solid economic growth and easing inflationary pressure. That bolstered bets that the Federal Reserve will start cutting rates sooner than expected, fueling gains in small-cap stocks that generally have a higher debt burden.

Banks surpassed the sell-side’s expectations, and a profit squeeze for industrial companies may be coming to an end. “It really feels like we are moving from a ‘tell me’ story on AI to a ‘show me’ story,” said Ohsung Kwon, equity and quantitative strategist at Bank of America Corp. “We are basically at a point where we’re not seeing much evidence of AI monetization yet.”

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