Premarket: Global stocks mixed after Nvidia tumbles again as AI mania cools

📆 25/06/2024 05:09 a. m.
📰 globeandmail

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U.S. futures muted ahead of Tuesday trading

World stocks were mixed Tuesday after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied.

Japan’s benchmark Nikkei 225 surged 1% to 39,173.15 after data from the Bank of Japan Tuesday showed the services producer price index in May was up 2.5% compared to the same period last year, a slowdown from the 2.7% increase seen in April. On Monday, the S&P 500 slipped 0.3% to 5,447.87. The drops for Nvidia and other winners of Wall Street’s artificial intelligence boom pulled the Nasdaq composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0.7% to 39,411.21.

The nearly insatiable demand for Nvidia’s chips to power artificial intelligence applications has been a big reason for the U.S. stock market’s record runs recently, even as the economy’s growth slows under the weight of high interest rates. But the AI boom has been so frenzied that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors.

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