Stock market news today: US stocks steady after steep Big Tech-led sell-off

US stocks steadied ahead of the bell Thursday, as investors regrouped after a Big Tech-led wipeout inspired by AI doubts. The Dow Jones Industrial Average opened flat, while the S&P 500 also hugged the flatline, both on the heels of steep closing losses. The Nasdaq Composite rose slightly, coming off the worst day for the tech-heavy index since October 2022. Stocks are running into a wall as Wall Street starts to question when tech companies' huge investments in AI will start to pay off.

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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