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Stock market today: US stocks edge lower as AI-fueled tech rally stalls

Matthew Fox   

Stock market today: US stocks edge lower as AI-fueled tech rally stalls

US stocks moved slightly lower on Friday following a sharp reversal in tech stocks on Thursday.

The AI-fueled tech rally showed signs of exhaustion, with the stalwart Nvidia experiencing a near 7% swing in Thursday's trading session, rising as much as 3% before it finished the day lower by 3.5%.

Other AI tech darlings saw sharp reversals and moved lower on Thursday, with those losses spilling over into Friday's trading session.

Shares of Nvidia were down an additional 2% in early Friday trades, while Dell, Broadcom, and Super Micro Computer were down between 1% and 2%.

With earnings season over, investors will focus on economic data releases next week, including US retail sales for May, industrial production, jobless claims, and a slew of speeches from top Federal Reserve officials.

A recent uptick in jobless claims to the highest level since last August, combined with a sharp downturn in housing starts has some worried that recessionary cracks are beginning to form in the economy.

"The May slowdown in housing starts, notably single-family, is not a one-off. There is rising inventory and a perceived drop in traffic that is recessionary in its level," GlobalData TS Lombard said on Thursday.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

Here's what else is going on today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil rose 0.26% to $81.50 a barrel. Brent crude, the international benchmark, was higher by 0.21% to $85.89 a barrel.
  • Gold edged higher by 0.30% to $2,375.50 per ounce.
  • The 10-year Treasury yield dropped three basis points to 4.23%.
  • Bitcoin dropped 1.65% to $63,777.

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