David Rosenberg, founder at Rosenberg Research, discusses the market outlook while awaiting the latest Fed decision.
US stocks wavered after the tech sector trimmed the sharp decline it suffered earlier in the session as traders contended with the AI chip rivalry between Nvidia Corp. and Alphabet Inc.
The S&P 500 swung between modest gains and losses while the Nasdaq 100 pared its 1.3% drop. Markets are on shaky ground Tuesday after a deluge of delayed economic data and signs of competition heating up in the artificial intelligence arena. This comes a day after stocks had soared on optimism that the Federal Reserve will cut interest rates next month.
Among individual movers, Alphabet shares gained, bringing the search giant closer to a $4 trillion valuation, after The Information reported that Meta Platforms Inc. is in talks to spend billions on Google’s AI chips. Shares of Nvidia, Advanced Micro Devices Inc. and Oracle Corp. fell.
“Nvidia is the biggest position in my portfolio and I am not worried at all by a 3% dip,” said Fares Hendi, global fund manager at Prevoir Asset Management in Paris. “It’s healthy that in a functioning market economy Google goes into this market, it just shows its vast potential.”
——–
More on Bloomberg Television and Markets
Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.
Connect with Bloomberg Television on:
X: https://twitter.com/BloombergTV
Facebook: https://www.facebook.com/BloombergTelevision
Instagram: https://www.instagram.com/bloombergtv/
Connect with Bloomberg Business on:
X: https://twitter.com/business
Facebook: https://www.facebook.com/bloombergbusiness
Instagram: https://www.instagram.com/bloombergbusiness/
TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en
Reddit: https://www.reddit.com/r/bloomberg/
LinkedIn: https://www.linkedin.com/company/bloomberg-news/
More from Bloomberg:
Bloomberg Radio: https://twitter.com/BloombergRadio
Bloomberg Surveillance: https://twitter.com/bsurveillance
Bloomberg Politics: https://twitter.com/bpolitics
Bloomberg Originals: https://twitter.com/bbgoriginals
Watch more on YouTube:
Bloomberg Technology: https://www.youtube.com/@BloombergTechnology
Bloomberg Originals: https://www.youtube.com/@business
Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake
Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol
Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts
source
