Tech Stocks Drop as AI Fears Overshadow Fed Rate Cut
U.S. stocks were set to open mixed on Thursday as earnings from software and cloud-computing company Oracle sparked concerns about the artificial-intelligence trade. That looked to be offsetting the boost received from the Federal Reserve’s latest interest-rate cut.
Dow Jones Industrial Average futures were up 17 points, or less than 0.1%. S&P 500 futures were falling 0.3% and Nasdaq 100 futures were dropping 0.5%.
Those moves come after significant gains the previous day when investors cheered the Fed decision and the Dow added 1%, notching its best performance on a Fed-decision day since 2023, while the S&P 500 narrowly missed out on a record high.