Wall Street faced a mixed opening as investors digested new economic data. The Commerce Department reported a modest 0.2% rise in retail sales for September, trailing the predicted 0.4%. This, combined with numerous corporate layoffs, has tempered market sentiment.
Alphabet shares brightened the market, climbing 4% in premarket trading. This surge followed reports of Meta exploring Google’s AI chips for its data centers, compelling investor interest in tech stocks. In contrast, Nvidia and AMD saw significant downturns as the AI chip sector buzz intensified.
Amidst these developments, speculation of a rate cut in December by the Federal Reserve gained traction, bolstered by the dovish outlooks from key committee members. Simultaneously, retail stocks performed mixedly, with Kohl’s rising sharply on positive forecasts and Burlington Stores facing investor disappointment.
(With inputs from agencies.)
