economy
As AI-related stocks dive, the market's winners have one thing in common
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Technology and AI infrastructure stocks sold off sharply, impacting the Nasdaq.
- The S&P 500's 9-week win streak is likely ending due to weakness in tech.
- Market winners are in sectors least tied to the broader economy, such as staples, health care, real estate, and utilities.
- Increased interest rate hike expectations, following a strong jobs report, may be driving a rotation into defensive stocks.
- Upcoming events include Honeywell's guidance update, Apple's Worldwide Developers Conference, SpaceX's IPO, and key inflation reports (CPI and PPI).
- JM Smucker, Casey's General Stores, Chewy, Oracle, Adobe, and Lennar are scheduled to report earnings.