The S&P 500 Index ($SPX) (SPY) is down by -0.83% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -1.39%. E-mini S&P futures (ESU26) are down -0.80%, and September E-mini Nasdaq futures (NQU26) are down -1.31%. Stock indexes are tumbling today, with the Nasdaq 100 falling to a 6-week low.
Weakness in chipmakers and AI-infrastructure stocks are driving the broader market lower today after leaders of the biggest artificial-intelligence firms proposed slowing the technology's development, raising concerns that efforts to rein in AI could curb billions of dollars in capital spending to build out the technology. On the positive side, software stocks are climbing today as the threat of an AI spending slowdown dampens the risk of disruption to software companies. Dear SpaceX Stock Fans, Mark Your Calendars for September 21 How to Play IBM Stock as It Teams Up with NASA to Launch a New Open-Source Model GF Securities Says NAND Prices May Stabilize Later This Year.
What This Means for Sandisk Stock. Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. AI stocks are retreating today after Anthropic CEO Amodei said his company would introduce fresh safeguards, urging the industry to slow the development of its most advanced AI models.
OpenAI's Sam Altman and xAI's Elon Musk backed the proposal. Today's +3% jump in crude oil prices is also raising inflation expectations and weighing on stocks as the higher inflation expectations drive global interest rates higher. The UK Gilt 10-year bond yield rose to a 19-year high today of 5.43%, the 10-year German Bund rose to a 17-year high of 3.56%, and the 10-year T-note yields rose to a 2.75-year high of 5.01%.
Oct WTI crude oil prices (CLV26) are up more than +3% today on concern that global oil supplies will get even tighter after Saudi Arabia closed a major pipeline following attacks, disrupting a key route that bypasses the Strait of Hormuz. Saudi Arabia closed the East-West pipeline late last week, which carries 7 million bpd of crude, as a precaution following attacks by Houthi rebels and gave no indication of when it will reopen. The pipeline moves oil away from the Persian Gulf toward the Red Sea, where it can be loaded on tankers.
Saudi Arabia told OPEC last Thursday that its crude production in August fell to 6.238 million bpd, the lowest since 1990. Markets are discounting a 91% chance of a +25 bp Fed rate hike at the Tue/Wed FOMC meeting. Overseas stock markets are lower today.
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