Tumbling tech stocks drag Wall Street to its worst day in 3 weeks

5 months ago

Tech stocks, especially AI-related ones like Broadcom and Nvidia, led to Wall Street's worst day in three weeks.
Broadcom dropped 11.4% despite strong earnings, raising concerns about AI profitability and financial forecasts.
Oracle also plunged nearly 11%, with doubts about AI spending and returns.
The 10-year Treasury yield rose to 4.18%, adding pressure on stock prices.
Despite tech struggles, consumer-focused stocks like Chipotle and McDonald's performed well.
Lululemon Athletica surged 9.6% after reporting better-than-expected earnings.
The Fed hinted at holding interest rates steady, easing some investor concerns.
Global markets saw mixed results, with gains in Hong Kong and Tokyo.

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