Market fluctuations hit Wall Street and the crypto sphere as Q3 wraps up. Micron Technology’s (NASDAQ:MU) stellar earnings bolster future AI possibilities, while Meta Platforms (NASDAQ:META) launches new AI offerings.
Amidst rumblings of executive shifts and restructuring at OpenAI, speculative clouds loom.
Stay ahead with the latest tech news from the Investing News Network’s recap.
1. US Job Market Ends Strong
Starting the week on an optimistic note, Wall Street saw minor gains on Monday (September 23) as US S&P Global Services PMI for September hit 55.4, surpassing the anticipated 55.2, reaffirming economic vitality.
Despite this, Ladenburg Thalmann Asset Management CEO Phil Blancato warned of potential market turbulence due to expectations of further Fed rate cuts.
On Tuesday (September 24), China’s rollout of bold economic measures, including issuing special sovereign bonds totaling around 2 trillion yuan, elevated global stocks. The S&P/TSX Composite Index (INDEXTSI:OSPTX), S&P 500 (INDEXSP:.INX), and the Nasdaq Composite (INDEXNASDAQ:.IXIC) marked new closing highs. Chip stocks like Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC) propelled the PHLX Semiconductor Sector (INDEXNASDAQ:SOX) up by 1.23 percent.
Wednesday (September 25) saw a subdued start with the Nasdaq Composite dipping by 0.13 percent post-market open. However, advances by tech giants NVIDIA (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL) erased earlier losses. The tech-heavy index ended a mere 0.17 percent above its opening, while the S&P 500 and S&P/TSX Composite Index slipped.
Thursday (September 26) revealed encouraging US labor market data with 218,000 initial jobless claims versus the anticipated 225,000, signifying labor market fortification.
The tech sector remained resilient amidst market shifts.