AI Stocks Retreat as Treasury Yields Climb

The AI sector continues to have its ups and downs. After moving higher yesterday, the group is under pressure today, with attention turning away from CoreWeave earnings and back to the leadership scandal and internal turmoil at Nvidia.

While energy prices continue to drift, Treasury yields are moving higher. Six Fed officials are speaking today, with investors looking for more hints on whether an interest rate hike remains on the table for December and, if so, by how much. There are no major economic or earnings reports today.

NASDAQ futures are down 1.5%, while Dow futures are down 0.3%. In Asia, the Nikkei fell 0.7%, the Hang Seng declined 1.3% and the KOSPI dropped 0.6%. European markets are stronger, with the DAX up 0.5% and the FTSE gaining 0.1%.

In Commodities, Crude Oil is up 1.0%, retaking $87.50/bbl, while Brent Crude is up 1.4% but remains below $95.00/bbl. Gasoline is up 1.3, trading around $2.65/gallon. Precious Metals are weaker, with Gold down 1.6% and falling back under $4,000/oz, while Silver is down 2.7% and testing $50.00/oz support. Copper is down 1.4%, falling below $6.20/lb.

In Rates, the US 10-year Treasury note yield is climbing back above 5.00%, while the US 30-year Treasury note yield is advancing in 5.40%. The US Dollar Index is up 0.1%. The Euro is steady, while the Loonie is down 0.1%.

Looking ahead, this week’s focus on inflation continues with US producer prices due Friday.

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