Wall Street's Tumultuous Day: AI Fears and Economic Jitters Weigh Markets
Wall Street closed lower driven by losses in private equity firms, Nvidia, and Apple despite gains in industrial stocks. Concerns about AI's impact on business models persisted. Blue Owl Capital's asset sales prompted worries about credit quality. Investors monitored jobless claims data and inflation reports for insights on Federal Reserve policy.
Wall Street ended the day lower on Thursday, primarily due to declines in private equity firms and tech giants Nvidia and Apple. While gains in industrial stocks offered some buffer, they weren't enough to completely offset the broader losses.
Private equity firms took a hit after Blue Owl Capital announced the sale of $1.4 billion in assets and halted fund redemptions to manage debt, sparking concerns about credit quality. Stocks like Apollo Global Management, Ares, and Carlyle Group followed suit, contributing to the market downturn.
The tech sector, especially AI-linked stocks, remained volatile amid fears that these innovations could disrupt current business models. Additionally, investors kept an eye on Thursday’s jobless claims data for insights into the labor market, while looking forward to Friday’s inflation data to gauge the Federal Reserve's future rate decisions.
Google News