Concerns on excessively high valuations of leading bull market stocks led to a broad decline in US bourse on Tuesday, weakened by AI-related stocks. The DJIA ended at 47,085, down 251 points or 0.5%; the S&P 500 sagged 80 points or 1.2%, closing at 6,771; and the Nasdaq slid 486 points or 2%, ending at 23,348.
AI software company Palantir (PLTR.US) beat for its 3Q results and revised up guidance, yet its stock still tumbled about 8%. The stock has grossed gains of over 150% so far this year, indicating high market expectations for its earnings and revenue growth.
Other AI-related stocks were also squeezed, with Oracle (ORCL.US) down nearly 4%, AMD (AMD.US) down about 4%, and Nvidia (NVDA.US) and Amazon (AMZN.US) experiencing various degrees of downswing.
The major big techs, known as the "Magnificent Seven", slumped broadly, with Tesla (TSLA.US) leading the decline, plunging over 5%. Analysts noted that recent US stock gains concentrated on a few big techs, with weak market breadth.
~
AASTOCKS Financial News
Website: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| AMD (C) |
10760 |
225 (-) |
0.910 |
2.8 X |
| AMD (P) |
10777 |
155 (-) |
0.170 |
2.8 X |
| Nvidia (C) |
10055 |
230 (-) |
0.223 |
5.0 X |
| Nvidia (C) |
10721 |
175 (-) |
0.395 |
5.1 X |
| Nvidia (P) |
10057 |
165 (-) |
0.224 |
3.5 X |
| Nvidia (P) |
10714 |
125 (-) |
0.027 |
6.7 X |
| AMZN (C) |
10004 |
280 (-) |
0.234 |
6.2 X |
| AMZN (P) |
10700 |
180 (-) |
0.066 |
6.2 X |
| TSLA (C) |
10010 |
530 (-) |
0.770 |
4.1 X |
| TSLA (P) |
10011 |
370 (-) |
0.490 |
3.3 X |
