AI jitters and $110 oil weigh on stocks as GM falls despite a $20 billion buyback
The Nasdaq slipped a day after its rebound; CoreWeave extended its slide and Brent climbed back above $110.
U.S. stocks started Tuesday on the back foot as worries about artificial intelligence spending returned. The Nasdaq composite slipped a day after tech stocks rebounded to snap a weeklong losing streak, and Brent crude climbed back above $110 a barrel, per The Wall Street Journal. See this morning's Asia story and Toast & Tickers.
CoreWeave extended its slide as investors scrutinize the debt loads financing its data-center build-out, and shares of General Motors fell sharply even after the automaker beat third-quarter estimates and announced a new $20 billion buyback, because its narrowed full-year outlook disappointed those hoping for a higher range, per the Journal and CNBC. Details in our GM story.
The pressure on tech began overseas: South Korean data-center company Elice fell more than 30% in its Seoul debut, and the Kospi dropped 3.7%. Later today, SpaceX, Netflix and United Airlines report after the close, with Meta and Tesla due Wednesday. Oil is the other thread: see our oil story.
