NEW YORK / LONDON (IT BOLTWISE) – Stock markets are volatile as enthusiasm for artificial intelligence continues to drive prices. Tech giants like Amazon and Palantir are particularly in the spotlight after achieving impressive results through AI innovations.
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Stock markets saw a slight decline after AI-related stocks started the month of November strong. The S&P 500 and Nasdaq Composite closed higher on continued enthusiasm for artificial intelligence trading. Futures tied to the Dow Jones Industrial Average fell 94 points, or 0.2%, while S&P futures fell 0.26% and Nasdaq 100 futures fell 0.4%.
Volatility in Palantir shares was particularly noticeable in extended trading, even as the software company beat Wall Street’s expectations for the third quarter and gave strong guidance, boosted by growth in artificial intelligence. While shares initially rose as much as 4% in extended trading, they later fell about 4%.
Stocks tied to the biggest AI players drove gains on Monday, with Amazon striking a deal with OpenAI that took the e-commerce giant to a record high. The tech-heavy Nasdaq ended nearly 0.5% higher, while the S&P 500 rose nearly 0.2%. However, the Dow Jones Industrial Average lost about 226 points, or 0.5%.
More than 300 stocks in the broad market index closed lower on Monday, adding to concerns about weak breadth and high concentration in the technology sector – especially after the number of S&P 500 stocks that rose last month was fewer than the number that fell. Strong third-quarter results and higher AI spending plans from hyperscalers continue to support the bull market.
Goldman Sachs expert Tony Pasquariello expressed optimism about the future of megacap tech stocks and recommended investors hold on to them. He sees upcoming interest rate cuts from the Federal Reserve and strong capital spending as further catalysts for gains. Still, he warned that the risk-reward ratio is no longer as favorable as it was three or six months ago.
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