Wall Street rebounded overnight, with tech stocks leading the charge as renewed enthusiasm for artificial intelligence offset concerns over potential disruptions caused by the nascent technology.<\/p>\n
Speculation regarding AI’s possible impact on a wide variety of sectors has prompted oversized moves in stocks and indexes across myriad sectors in recent weeks, with Monday’s steep decline the latest example of on-again, off-again risk appetite amid these uncertainties.<\/p>\n
“The reaction in these stock prices is in anticipation of something changing down the line and [investors] don’t want to be stuck,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.<\/p>\n
“We’re not there yet, but nobody wants to be the last one holding the bag on some of these names as they get repriced.”<\/p>\n
But all three major US stock indexes moved decisively higher in the session, with semiconductors outperforming.<\/p>\n
Artificial intelligence lab Anthropic\u00a0announced\u00a0several new plug-ins targeting areas such as investment banking and human resources, weeks after its earlier releases stoked a selloff of traditional software stocks.<\/p>\n
The company said its new plug-ins were developed jointly with partners, among them Thomson Reuters, which owns Reuters news agency, Salesforce and FactSet.<\/p>\n
FactSet stock rose 7.1%, while US-listed shares of Thomson Reuters jumped 11.7%.<\/p>\n
Salesforce advanced 4.7%, among the Dow Jones Industrial Average’s biggest percentage gainers.<\/p>\n
“Anthropic’s been busy with announcements that their product is going to do all these new and sort of wonderful things,” Pavlik added.<\/p>\n
“It’s still early on in the process and certainly acceptance and the application of these tools is probably still a ways away.”<\/p>\n
Monetary policymakers weighed in on AI’s potential impact on the labor market.<\/p>\n
Federal Reserve Governor\u00a0Lisa Cook\u00a0said the technology could lead to a possible rise in the unemployment rate, while fellow Fed Governor\u00a0Christopher Waller\u00a0said he did not expect AI to disrupt the labor market.<\/p>\n
The US Supreme Court’s decision on Friday to\u00a0strike down many of President Donald Trump’s tariffs, and Trump’s subsequent threat to implement a fresh round of levies against goods imported from abroad, remained a source of lingering uncertainties.<\/p>\n
“There are still questions about the\u00a0deals that were in place already,” Pavlik said.<\/p>\n
“What happens to those? Are they still happening?”<\/p>\n
Reporting with Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"Wall Street rebounded overnight, with tech stocks leading the charge as renewed enthusiasm for artificial intelligence offset concerns…\n","protected":false},"author":2,"featured_media":327989,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3675,37156,64,63,166,99,2005,160,2007,5463,5464,2004,1491],"class_list":{"0":"post-501887","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-asian-markets","9":"tag-asx-200","10":"tag-au","11":"tag-australia","12":"tag-australian-dollar","13":"tag-business","14":"tag-dow-jones","15":"tag-live-blog","16":"tag-nasdaq","17":"tag-sp-500","18":"tag-shares","19":"tag-stocks","20":"tag-wall-street"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/501887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=501887"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/501887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/327989"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=501887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=501887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=501887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}