US stocks dipped in choppy trade as tech shares, particularly chip stocks, weighed on Wall Street. The US Federal Reserve Chair Kevin Warsh’s remarks that inflation risks have eased boosted gold and helped the dollar pare earlier gains.
Market Moves
The US stocks’ dip was led by a 6.3% drop in chip stocks. However, Meta surged after Bloomberg reported that the company is building a cloud business to sell excess AI computing capacity.
The dollar’s gains faded as Warsh softened his inflation rhetoric, and the yen rebounded from a 40-year low. Benchmark Treasury yields also pared gains following Warsh’s remarks.
Commodities and Metals
WTI and Brent crude prices settled down 1.3% and 1.4%, respectively. Gold, on the other hand, jumped in response to Warsh’s comments.
US President Donald Trump reported over $1.4 billion in income from his family’s crypto business last year, according to his annual disclosure with the US Office of Government Ethics.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
