Show Notes
Wall Street rewarded Nvidia after another blockbuster quarter and a bold 2027 growth forecast adding fresh fuel to the AI boom. Investors are watching Jackson Hole after fresh PCE inflation data kept pressure on the Federal Reserve. Plus, oil prices fell as markets bet diplomacy could ease disruptions around the Strait of Hormuz.
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Today's recommended read: Monetarist resurrection, or timely rethink of inflation targeting? by Mike Dolan
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More from Reuters Morning Bid
AI stocks tumble as investors question how much spending, borrowing and optimism the sector can still sustain. Investors rush back into government bonds as expectations for a December Fed rate hike fade. And oil climbs above $114 a barrel as reports suggest the US and Israel could be preparing new strikes on Iran.
Meta shares rise after an earnings beat and excitement around its new Muse AI agent, even as the company burns cash and plans a new share sale. Tesla falls after cutting spending and lowering long-term sales ambitions, adding to questions about a possible merger with SpaceX. Oil prices climb after fresh attacks in Saudi Arabia and a lack of diplomatic progress in both the Middle East and Ukraine. And French borrowing costs hit their highest since 2002 as investors brace for a potential credit-rating downgrade.
SpaceX beats earnings estimates as Elon Musk backs discussions over a potential merger with Tesla. Wild swings in oil prices and AI stocks expose growing market nerves over war and tech valuations. And Netflix disappoints with its slowest revenue growth in three years, sending shares lower.
Street riots and curfews in Paris rattle investors already worried about France's debt burden and political uncertainty. A failed South Korean data-centre IPO reignites concerns over AI-related stocks ahead of earnings from Netflix and SpaceX. And oil prices hit five-month high as traders brace for more conflict in the Middle East.
Oil markets open the week on edge after ships hitting mines in the Strait of Hormuz helped drive crude to $110 on Friday, while Ukraine struck a major Russian oil installation near St. Petersburg over the weekend. On Wall Street, Meta's Wednesday earnings report arrives after a brutal week for tech stocks, with the SOX index shedding more than 10% on concerns about AI-related debt.