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Tech Stocks Wobble: AI Resurgence Faces Year-End Test
22 Dec
Summary
- Stock futures showed modest gains ahead of a shortened holiday week.
- AI stocks like Oracle and Nvidia saw a resurgence last week.
- The NYSE will have early closure on Wednesday and be closed Thursday.
U.S. stock futures experienced a modest increase on Sunday night, signaling a cautious start to a shortened trading week. Traders are closely watching whether technology shares can sustain their performance as the year draws to a close. This comes after a mixed performance last week, where the S&P 500 and Nasdaq Composite eked out gains, while the Dow Jones Industrial Average saw a decline, breaking a three-week winning streak.
Artificial intelligence stocks demonstrated a notable comeback last week, recovering from recent underperformance. Significant gains were observed in shares of Oracle, driven by news of TikTok's U.S. operations potentially forming a joint venture involving the software giant. Nvidia also experienced a rebound. However, market sentiment remains watchful regarding AI stocks' ability to retain leadership as the year concludes, especially with investors considering shifts into less expensive market segments due to high tech valuations.
