US Stocks Oscillate as Tech Shares Pare Drop

David Rosenberg, founder at Rosenberg Research, discusses the market outlook while awaiting the latest Fed decision. US stocks wavered after the tech sector trimmed the sharp decline it suffered earlier in the session as traders contended with the AI chip rivalry between Nvidia Corp. and Alphabet Inc. The S&P 500 swung between modest gains and losses while the Nasdaq 100 pared its 1.3% drop. Markets are on shaky ground Tuesday after a deluge of delayed economic data and signs of competition heating up in the artificial intelligence arena. This comes a day after stocks had soared on optimism that the Federal Reserve will cut interest rates next month. Among individual movers, Alphabet shares gained, bringing the search giant closer to a $4 trillion valuation, after The Information reported that Meta Platforms Inc. is in talks to spend billions on Google’s AI chips. Shares of Nvidia, Advanced Micro Devices Inc. and Oracle Corp. fell. (Source: Bloomberg)