U.S. markets slip as tech leads declines
U.S. markets ended the week lower as technology shares came under pressure. Concerns around AI spending increased after China’s Moonshot AI introduced a new model it says can outperform some U.S. systems.
For the week:
S&P 500: -1.55%
Nasdaq-100: -4.13%
Dow Jones: -0.93%
Technology was the weakest sector, while Energy and Real Estate led the gains.
Economic highlights
U.S. data was mixed, but several reports pointed to resilient activity.
Retail sales rose 0.2% in June, while weekly jobless claims fell to 208,000. Manufacturing data was also stronger than expected, with the Philadelphia Fed Index rising to 41.4 and the Empire State Index climbing to 15.6. Producer inflation increased 5.5% year over year, below expectations. Housing starts jumped 19%, although building permits declined 3%. Consumer sentiment also improved to 54.4.
Earnings to watch
Alphabet (GOOGL) reports Wednesday after the close. Expected move: ±6.9%. TC Quantamental Rating: 52/100, supported by strong momentum, quality and growth, but held back by valuation.
Tesla (TSLA) also reports Wednesday after the close. Expected move: ±7.4%. Rating: 34/100. Momentum remains strong, but valuation, growth and quality are weak.
Intel (INTC) reports Thursday after the close. Expected move: ±14.8%. Rating: 33/100. The stock has strong momentum, but profitability and valuation remain concerns.
RTX (RTX) reports Thursday before the open. Expected move: ±5.2%. Rating: 55/100, supported by growth, quality and income factors.
