Wall Street Jitters as Tech Stocks Slide, Key Jobless Data Awaited Amid Government Shutdown Threat
Wall Street Jitters as Tech Stocks Slide, Key Jobless Data Awaited Amid Government Shutdown Threat
U.S. stock futures are showing little change this Thursday, September 25, as investors brace for critical economic data and ongoing concerns in the tech sector. S&P 500 futures edged lower by 0.4%, with Nasdaq-100 futures down 0.5%, reflecting a cautious market sentiment.
Major tech players Nvidia and Oracle continued their downward trend, sliding 1% and 2% respectively in premarket trading. This marks a third consecutive day of losses for both companies, fueling questions about the sustainability of artificial intelligence (AI) valuations and potentially risky industry relationships. Declines in these stocks, alongside Micron Technology, contributed to a second straight day of losses for major averages on Wednesday.
Today’s release of weekly jobless claims data is a significant focus, as it could influence the Federal Reserve’s monetary policy. Fed Chair Jerome Powell indicated earlier this week that a weakening labor market is now a greater concern than inflation, leading to the Fed’s recent decision to lower interest rates for the first time this year. Analysts are closely watching for any meaningful spike in claims that could trigger a stronger negative market reaction.
Adding to market anxiety, investors are also anticipating Friday’s personal consumption expenditures (PCE) price index, a key inflation gauge. Furthermore, the looming September 30th deadline for government funding casts a shadow, with the likelihood of a government shutdown reportedly rising, potentially leading to federal employee furloughs and further economic uncertainty.
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