Nasdaq sets record high while oil dips
The Nasdaq notched a record high close on Tuesday, lifted by Micron Technology and other AI-related stocks, while the S&P 500 hovered just below a record high as oil prices traded around US$100 per barrel. Chip stocks added to recent gains while consumer-related software shares lost ground. Investors focused on the strong reception of Meta Platforms' AI assistant, which launched this month and can send emails and complete transactions on behalf of a user. The success of the AI assistant, called Muse, has fueled gains for AI-related chip stocks in recent days. Yet some worried it could compete with retailers, online brokerages and other consumer companies. Amazon on Monday blocked the agent from shopping on its platform. "There are a lot of tech stocks that are down today on Muse-related fears of one sort or another," said Jed Ellerbroek, portfolio manager at Argent Capital Management. "People fear that Muse will be used to manage your insurance relationships, book your travel and search for stuff to buy." Ride-hailing apps Uber Technologies and Lyft lost more than 1 percent each, while Charles Schwab lost 6.1 percent and Airbnb declined 3 percent. Micron rallied 5 percent and Sandisk gained almost 7 percent. Oil prices were choppy near US$100 a...
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