For the first time in a very long time, a midday bounce in the broad stock market failed. Instead of bouncing in the afternoon, it closed on its lows for the day. One day does not make a trend, but since action came on the back of some negative news, the situation bears watching.
We do need to remember that the news from the chip second about demand has been poor for some time now. It has been the euphoria surrounding the prospects of AI that has fueled the rally in the group. With many of this stock now quite expensive and overbought, the AI phenomenon might not add the same kind of fuel this earnings season.
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