Market Update
Wall Street's stock rally slowed down as Meta Platforms Inc. shares dropped 10% due to plans to take on debt for its artificial-intelligence push.
Although most S&P 500 shares rose, a decline in megacaps dragged down the gauge, which is still on track for its longest streak of monthly gains in four years.
The US and China agreed to a one-year trade truce, but many investors saw the deal as already priced in.
- Meta Platforms Inc. shares sank 10% amid AI spending plans
- Bonds stabilized after a rout driven by a Federal Reserve rate-cut pushback
- S&P 500 gauge remains on track for its longest streak of monthly gains in four years
The latest developments gave some reasons for the equity surge to take a breather after multiple warnings about high valuations.
Author's summary: Market rally slows down due to Meta's AI plans.
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