New York stock market starts off mixed, digesting AI selloff and PPI announcement

(Seoul = Yonhap News) Reporter Jeong-won Yoon, Yonhap Infomax = The three major stock indices of the New York Stock Exchange started off mixed, reflecting the selling trend of artificial intelligence (AI) and the results of the Producer Price Index (PPI).

As of 10:00 am on the 15th (local time), the Dow Jones Industrial Average on the New York Stock Exchange recorded 51,754.02, up 132.54 points (0.26%) from the previous day. The Standard & Poor's (S&P) 500 Index was down 40.22 points (0.52%) from the previous day to 7,678.72, and the Nasdaq Composite Index was down 322.53 points (1.21%) from the previous day to 26,370.34.

The selling of AI-related stocks continued on this day as concerns grew that high interest rates in the U.S. could harm AI investments.

CoreWeave, an American cloud service company at the center of the selloff in AI-related stocks, fell 8.68% on this day.

Coreweave's stock price fell by more than 15% the previous day due to the news that its bond prices had entered the non-performing zone.

Additionally, American online media Axios reported that the U.S. Federal Trade Commission (FTC) issued a civil investigation request to Open AI and Antropic regarding consumer damage.

A civil investigation request is a document sent by the government to collect and investigate evidence prior to a potential lawsuit.

Amid recent controversies over AI agent hacking, it has been reported that documents have been requested regarding safety accidents that have spread into a crisis throughout the AI ​​industry.

Semiconductor stocks also fell due to the selling of AI-related stocks.

Micron Technology fell 4.63% and AMD also fell 5.85%.

The fact that the U.S. producer price index (PPI) and retail sales in September exceeded expectations also weighed on the stock market.

According to the U.S. Department of Labor, September's headline PPI rose 1.3% compared to the previous month, significantly exceeding the market forecast of 0.5%. It is the highest since March 2022.

Core PPI also rose 0.7% compared to the previous month, exceeding the forecast 0.3% increase.

Retail sales in September also increased by 0.8% compared to the previous month, exceeding market expectations of a 0.3% increase.

“Investors are increasingly questioning how much expectations for future growth are reflected in current company valuations, how business expansion is being financed, and when these investments will generate sufficient returns,” said Charu Chanana, Saxo’s chief investment officer.

“Coreweave’s bond price correction suggests that investors are becoming less willing to fund AI infrastructure growth at any cost,” he said.

Looking at each industry, healthcare and basic consumer goods showed strength, while technology and energy showed weakness.

Rocket Lab's stock price fell 13.59% as it announced that the first launch of its new large rocket, Neutron, had been postponed until next year.

Agricultural chemical company FMC's stock price plunged 38.01% as it drastically lowered its third quarter earnings forecast. FMC explained that this was due to the $625 million to $675 million impact reflected by commercial actions it was taking to lower the prices of some of its products to its retail customers in Brazil, Argentina, the U.S. and Canada and to change its pricing model in the U.S.

Walmart's stock price rose 3.80% as Deutsche Bank upgraded its investment opinion from 'Hold' to 'Buy'. Deutsche Bank predicted that the current level of inflation could help Walmart attract consumers.

European stock markets also showed mixed results.

The Euro STOXX 50 index is trading at 6,127.27, down 1.02% from the previous day. Britain's FTSE 100 index and France's CAC 40 index rose 0.64% and 0.19%, respectively, and Germany's DAX index fell 0.34%.

International oil prices rose.

At the same time, the price of West Texas Intermediate (WTI) crude oil for delivery in November 2026, which is a nearby contract, is recording $95.83 per barrel, up 0.78% from the previous price.