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Dow Jones Sinks Amid AI Stock Selloff as Consumer Sentiment Nears Record Low
Dow Jones Sinks Amid AI Stock Selloff as Consumer Sentiment Nears Record Low
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BTCCSquare news:
The Dow Jones Industrial Average (DJIA) is poised to close the week down more than 2% as a selloff in AI-related stocks accelerates. Nvidia (NVDA), Meta Platforms (META), and Oracle (ORCL) have collectively erased $900 billion in market value since last Friday, marking their worst performance since April 2020. NVDA alone accounts for $430 billion of the losses.
Consumer sentiment, as measured by the University of Michigan, plummeted to 50.3 in November—just shy of the June 2022 record low. The prolonged government shutdown has disrupted SNAP benefits and air travel, exacerbating economic anxieties. "Current personal finances plunged 17%," noted Surveys of Consumers Director Joanne Hsu.
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