Nasdaq Composite

The Nasdaq fell 0.84% due to tech sector weakness, with Apple, Meta, and Oracle declining. Nvidia dropped nearly 2% despite a large order backlog, raising caution ahead of its earnings report. Analysts are divided, with some anticipating a year-end tech rally driven by cloud and SaaS demand. Others see an AI bubble risk. Separately, wealthy investors are leasing gold bars to refiners for income, capitalizing on high gold prices to generate yields.

The Dow Jones Industrial Average hit a record high, driven by traditional sectors like Goldman Sachs and Caterpillar, while the tech-heavy Nasdaq faltered due to valuation concerns despite gains in some AI-related stocks. Analysts view this divergence as a healthy market rebalancing, not necessarily excessive AI exuberance. Separately, private equity firms face challenges with “zombie companies” – stagnant portfolio companies difficult to sell, hindering fund performance. The market is watching to see if the “AI market” and the “everything else” market can move in tandem.