Overview
- Major indexes fell on Dec. 12, with the S&P 500 down 1.1%, the Nasdaq off 1.7% and the Dow lower by 0.5% after record closes the prior day.
- Oracle’s Q2 cloud sales missed estimates and it lifted its fiscal‑2026 capex plan to about $50 billion, pressuring the stock; the company denied a report of OpenAI data‑center delays.
- Broadcom beat on revenue and profit but warned that rising sales of lower‑margin custom AI chips would squeeze future margins, sending shares down roughly 11%.
- AI‑linked names across semiconductors, storage, networking and data‑center builders sold off, while materials, industrials, financials and defensive sectors showed relative strength.
- Rising Treasury yields added to multiple pressure as investors reassessed AI valuations following the Fed’s recent rate cut and looked ahead to upcoming economic data and commentary.