Overview
- The S&P 500 fell 0.3% to 6,920.93 and the Dow lost 0.9% to 48,996.08 after setting intraday records, while the Nasdaq rose 0.2% to 23,584.27.
- U.S. authorities said they seized a Russia-flagged, Venezuela-linked tanker, and President Donald Trump said the U.S. expects up to 50 million barrels of Venezuelan crude, pushing WTI near $56 and weighing on energy shares.
- Economic signals were mixed as ADP showed 41,000 private jobs added, JOLTS openings fell to 7.146 million, and ISM Services rose to 54.4, nudging Treasury yields lower and fueling two-way trading.
- Investors rotated back into AI heavyweights such as Nvidia, Alphabet and Microsoft, while financials, materials and energy slipped; healthcare outperformed with Eli Lilly rallying on a reported Ventyx talks.
- Goldman Sachs warned AI capex growth will slow and said maintaining returns could require more than $1 trillion in annual profits versus roughly $450 billion expected, and Indian benchmarks fell for a third session on foreign outflows and trade worries.