Stocks Expected to Open Lower Amid Pressure on Chipmakers and Ahead of Key Events
U.S. stock markets are expected to open lower as chipmakers face pressure following disappointing results from major Asian tech firms like Samsung Electronics, Alibaba Group, and SoftBank Group. Pre-market trading saw declines in AI infrastructure stocks after a Bloomberg report indicated that Nvidia plans to raise AI server prices by over 15% due to rising memory costs, raising concerns about the sustainability of current spending on artificial intelligence. Investors are also watching for key developments this week: Nvidia's upcoming earnings report and Federal Reserve Chairman Kevin Warsh’s speech at Jackson Hole. On a positive note, WTI crude oil prices fell over 2%, easing pressure on debt markets as Treasury Secretary Scott Bessent prepares to outline plans targeting Iran economically. Meanwhile, U.S. economic data showed continued expansion in the services sector while manufacturing activity slowed slightly.
Topics: chipmakers Jackson Hole speech Nvidia earnings stock market