07.10.202515:29:22UTC+00US Stocks Reverse Gains

On Tuesday, the initial upward movement in US stock markets was reversed, resulting in a 0.2% decline across the three main indices as the recent artificial intelligence-driven surge lost momentum. Notable losses were seen in the consumer discretionary sector, though utilities showed better performance. Tesla's stock dropped by over 2% in anticipation of an event where a more budget-friendly variant of the Model Y SUV is expected to be revealed. Oracle experienced a more than 4% decline following reports that highlighted difficulties associated with leasing Nvidia Corp.’s chips. Additionally, the New York Federal Reserve released data indicating that consumers foresee increased inflation rates in both the short and medium term. Federal Reserve official Miran warned of potential risks if monetary policy adjustments are not made judiciously. Market participants are now looking forward to comments from other members of the Federal Reserve to better understand the institution's future actions. Meanwhile, in Washington, a political deadlock continued, with funding proposals from both parties failing for a fifth time, prolonging the federal government shutdown into its seventh day.