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Despite the weakness in Alphabet, Nvidia rebounded 3.8%, recouping some losses from last week’s AI-driven tech selloff. However, Advanced Micro Devices (AMD) tumbled 8.9% after CEO Lisa Su projected a 7% decline in data center sales for the current quarter, raising questions about the near-term AI spending cycle.
What Economic Data Is Shaping Market Sentiment?
Fresh economic reports painted a mixed picture. The Institute for Supply Management reported that U.S. services sector activity unexpectedly slowed in January, signaling cooling demand that could ease inflation pressures. This raised hopes that the Federal Reserve might be more inclined to cut rates later this year.
Meanwhile, private payrolls grew by 183,000 in January, surpassing estimates of 150,000. Traders are closely watching this week’s key labor market data, with Friday’s nonfarm payrolls report set to provide more clarity on employment trends.
Which Stocks Are Making Big Moves?
Apple slid 1.2% after Bloomberg reported that China’s antitrust regulator is preparing for a potential investigation into the iPhone maker. Uber dropped 7.2% after issuing a softer-than-expected bookings forecast, adding to investor concerns about demand trends in the ride-hailing sector.
On the upside, Fiserv jumped 7.1% after posting strong fourth-quarter earnings, driven by robust demand in its banking and payments processing division. Johnson Controls surged 11.1% after naming Joakim Weidemanis as its next CEO and raising its 2025 profit outlook.
FMC Corp suffered the session’s steepest decline, plunging 33.6% after issuing a weaker-than-expected revenue forecast for the first quarter.
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