00:00Wall Street's three major indexes fell on Monday as investors waited for quarterly reports from large retailers to provide insights
00:08into U.S. consumer spending, while oil prices rose as the U.S. and Iran appeared no closer to a
00:14deal.
00:15Investors with July's week retail sales and jobs data fresh in their minds were cautious as they waited for quarterly
00:23results from retailers.
00:26There are a lot of risks still coming from the Middle East, and I think that is actually driving some
00:32of the trading in the fringes.
00:34Now, August is notorious for having low volume, so whatever happens this month stays within this month, right?
00:41But also, there's been some nervousness around the tech as well.
00:45Everyone knows that AI value, company valuations are very, very high.
00:49It doesn't matter how much they say AI demand is great or, you know, the revenue has grown X percent
00:58and it's a very large number.
01:00We've seen stocks fall, you know, 5 to 10 percent sometimes after reports.
01:05And I think part of this is because we're sort of desensitized to the AI build out, meaning, OK, it's
01:13going to get built, but we don't want you to spend as much money on it.
01:16And I think that's sort of where we are.
01:18And part of this is a mismatch between what we expect versus the reality.
01:24Investors are also waiting for results due out next week from leading AI chipmaker NVIDIA, the world's most valuable company.
01:33The S&P 500 lost 40.70 points to end at 7,745.06 points, while the Nasdaq Composite lost
01:4384.25 points to 26,644.91.
01:49The Dow Jones Industrial Average fell 272.63 points to 53,459.78.
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