Market Update: S&P 500 Ends Six-Day Win Streak as AI Remains Key Theme
The S&P 500 lost 0.39% on Tuesday, ending its six-day winning streak. The Dow Jones Industrial Average declined 0.27%, while the Nasdaq Composite fell 0.38%. In contrast, the pan-European Stoxx 600 closed 0.73% higher.
Tesla CEO Elon Musk stated there’s “no doubt” about his commitment to leading the company for the next five years during Bloomberg’s Qatar Economic Forum. Musk emphasized his desire for “sufficient voting control” to prevent being ousted by activist investors. In a separate interview with CNBC’s David Faber at Tesla’s headquarters in Austin, Texas, Musk confirmed the company will launch robotaxis in Austin by the end of June.
Google announced a new artificial intelligence subscription service called ‘Google AI Ultra’ at its annual developer conference Google IO. The $249.99 monthly plan includes Google’s flagship AI app Gemini with the newly introduced Gemini 2.5 Pro ‘DeepThink’ mode, a filmmaking AI tool called Flow, and a note-to-podcast tool named Notebook LM.
Apple approved the Epic Games title Fortnite, returning it to the App Store in the U.S. five years after its removal. The game was removed in 2020 after Epic updated its payment system to bypass Apple’s in-app payment mechanism, which charges fees of up to 30%.
Josh Brown, CEO of Ritholtz Wealth Management, emphasized that artificial intelligence remains the most important theme for the stock market, despite recent tariff-related volatility. ‘AI is still the most important theme for markets,’ Brown said, according to CNBC PRO.
Chinese exporters are diversifying away from the U.S. market due to the ongoing trade war, with 95% of surveyed exporters planning to increase exports to other markets, according to a survey by trade insurer Allianz Trade.
