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Tech Stocks Drag Market Lower Despite U.S.-China Trade Truce
Tech Stocks Drag Market Lower Despite U.S.-China Trade Truce
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BTCCSquare news:
Major indices faltered as Big Tech's aggressive AI spending overshadowed a diplomatic breakthrough between Washington and Beijing. The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) both closed lower, with Meta Platforms' 11% plunge leading the decline after raising its 2025 capex guidance to $70 billion.
Microsoft and Alphabet joined the spending spree, committing a combined $80 billion to AI infrastructure this quarter. The lack of clear ROI timelines sparked fears of another tech bubble, muting investor response to the trade agreement that reduced U.S. fentanyl tariffs and boosted Chinese soybean purchases.
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