US stocks fall again amid angst over lofty valuations
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Specialist traders working on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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- Wall Street stocks declined for the second day on Sept 24 due to concerns about high equity valuations.
- Investors await economic data, including jobless claims and personal consumption price data, for market direction.
- Alibaba surged on AI investment news; Lithium Americas jumped on stake talks, while Micron fell despite strong results.
AI generated
NEW YORK - Wall Street stocks fell for the second straight session on Sept 24 as analysts pointed to worries about elevated equity valuations and awaited key economic data later in the week.
“We’ve given up some ground today,” said FHN Financial’s Chris Low. “It really does look mostly like people are just taking some cash off the table or repositioning.”
The Dow Jones Industrial Average finished down 0.4 per cent at 46,121.28.
The broad-based S&P 500 fell 0.3 per cent to 6,637.97, while the tech-rich Nasdaq Composite Index shed 0.3 per cent to 22,497.86.
While all three indices finished at fresh records on Sept 22, watchers have said equities could be poised to retreat after a heady run, especially since late September is traditionally a weak patch for the market.
Mr Low also pointed to worries that Fed policy makers may back away from additional interest rate cuts. Key data points in the coming days include jobless claims data on Sept 25 and personal consumption price data on Sept 26, a closely watched inflation metric.
Among individual companies, Alibaba shot up 8.2 per cent as the Chinese e-commerce giant announced significant investments in artificial intelligence and unveiled a collaboration with Nvidia.
Vancouver-based Lithium Americas shot up 95.5 per cent after reports that the Trump administration was in talks to take an equity stake in the mining company as part of a renegotiation of a government loan for a Nevada mining project.
Micron Technology fell 2.8 per cent despite reporting blowout financial results on strong AI-related demand. Analysts said the good results were already reflected in the company’s stock price, which had risen about 85 per cent in 2025 prior to the results. AFP
