#stocks

World stocks edged lower on Tuesday as concerns about AI spending weighed on chipmakers, which fell more than 1% on Wall Street; the Dow lost 0.31%, the S&P 500 0.10% and the Nasdaq 0.26%. Traders cited progress by Chinese memory maker CXMT and Broadcom CEO Hock Tan likening some flows into AI to "casino gambling." One portfolio manager said Nvidia and AMD usually trade down before the hyperscalers report because of uncertainty over their capital spending. Earnings season opened with JPMorgan up slightly and Wells Fargo down 2.1%.

U.S. stocks set their first record highs since August early in the week, then chopped around on conflicting reports about possible U.S. strikes in the Middle East and renewed worries about AI spending and revenue, before rising into Friday, LPL Research reports. Its Friday-afternoon figures put the week at about +1.2% for the S&P 500, +1.1% for the Dow and +0.7% for the Nasdaq; the Russell 2000 fell about 0.8%. Consumer staples, utilities and energy led; tech was roughly flat. Bonds snapped a five-week losing streak.