US equities make moderate gains. Eyes on AI as OpenAI pushes out timelines

It’s been a lively week for tech stocks but the market appears to be in something of a holding pattern ahead of tomorrow’s PCE report. The Nasdaq sold off early in the week and late last week but it’s slowly climbed back.

Shares of Nvidia haven’t climbed back in the same way and remain 10% from the record set last week. Some disappointing data on the AI front came late yesterday with OpenAI saying it wouldn’t release GPT-4o in ‘weeks’ as it initially promised but instead will begin to roll it out in a month with all users getting access in the autumn to the voice features but with video and screen-sharing capabilities coming at some undetermined time later.

“We’re improving the model’s ability to detect and refuse certain content. We’re also working on improving the user experience and preparing our infrastructure to scale to millions while maintaining real-time responses,” the company said.

Shares of NVDA are down 1.3% but Micron shares are off 6% after reporting earnings late yesterday.

Shares of Walgreen’s and Levi’s are also down sharply on earnings.

On the flipside, shares of Adobe are up 3.3% with Google, Meta and Amazon also making moderate gains.

The Nasdaq is up 0.3% while the S&P 500 is up 0.15%.

This article was written by Adam Button at www.forexlive.com.