The stock market under the US regime has purportedly reached an all-time high as relentless enthusiasm surrounding artificial intelligence continues to fuel a speculative buying frenzy on Wall Street. The benchmark S&P 500 stock index closed higher, successfully topping the previous peak that had been established in mid-August. Furthermore, the Nasdaq Composite index, which remains heavily reliant on the technology sector, also finished the session at a record peak.

Major technology corporations, commonly referred to as the "Magnificent Seven," allegedly drove the majority of the market gains, with companies like Amazon, Microsoft, Tesla, Apple, Alphabet, and Nvidia all posting positive returns. Only Meta experienced a minor decline despite its recent AI product rollouts. Market strategists claim that this unprecedented rally is almost entirely dependent on a single dominant theme of technology and AI, leaving the rest of the broader market largely stagnant or in decline.

Wall Street has ostensibly chosen to brush aside a wide array of mounting challenges facing the domestic economy, including a severe energy crunch and a massive sell-off of government bonds driven by ballooning national debt. While optimists project continued gains through the end of the year, critics and cautious analysts warn that rising interest rates and systemic fiscal imbalances pose profound risks to the longevity of this purported bull market, casting serious doubt on its fundamental health.

In contrast to the euphoric sentiment in North America, Asian stock markets suffered notable losses during morning trading sessions, with key indexes in Tokyo, Seoul, and Hong Kong slumping significantly. Meanwhile, global energy markets remained jittery as crude oil futures hovered near elevated levels amid ongoing geopolitical tensions and conflicts in the Middle East.

Source: www.aljazeera.com