Wall Street is increasingly divided between defensive sectors and technology stocks. From Sept. 10 through Wednesday’s close, CrowdStrike surged 19.4% driven by AI security concerns, Meta Platforms gained 14.4% following the successful launch of its AI agent Muse, and TJX Companies rose 13% rebounding from a steep sell-off after disappointing quarterly results. Conversely, Bank of New York fell 15.4% and Goldman Sachs dropped 13.8% amid mounting concerns about the banking sector exacerbated by the Fed’s rate hikes, FedEx Freight declined 12.4% due to rising diesel prices linked to the Iran conflict, and Boeing lost 9.8% from higher oil prices and a software issue affecting certain 737 Max aircraft. The Nasdaq fell 2.5% for the week while the Dow Jones Industrial Average remained flat, with AI trade worries and expectations of at least one more Fed rate hike widening the gap between winners and losers.
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