PiCK
Anthropic says “improvement, not software disruption”... All three major indexes rebound [New York stock market briefing]
Summary
- It reported that the three major indexes—the Dow Jones, the S&P 500, and the Nasdaq—all closed higher.
- It reported that Anthropic announced partnerships with major software companies, shifting fears of AI disrupting the software sector into expectations of performance improvements.
- It reported that the semiconductor sector, including the Philadelphia Semiconductor Index and shares of AMD, TSMC, and Intel, showed strength on news of a large-scale purchase of AMD AI chips.
Major indexes on Wall Street rebounded sharply. The move came after AI company Anthropic announced partnerships with several tech firms, easing fears that AI would disrupt the software industry.
On the 24th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 370.44 points (0.76%) from the previous session to close at 49,174.50. The Standard & Poor’s (S&P) 500 gained 52.32 points (0.77%) to 6,890.07, and the Nasdaq Composite climbed 236.41 points (1.04%) to 22,863.68.
So far this year, U.S. stocks have been in a clear downtrend centered on software names, driven by fears that AI’s disruptive innovation would target the entire software industry. In particular, as Anthropic’s Claude Code service unveiled coding-focused features, concerns that AI could encroach on the software industry intensified.
But overnight, news emerged that Anthropic had struck partnerships with major software companies. As a result, fears that AI would disrupt the software industry shifted to expectations that it could improve software performance. Anthropic showcased a capability to integrate its Claude Cowork into a range of enterprise apps such as Salesforce.
Salesforce rose 4.08%, Adobe gained 3.44%, and ServiceNow advanced 1.68%. Digital advertising platform AppLovin added 3.31%, while digital signature services company DocuSign jumped 2.63%.
Financial information provider Thomson Reuters also surged 11.41% after Anthropic’s announcement.
The semiconductor sector improved in sentiment on reports that Meta made a large-scale purchase of AMD’s AI chips, lifting the Philadelphia Semiconductor Index 1.45%. AMD jumped 8.77% on the news, while TSMC rose 4.25% and Intel gained 5.71%.
By sector, all groups rose except energy and healthcare. Technology, utilities, consumer discretionary and industrials each gained more than 1%.
Home Depot climbed nearly 2% after its fourth-quarter results last year topped market expectations for the first time in a year.
According to CME’s FedWatch Tool, the federal funds futures market priced in a 98% probability that the policy rate will be held steady through March.
The Cboe Volatility Index (VIX) fell 1.46 points (6.95%) from the previous session to 19.55.
Byu Hankyung.com reporter Han Kyung-woo case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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