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U.S. Markets Retreat as AI Valuations Raise Investor Concerns
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U.S. stock markets closed sharply lower on November 7 amid ongoing concerns over AI stock valuations and the partial government shutdown affecting economic data flow. The S&P 500 ended at 6,720.32, down 1.1%, with technology and consumer discretionary sectors losing over 2%. Energy stocks posted modest gains of around 1%.
Analysts from Goldman Sachs and Morgan Stanley warned that drawdowns of 10-20% could occur over the next 12 to 24 months. Investor sentiment was cautious as corporate earnings, economic indicators, and geopolitical developments remain uncertain.