Welcome to Markets Desk, your midday read on what's moving money and markets.
The broader market is under pressure today, with the S&P five hundred off nearly half a percent and the Nasdaq one hundred sliding more than one percent, weighed down by weakness in chipmakers and AI-related names. The selling is concentrated in the technology sector, where momentum has stalled on valuation concerns and fading risk appetite.
Feeding directly into that pressure, CoreWeave and Nebius are among the hardest hit, after reports surfaced that Meta is exploring ways to monetize its own AI infrastructure to outside customers. That prospect puts the so-called neocloud companies in a difficult spot — if the largest AI spenders begin competing with the platforms they once supported, the entire business model comes into question for investors.
Stepping away from markets, there is a notable legal development on student loan policy. Two federal judges have blocked the Trump administration's effort to narrow eligibility for a widely used student loan forgiveness program, meaning the new restrictions will not take effect while the legal challenge proceeds. The ruling preserves access for potentially millions of borrowers who would have otherwise lost standing under the revised rules.
That's the tape. Markets Desk, signing off the floor.
