US stocks sold off at the end of the session. The three major indices collectively closed down, the Dow fell more than 1%, and AMD bucked the market and rose more than 4%

Retail trends are poor under high interest rates and high inflation. US retail sales in April fell short of expectations. US House Republican Speaker McCarthy said “no progress” was made in the overnight debt ceiling negotiations with the White House, all suppressing market risk appetite.

US stocks started low and the Dow fell by more than 260 points or 0.8%. The S&P 500 index, which was also dragged down by the Home Depot stock price, fell the deepest by 0.5%. Russell's small-cap stock, which was led by more than 1% yesterday, fell more than 1%. Only the Nasdaq turned higher before midday trading, erasing the 0.3% decline. Out of the 11 S&P sectors, only individual technology-related stocks such as information technology and communication services rose. At the end of the session, the decline in US stocks widened, and the NASDAQ turned down again. $Dow Jones Industrial Average(.DJI.US)$

By the close, S&P erased all gains since May 5, and the Dow fell on the sixth day in seven days, erasing all gains since April. The NASDAQ fell below its highest level since August 25 last year. The Nasdaq 100 nearly erased an increase of 0.6%, but for two consecutive days it was the highest since August 18 last year:

$S&P 500 Index(.SPX.US)$ It closed down 26.38 points, or 0.64%, to 4109.90 points. $Dow Jones Industrial Average(.DJI.US)$ It closed down 336.46 points, or 1.01%, to 33012.14 points. $Nasdaq Composite Index(.IXIC.US)$ It closed down 22.16 points, or 0.18%, to 12343.05 points. $Invesco QQQ Trust(QQQ.US)$ An increase of 0.09%, $Ishares Russell 2000 Value Etf(IWN.US)$ Decreased 1.58%.

The decline in US stocks at the end of the session widened to a daily low. The NASDAQ turned down, and the Dow fell by more than 330 points, erasing gains since April

The 11 S&P sectors were almost completely destroyed. $Energy Select Sector SPDR Fund(XLE.US)$ 、 $Real Estate Select Sector Spdr Fund (The)(XLRE.US)$ und $Utilities Select Sector SPDR Fund(XLU.US)$ They all fell by more than 2%. $Materials Select Sector SPDR ETF(XLB.US)$ und $Industrial Select Sector SPDR Fund(XLI.US)$ Down by as much as 1.64%, $The Technology Select Sector SPDR® Fund(XLK.US)$ Up 0.11%, $The Communication Services Select Sector SPDR® Fund(XLC.US)$ Down 0.12%, $Consumer Discretionary Select Sector SPDR Fund(XLY.US)$ Decreased by 0.41%, $The Health Care Select Sector SPDR® Fund(XLV.US)$ und $Consumer Staples Select Sector SPDR Fund(XLP.US)$ They all fell by more than 8%, $Financial Select Sector SPDR Fund(XLF.US)$ Decreased by more than 9%.

The majority of star technology stocks rose. “metaverse” $Meta Platforms(META.US)$ Close to recovering the decline of more than 1%, hovering around a two-week high. $Apple(AAPL.US)$ Flat trading after a 0.6% increase, $Tesla(TSLA.US)$ Close to erasing an increase of nearly 2%, $Netflix(NFLX.US)$ It fell 0.6%, and both hovered around one-week lows. Among AI concept stocks, $Amazon(AMZN.US)$ It rose 2% to the highest level in more than six months. $Microsoft(MSFT.US)$ It rose 0.7%, and hit a 16-month high in the intraday period. $Alphabet-A(GOOGL.US)$ It rose 2.6% to a nine-month high.

Chip stocks declined at the end of the session. Yesterday's increase of nearly 3% $PHLX Semiconductor Index(.SOX.US)$ After rising 1%, it turned down 0.1% and missed the four-week high. $Advanced Micro Devices(AMD.US)$ The increase was more than 4% to the highest point in nine months. $NVIDIA(NVDA.US)$ After rising more than 3%, it closed up close to 1%, reaching a new high of more than 16 months. $Lam Research(LRCX.US)$ The increase was more than 1% to the highest point in 15 months, but $Intel(INTC.US)$ Down 2%, cleared by Berkshire Hathaway $Taiwan Semiconductor(TSM.US)$ U.S. stocks closed up 0.3% after rising more than 1%.

AI concept stocks fell sharply. Yesterday's increase of more than 23% $C3.ai(AI.US)$ The decline was nearly 2%, breaking away from the highest in six weeks; $BigBear.ai Holdings(BBAI.US)$ It fell by more than 4% to a new low in the past six weeks; $SoundHound AI(SOUN.US)$ It fell nearly 7% to its lowest level in two weeks since May 3.

According to the news, Tesla's shareholders' meeting was held at 4 a.m. on May 17, Beijing time. Reports say that Tesla's Shanghai factory is making final preparations for trial production of the Model 3 remodeled model. Guo Mingyi, the “most accurate Apple analyst” of Tianfeng International Securities, said that Apple's second-generation AR/MR headset hardware is expected to be mass-produced in 2025, and the shipment volume is about 10 times that of the first-generation headphone this year.

Bank stock indices fall, industry benchmark Philly Stock Exchange $KBW Nasdaq Bank Index(.BKX.US)$ It fell 1.5%. May 4 was the lowest since October 2020. $Spdr Series Trust S&P Regional Bkg Etf(KRE.US)$ After rising more than 1%, it turned down 1.5%. May 4 was the lowest since October 2020.

The “big four banks in the US” all fell by about 1%. $Goldman Sachs(GS.US)$ Down 0.4%, asset management giants $Charles Schwab(SCHW.US)$ Decreased by 1.7%. Among regional banks, Westpac United Bank rose more than 17% yesterday $PacWest Bancorp(PACW.US)$ Down more than 14%, up 12% yesterday $Western Alliance Bancorp(WAL.US)$ It rose nearly 3% again to the highest level since May 1.

Nearly 150 business leaders wrote to US officials: A debt default would have “devastating” consequences
On Tuesday (May 16), local time, nearly 150 US business leaders sent letters to US President Joe Biden and congressional leaders. The letter stated that if the government fails to reach an agreement to raise the debt ceiling, the economy will face devastating damage. According to reports, a number of large companies andfinancial institutionsThe CEOs of all signed this letter, includingMorgan StanleyJames Gorman,Goldman SachsDavid Solomon et al.

On Tuesday, May 16, according to media reports, US President Joe Biden will shorten his visit to the Asia-Pacific region at a time when debt ceiling negotiations between the White House and Congress are still at an impasse.

Biden met with the leaders of the two parties in Congress on Tuesday afternoon on the 16th. Both sides believe that despite some progress, they are still at a standstill.

Biden will leave for Hiroshima, Japan on Wednesday 17th. Biden has decided to leave for Japan on Sunday May 21 and return to the US, canceling his planned visits to Papua New Guinea and Australia.

On May 16, local time, after meeting with congressional leaders on the debt ceiling, US President Joe Biden said that he is optimistic that an agreement can be reached. Although there is still a lot of work to be done on a series of issues, the two sides conduct negotiations in good faith and realize that neither side will get everything they want, so it is possible to reach a responsible bipartisan budget agreement.

US retail sales data, known as “scary data,” has been released.

On May 16, data released by the US Census Bureau showed that retail sales in the US in April increased 0.4% month-on-month to 686.1 billion US dollars, lower than the 0.8% increase expected by the market. The previous value was revised up from a 1% decline to a decrease of 0.7%.

On Tuesday (May 16), local time, Sam, the “father of ChatGPT”AlterMan testified for the first time in the US Congress. He called on the US government to strictly supervise artificial intelligence (AI) technology, and said that his peers such as OpenAI and Google should all be under pressure.

Speaking to the Senate's Privacy, Technology, and Law Subcommittee, Altman praised the potential of artificial intelligence, saying the new technology could solve humanity's biggest problems. But he also warned that artificial intelligence can be powerful enough to change society in unpredictable ways, and that “government supervision and management intervention is the key to risk mitigation.”

On Tuesday, May 16, local time, Tesla held this year's annual shareholders' meeting at its plant in Austin, Texas, USA. Tesla CEO Musk said at the conference that he expects that within the next 12 months, a challenging economic environment will continue to exist, and many companies will go bankrupt. But he believes that after that, the economy will recover and Tesla will be in an advantageous position.

At this shareholders' meeting, Musk made predictions about Tesla's models. He said Tesla's Model Y will be “the most sold car on the planet this year.” Musk also mentioned Cybertruck, an electric pickup truck, promising to deliver a mass-produced Cybertruck later this year.

At the shareholders' meeting, some participants asked Musk if he would reconsider Tesla's long-standing position on traditional advertising. Musk answered that Tesla plans to try advertising. “We'll try running a few ads to see how it works.”

Microsoft has announced a new feature for its mobile app to match what the company currently offers on the desktop app. In addition to providing new artificial intelligence features for Bing, Edge, Skype, and SwiftKey on smartphones, the company also began rolling out new features announced earlier this month. They include history, richer video answers, knowledge cards, charts, and improved formats.

On May 16, Apple's US website announced the launch of a “concert exploration function” on Apple Maps and Apple Music apps to provide users with live music performances recommended by editors and support direct browsing on the map.

Google updated its inactive account policy on May 16, saying that starting later this year, if a Google account has not been used or logged in for at least 2 years, Google may delete the account and its content. This policy applies to content in Google Workspace, YouTube, and Google Photos. However, at the same time, Google said that this policy only applies to individual accounts and will not affect the accounts of schools, businesses, etc. Furthermore, although the policy comes into effect today, it will not immediately affect users with inactive accounts. Google said it will begin deleting accounts as early as December 2023.

J.P. Morgan CEO Dimon said that J.P. Morgan Chase is unlikely to buy more troubled banks; it hopes to “return to a stable state” after the banking industry is in turmoil; and no one wants to see the US default on debt.

Although ChatGPT, the most popular artificial intelligence (AI) application today, was created, Sam Altman, the head of OpenAI, did not think that the AI boom started by ChatGPT should “grow savagely.”

On Tuesday, May 16 EST, during his first appearance at a US congressional hearing, Sam Altman, the CEO of OpenAI, urged regulation of the AI field. At this hearing held by the US Senate Judiciary Committee, Altman stated in his opening remarks, “We believe that government regulatory intervention is essential to reduce the risk of an increasingly powerful model.”