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 rose more than 4% against the market

Retail trends were poor under high interest rates and high inflation. US retail sales in April fell short of expectations. US House Republican Speaker McCarthy said overnight debt ceiling negotiations with the White House were “not progressing,” all of which suppressed market risk appetite.

US stocks opened low, with the Dow falling as deep as 260 points or 0.8%. The S&P 500 index, which was also dragged down by Home Depot's stock price, fell the deepest 0.5%. Russell small-cap stocks, which were leading the way by rising more than 1% yesterday, fell more than 1%. Only the NASDAQ index turned up before noon trading, erasing a 0.3% decline. Among the 11 S&P sectors, only 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 fell again. $Dow Jones Industrial Average(.DJI.US)$

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

$S&P 500 Index(.SPX.US)$ 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. $Invesco QQQ Trust(QQQ.US)$ up 0.09%, $Ishares Russell 2000 Value Etf(IWN.US)$ fell 1.58%.

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

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

Most of the star tech stocks rose. “metaverse” $Meta Platforms(META.US)$ It is close to recovering a decline of more than 1% and is hovering at a two-week high. $Apple(AAPL.US)$ After rising 0.6%, the market closed. $Tesla(TSLA.US)$ Close to erasing nearly 2% of the increase, $Netflix(NFLX.US)$ It fell 0.6%, all hovering around a one-week low. Among AI concept stocks, $Amazon(AMZN.US)$ It rose 2% to its highest level in more than six months. $Microsoft(MSFT.US)$ It rose 0.7%, the highest in 16 months in the intraday period. $Alphabet-A(GOOGL.US)$ It rose 2.6% to a nine-month high.

Chip stocks fell at the end of the session. The one that rose nearly 3% yesterday $PHLX Semiconductor Index(.SOX.US)$ After rising 1%, it fell 0.1%, missing the four-week high. $Advanced Micro Devices(AMD.US)$ The increase was more than 4% to the highest in nine months. $NVIDIA(NVDA.US)$ After rising more than 3%, it closed up nearly 1%, reaching a new high of more than 16 months. $Lam Research(LRCX.US)$ The increase was more than 1% to the highest in 15 months, but $Intel(INTC.US)$ It fell 2% and was cleared by Berkshire Hathaway $Taiwan Semiconductor(TSM.US)$ After rising more than 1%, US stocks closed up 0.3%.

AI concept stocks plummeted. The one that rose more than 23% yesterday $C3.ai(AI.US)$ It turned down nearly 2%, breaking away from a six-week high; $BigBear.ai Holdings(BBAI.US)$ It fell 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. The report said that Tesla's Shanghai factory is making final preparations for trial production of the modified Model 3 model. Guo Mingyi of Tianfeng International Securities, the “most accurate Apple analyst,” said that Apple's second-generation AR/MR headset hardware devices are expected to be mass-produced in 2025, and the shipment volume is about 10 times that of this year's first-generation headsets.

Bank stock index fell, industry benchmark Philadelphia Stock Exchange $KBW Nasdaq Bank Index(.BKX.US)$ It fell 1.5%, and hit its lowest level since October 2020 on May 4. $Spdr Series Trust S&P Regional Bkg Etf(KRE.US)$ After rising more than 1%, it turned 1.5%, and hit its lowest level since October 2020 on May 4.

The “Big Four American Banks” fell by about 1%. $Goldman Sachs(GS.US)$ Down 0.4%, asset management giant $Charles Schwab(SCHW.US)$ It fell 1.7%. Among regional banks, Westpac United Bank, which 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% to its highest level since May 1.

Nearly 150 business leaders wrote to US officials: 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 the report, a number of large companies andfinancial institutionsThe CEOs have all signed the letter, includingMorgan Stanleyby James Gorman,Gao ShingDavid Solomon et al.

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

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

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

On May 16, local time, US President Joe Biden said after talks with congressional leaders on the debt ceiling issue that he is optimistic that an agreement can be reached. Although there is still much work to be done on a range of issues, the two sides are negotiating in good faith and realising that no one party will get everything they want, then it is possible to reach a responsible bipartisan budget agreement.

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

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

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

Speaking before 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. Tesla CEO Musk said at the conference that he expects that in 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 a good position.

At this shareholders' meeting, Musk made predictions about Tesla's models. Tesla's Model Y will be “the number one selling car on Earth this year,” he said. Musk also mentioned the electric pickup Cybertruck and promised 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 little ad 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 is also starting to launch new features announced earlier this month. They include history, richer video answers, knowledge cards, charts, and improved formats.

On May 16, Apple's US official website announced the launch of a “concert exploration function” on Apple Maps and the Apple Music app, which provides users with live music performances recommended by editors and supports direct browsing on the map.

Google updated its inactive account policy on May 16, stating 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, Google also stated that this policy only applies to individual accounts and will not affect the accounts of schools or businesses. Furthermore, although the policy takes 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 Chase CEO Dimon said that J.P. Morgan Chase is unlikely to buy more banks in trouble; it wants to “return to a stable state” after the banking industry is turbulent; and no one wants to see the US default on debt.

Although ChatGPT, the most popular artificial intelligence (AI) application today, Sam Altman, the head of OpenAI, doesn't think the AI craze set off by ChatGPT should “grow savagely.”

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