AI bubble fears return as Wall Street falls back from short-lived rally

The U.S. and Russia have developed a peace plan for Ukraine that requires significant concessions from Kyiv, including demands made by the Kremlin since the invasion began nearly four years ago. This plan aims to bring an end to the ongoing conflict, which has resulted in extensive casualties and displacement.

The Dow Jones Industrial Average experienced a significant 700-point gain that was ultimately erased during a volatile trading day, primarily influenced by a decline in Nvidia's stock. Investors are increasingly concerned about high technology valuations amidst fears of excessive spending in the artificial intelligence sector.

Jessie Diggins, the most decorated American cross-country skier, has announced her retirement at the end of the season. As the world’s No. 1 ranked skier, she will compete in her fourth Olympics at Milano-Cortina and finish her career at the World Cup finals in Lake Placid. Diggins has achieved three overall World Cup titles, three distance globes, and four Olympic medals, significantly impacting the sport in the US.

Secretary of State Marco Rubio has cast doubt on reports suggesting that the U.S. is advocating for a pro-Russian peace plan in Ukraine. He emphasized the need for 'realistic ideas' to bring an end to the ongoing conflict, which has raised concerns about the implications of any peace proposals that may favor Moscow.

Stock markets experienced a decline after an initial rally driven by Nvidia's strong earnings report. Investor concerns about the sustainability of the AI sector and rising interest rates contributed to the downturn.

Walmart reported strong sales and profits that exceeded Wall Street expectations, attracting more cash-strapped Americans amid economic uncertainty. The retailer's performance reflects a growing trend of consumers seeking deals in a sluggish economy.

The US job market added 119,000 jobs in September, as reported in a monthly jobs report delayed by six weeks due to a federal government shutdown. The unemployment rate rose to 4.4%, the highest level since 2021. This figure exceeded analysts' expectations of 51,000 new jobs for the month.

US and Russian officials have drafted a plan to end the Ukraine war that requires Kyiv to cede territory and significantly reduce its military forces. This proposal is likely to be perceived as a capitulation by Ukraine, facing opposition from the EU. Additionally, Donald Trump has signed a bill to release more documents related to Jeffrey Epstein.