Wall Street's Mixed Signals Amid Economic Data Delays and AI Developments

Wall Street experienced a mixed start as investors assessed delayed economic data. Retail sales rose by 0.2% in September, below expectations. AI optimism boosted Alphabet's shares, while bets grew for a Federal Reserve rate cut in December. Kohl's surged after an upbeat forecast, while Burlington Stores disappointed with its earnings.

Wall Street faced a mixed opening as investors digested new economic data. The Commerce Department reported a modest 0.2% rise in retail sales for September, trailing the predicted 0.4%. This, combined with numerous corporate layoffs, has tempered market sentiment.

Alphabet shares brightened the market, climbing 4% in premarket trading. This surge followed reports of Meta exploring Google's AI chips for its data centers, compelling investor interest in tech stocks. In contrast, Nvidia and AMD saw significant downturns as the AI chip sector buzz intensified.

Amidst these developments, speculation of a rate cut in December by the Federal Reserve gained traction, bolstered by the dovish outlooks from key committee members. Simultaneously, retail stocks performed mixedly, with Kohl's rising sharply on positive forecasts and Burlington Stores facing investor disappointment.

(With inputs from agencies.)