Wall Street advanced as AI-driven capital expenditure fueled sector rotation into technology, causing financials to slump. Meta's Muse AI agent sparked disruption fears, pressuring banks and insurers like Wells Fargo and Morgan Stanley. Conversely, tech ETFs rose. Citi gained on new product launches, while Pershing Square announced a share repurchase program. Broader market movements included Bitcoin declines due to economic data and various mid/small-cap fluctuations driven by AI sentiment and M&A rumors.
Financials slump amid sector rotation into technology; Wells Fargo, Morgan Stanley in week's losers
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