Wall Street closed lower on Friday after major indexes suffered a massive sell-off on renewed concerns about the artificial intelligence (AI) sector.
The market is now awaiting important economic data, namely the Consumer Price Index (CPI) report for January, which is scheduled to be released today.
Meanwhile, headline inflation is expected to ease to 2.5% from 2.7%, while core inflation is expected to decline to 2.5% from 2.6%.
Turning to individual stock performance, Applied Materials shares jumped 12% after posting stronger-than-expected earnings and issuing an upbeat outlook.
Rivian shares rose 16% after announcing stronger vehicle delivery targets for the year.
Pinterest shares, on the other hand, plunged 18% following disappointing quarterly results.
In terms of major index performance, the Dow Jones fell 1.34%, the S&P 500 fell 1.57% and the tech-focused Nasdaq Composite plunged 2.03%.
Many investors began selling stocks in droves due to concerns about AI capital spending becoming too high.
In addition, there was concern that old business models would be disrupted, particularly in the software, real estate and trucking sectors.
