DBI Today: 54.1 (−1.7)
Wall Street finally caught its breath. After two straight days of record closes, US stocks pulled back slightly on Wednesday as investors rotated out of the AI-spending trade — Elon Musk's SpaceX and chipmaker AMD both slid after revealing eye-watering capital spending plans, even as the wider market held near all-time highs. Today's Daily Business Index — our daily 0–100 reading of global business health, where 50 marks neutral — came in at 54.1, down from 55.8. The retreat wasn't really about fear; it was about a labour market report that landed softer than expected, a reminder that even a red-hot stock market can't paper over cracks in hiring. Factories, meanwhile, kept the good news coming on both sides of the Atlantic.
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