U.S. markets opened on a constructive note yesterday (July 9) after weekly jobless claims came in lower, pointing to a stable labor market. The Nasdaq, Dow, and S&P 500 all started the session higher.

Not every stock participated in the rally. META shares fell 4.3% at the open, the steepest drop since July 2, after the company delivered mixed messages on capital expenditure plans tied to artificial intelligence infrastructure. Markets are now scrutinizing whether the massive AI-related spending is delivering commensurate returns.

Other notable themes

Investors have been rotating into high-dividend consumer staples names such as General Mills, Kraft Heinz, and Campbell’s. Yields in this corner of the market are exceeding 6% in some cases, and these stocks are viewed as relative havens during periods of volatility.

At the same time, Goldman Sachs highlighted that components such as capacitors could become the next supply-chain bottleneck in the AI buildout. The market is assessing how this constraint might affect the earnings trajectory of large technology companies.

What to watch today

Today (July 10) brings fresh data on existing-home sales. Markets will parse the figures for clues about the housing market and its implications for consumer spending.

For now, the conversation on X centers on the contrast between relatively steady economic data on one hand and concerns over elevated AI spending on the other. Early trading today is expected to remain measured, with participants waiting for the data and corporate updates.

The bottom line

Yesterday delivered a higher open for the major indices, but META stood out on the downside. Markets continue to weigh stable economic signals against the risks embedded in heavy AI-related capital expenditure. This morning, futures point to a cautious start.