(Bloomberg) -- Oil retreated as investors weighed concern a global slowdown will erode demand and China reported widening Covid-19 outbreaks.Most Read from BloombergBezos Slams Biden Over Call for Lowering of Gas PricesUS Court Ruling May Take 70,000 Truckers Off Road, Spur JamsLong, Moderate and Painful: What Next US Recession May Look LikeJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian CutJPMorgan’s Aronov Ignores the ‘Cash Is Trash’ Chorus: Q&AWest Texas Intermediate declined tow
The White House and Jeff Bezos have renewed a spat over Joe Biden’s management of high inflation as the Amazon founder criticised the US president for calling on companies to cut prices at filling stations. On Saturday, Biden demanded on Twitter that companies managing gas pumps decrease soaring fuel prices at “a time of war and global peril”. Later that day, Bezos posted in a tweet in response that inflation was “far too important a problem for the White House to keep making statements like this”.
Technology stocks have taken it on the chin lately as some investors have left the sector looking for seemingly safer bets. Here's why Amazon (NASDAQ: AMZN) and Nvidia (NASDAQ: NVDA) are two tech stocks perfectly positioned in the AI space. You may think of Amazon as an e-commerce company, but one of the driving forces behind the company's online store is artificial intelligence.