AI stocks tumble as S&P 500 drops 1.2% and Nasdaq falls 2.6%
Briefing by News4U · First published
US markets fell sharply on AI spending worries, with the Nasdaq posting its steepest drop since June. Oil prices hit a five-month high.
The S&P 500 fell 1.2% to 7,663.43 and the Nasdaq Composite dropped 2.6% to 26,008.86, their largest daily declines since July and June respectively, as AI-related stocks tumbled on concerns over rising datacenter and chip costs. Nvidia fell 4.4%, Meta lost 7%, and Lam Research dropped 11.8%. [1] [2] [3] [4]
The Dow Jones Industrial Average edged up 11 points to 52,867.98, while oil prices jumped 4% to $113.17 per barrel amid Middle East tensions. Treasury yields fell to 4.97%. [3] [4]
Sources
- Stocks See Steepest Decline in Months Amid A.I. Worries
NY Times · · Summary only
- Tech Stocks Fall on AI Concerns
WSJ Markets · · Summary only
- Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump
The Guardian · · Excerpt
- US stocks fall as AI doubts ignite tech selloff
RTHK Finance · · Excerpt