S&P 500, Nasdaq end sharply lower as revived AI doubts ignite tech selloff
- Wall Street's main indexes opened lower on Friday as caution prevailed following a sharp selloff in AI-linked stocks, while telecom stocks tumbled on fears that intensified competition from SpaceX could erode their market share.
- The latest shudder for stocks in the artificial-intelligence industry pulled markets lower worldwide, while Brent crude oil leaped 4% to $113.17 after touching its highest level in five months on worries about the war with Iran.
- Nvidia dropped 4.4% amid the broader tech slump, while Kim Forrest, chief investment officer at Bokeh Capital Partners, said, "This is the short term where the selloff is extreme, and I don't think there are fundamental reasons for it."
- U.S. government bonds drew investors seeking safety as the 10-year Treasury yield tumbled to 4.97% from 5.13% late Wednesday, while Procter & Gamble limited market losses by topping profit expectations.
- Market focus remains on next week's earnings reports from Microsoft, Alphabet and Amazon, while the Federal Reserve is expected to keep interest rates unchanged at its policy meeting next week.
289 Articles
289 Articles
AI spending concerns weigh on technology shares as oil jumps
Wall Street's latest technology selloff exposed a distinction that matters for the artificial-intelligence boom: confidence in a product's future does not guarantee confidence in the price of building it. Investors marked down technology shares on Thursday while oil rose and US government debt attracted demand. The combination puts financing discipline at the centre of the debate. An ambitious investment programme can offer substantial opportuni…
Global crude oil prices surged more than 3% to $116.72 per barrel, the highest since late April, amid conflicts in the Middle East, while global stock markets experienced volatility.
Significant Spike in Oil Prices Hits Stock Market Hard
The recent surge in oil prices is causing turmoil in the stock market, raising alarms over rising inflation and the ongoing financial consequences of U.S. conflicts. This looming economic uncertainty is concerning for many investors.
The ‘brent’ barrel scales to $116 in the absence of an agreement to end the war in the Middle East
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