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U.S. stocks fall on AI and rate hike worries
The major U.S. stock indices, including the S&P 500, Nasdaq, and Dow Jones, declined amid concerns over a slowdown in the artificial intelligence market and its potential impact on earnings, posting additional losses at the close of the session. This came in the wake of criticisms from top AI company executives, such as Dario Amodi and Sam Altman, who called for a slowdown in the development of more advanced AI models due to safety risks. Their warnings led to a drop in shares of companies like Nvidia, AMD, and Qualcomm. In a different development, oil prices rose after Saudi Arabia shut down a major pipeline, pushing the price per barrel above $100 amid escalating tensions in the Middle East. This situation affected market performance and contributed to the largest weekly decline since March. Investors are now turning their attention to the Federal Open Market Committee meeting, with expectations of nearly a 90% chance of a rate hike. U.S. Treasury yields rose before eventually falling again, while Bank of America’s stock declined due to anticipated lower fees in the third quarter.
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