Wall Street drops on AI and oil concerns
Wall Street markets closed sharply down due to pressures on technology and artificial intelligence stocks, especially those burdened by debt, amid concerns over weak earnings and their ability to repay debts. Additionally, oil prices rose by more than 3% due to fears over Middle Eastern supplies. The S&P 500 index fell by approximately 1.10%, and the Nasdaq by 2.15%, as expectations grew that the valuation of Anthropic would be reduced in preparation for its initial public offering, amid concerns about the impact of rising borrowing costs on corporate profits.
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