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US stocks fall on AI worries and oil rise
The U.S. stock markets declined significantly amid growing concerns over spending on artificial intelligence technology, with the Nasdaq Composite experiencing its biggest drop of 2.6%, the worst performance since June. In contrast, the S&P 500 fell by 1.2%. Conversely, the Dow Jones Industrial Average edged up by 10 points. Technology companies, especially Meta, AMD, and Nvidia, faced pressure due to funding worries following reports indicating a shortage of capital and rising financing costs. Meanwhile, oil prices surged sharply, with Brent crude rising by 4% to $113.17 per barrel amid reports of plans to launch strikes against Iran after the upcoming U.S. elections. U.S. Treasury yields also declined to their lowest levels in a month, amid escalating geopolitical tensions.
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