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U.S. stocks fall on AI and oil worries
The U.S. stock markets experienced a significant decline, reaching their lowest levels in several weeks, due to disappointing results from technology companies and rising oil prices, which increased inflation concerns. The Nasdaq index led the fall, dropping more than 2.4% to reach its lowest point in over two months, with substantial declines in Alphabet and Tesla shares, whose earnings figures raised investor worries about spending on artificial intelligence and the high returns on tech investments. Oil prices rising above $100 per barrel, along with the risks stemming from geopolitical tensions in the Red Sea and expectations of an interest rate hike by the Federal Reserve, further pressured the markets. There are now forecasts of a 36% probability of a rate increase in July. Additionally, yields on short-term U.S. Treasury bonds hit their highest levels in 17 months, amid declining unemployment benefit claims and the likelihood of another rate hike as per Federal Reserve decisions.
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