US stocks fall on AI worries and higher oil
The U.S. stock market experienced a significant decline due to concerns related to investment in artificial intelligence, despite some major companies like Tesla and Meta surpassing third-quarter earnings expectations. The Dow Jones Industrial Average decreased by 0.4%, the S&P 500 by 0.9%, and the Nasdaq by 1.5%. Shares of technology firms such as AMD, Micron Technology, and Nvidia fell between 2% and 4%, amid reports of a capital shortage and uncertainty regarding the ability of capital markets to absorb financing risks. On the other hand, oil prices surged, with Brent crude surpassing $111 per barrel, driven by growing prospects of U.S. and Israeli military strikes against Iran following escalating geopolitical tensions, as well as a decline in U.S. Treasury bond yields as a safe haven for investors.
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