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AI stock sell-off deepens while oil prices jump on Iran war
The S&P 500 fell 1.0% and logged its first losing week in three, while Nvidia dropped 2.2% to weigh on US markets.
A deepening sell-off in so-called AI winners pulled stock indexes lower worldwide, according to the Associated Press. The S&P 500 ended down 1.0% for the day and finished its first losing week in three, and only its third since late March.
The Dow Jones Industrial Average fell 406 points, or 0.8%, and the Nasdaq composite dropped 1.4%. Chip and other AI-related stocks drove much of the weakness again, as investors continue to worry that steep prior price gains may not be sustained if AI delivers less profit and productivity than promised.
Nvidia was the heaviest weight on the S&P 500, dropping 2.2%. Applied Materials slid 5.6% to pare its year rally to 106%, and Micron Technology was volatile after moving between a loss of 5.8% and a gain of 3.2%, before slipping 0.5%.
Outside the US, markets were also pressured, with indexes tumbling 6.5% in Taipei, 4.0% in Tokyo, and 3.0% in Shanghai. The AP reported that Taiwan Semiconductor Manufacturing shares fell 7.3%, while South Korea’s Kospi had limited immediate impact after being closed for a holiday, and Chinese AI model news from startup Moonshot, Kimi K3, added to the shakeup. Oil prices kept jumping due to the war with Iran.
Latest closeS&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%|Dow Jones 52,552.97 ▼0.2%