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US stocks slide as AI spending worries and oil shock lift risk
The S&P 500 fell 1.1% and the Nasdaq dropped 1.7%, with Alphabet down about 6% and Tesla down more than 10% amid fresh concerns about heavy AI capital spending.
US equities fell sharply on Thursday as renewed concerns about major technology companies' artificial intelligence spending unsettled investors, while a jump in crude prices added to a broader risk-off mood, according to LiveMint Markets.
At the open, the Dow Jones Industrial Average dropped 463.0 points, or 0.9%, to 51,755.54. The S&P 500 declined 80.7 points, or 1.1%, to 7,418.29, and the Nasdaq Composite slid 445.4 points, or 1.7%, to 25,245.54.
The selloff included steep declines in AI-linked names, with Alphabet down about 6% and Tesla down more than 10%, reflecting market anxiety around large capital spending plans for new technologies.
Oil prices rose further after Yemen's Iran-backed Houthi rebels struck oil tankers in the Red Sea, pushing Brent crude above $100 a barrel and extending the Middle East conflict to a new front, LiveMint Markets reported.
Latest closeWTI crude $83.42 ▲1.6%|Brent $89.26 ▲1.8%|S&P 500 7,728.20 ▼0.3%