The Dow dropped 669 points on Thursday to settle below the psychologically significant 50,000 level, following Cisco System's (CSCO) dismal quarterly guidance. AI disruption fears spread like wildfire, with sectors including finance, real estate, and software seeing the most pressure, as investors worry about the impact this new technology may have on business models and the labor market. The Nasdaq fell 469 points, marking its third-straight session in the red alongside the S&P 500, while the Cboe Volatility Index (VIX) enjoyed an 18% pop.
Oil Prices Tumble After Dismal EIA Outlook
Oil prices fell on Thursday, after the International Energy Agency (IEA) cut its outlook for oil demand in 2026, noting it expects a significant crude surplus despite recent outages. March-dated West Texas Intermediate (WTI) crude tumbled $1.79, or 2.8%, to settle $62.84 a barrel.
Gold prices settled lower, with dashed prospects of a March interest rate cut catching up to the yellow metal. April-dated gold futures shed 2.7% to settle at $4,960.10 per ounce.
More By This Author:
Dow Breaches 50K As Wall Street Succumbs To Tech Pressure
Dow Snaps 3-Day Win Streak As Stocks Reverse Gains
Dow, S&P 500 Slowed Below Record Levels
Comments
Log in or sign up to join the conversation.