Yesterday's tech rally was short-lived, as renewed concerns over AI spending and rising oil prices sent stocks sharply lower on Thursday. The Nasdaq tumbled almost 700 points, marking its worst single-day percentage drop since June 5, while the S&P 500 finished firmly in the red, and the Dow eked out a quiet gain.
Meta Platforms (META) weighed on sentiment, falling 7% after earnings, while comments from Nvidia (NVDA) CEO Jensen Huang's about scarce capital added to investor concerns. Amid the AI angst, the 10-year Treasury yield tumbled to its lowest level in nearly a month, as investors scooped up safe-haven bonds.
Middle East Tensions Lift Crude Prices
Oil prices turned sharply higher after reports that the U.S. plans to resume strikes against Iran. December-dated West Texas Intermediate (WTI) futures rose 2.4% to settle at $99.47, while Brent crude rose 4% to close at $113.17 per barrel, its highest level since May 4.
Gold prices rose as higher oil prices stoked inflation concerns. December-dated gold futures added 2% to settle at $4,066.20 per ounce.
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