The Nasdaq suffered a steep loss on Thursday, as disappointing revenue figures from OpenAI weighed on AI and chip stocks. The tech-heavy index shed more than 300 points, while the S&P 500 finished firmly lower. The Dow bucked the broader-market trend, eking out a modest gain.
Rising oil prices added to investor concerns, while Treasury yields held steady following a $22 billion auction of 30-year Treasury bonds. Investors also unpacked weekly jobless claims, which fell by 2,000 to 197,000, remaining near 57-year lows.
Oil Prices Climb on Supply Concerns
Oil prices surged Thursday, as Iranian attacks on tankers in the Strait of Hormuz and Hurricane Isaias' fueled Gulf of Mexico production supply concerns. However, prices eased from session highs after President Donald Trump said the U.S. would not attack Iran before the November midterm elections. November-dated West Texas Intermediate (WTI) futures rose 3.6% to settle at $91.49 per barrel.
Gold prices inched higher after last session's two-month lows. December-dated gold rose 0.4% to $4,157 per ounce.
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