AI and Big Tech stocks were unable to climb their way out of the deep hole dug by Oracle (ORCL), after the Financial Times reported that Blue Owl Capital's plans to finance the company's $10 billion Michigan data center fell through. The Nasdaq suffered an 418-point drop, marking its lowest close in nearly a month, while both the Dow and S&P 500 logged a fourth consecutive daily loss. Defense stocks also weighed on the broader market, while oil prices managed to rebound, recovering from Tuesday's four-year lows. 

CRUDE MOVES INTO RECOVERY MODE

Supply concerns and comments from U.S. President Donald Trump regarding blocking sanctioned tankers pushed crude futures higher, ramping up recovery from Tuesday's steep drop. January-dated West Texas Intermediate (WTI) crude added 80 cents, or 1.5%, to close at $56.07 per barrel.

Safe haven investors are flocking to commodities after yesterday's softer-than-expected jobs data. Silver continued its surge, too, rising around 4% an ounce. February-dated gold settled down 0.7% to close at $4,364 per ounce.

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