Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump
Datacenter and chip costs fueled sharp decrease in AI sector although non-AI stocks still had a strong showing The latest shudder for stocks in the AI industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran . The S&P 500 fell 1.2% for its worst day since July, while the Nasdaq composite tumbled 2.6%.
The weakness for tech stocks was so overwhelming that it masked strength for the rest of the US market, in which the majority of stocks actually rose. The Dow Jones Industrial Average added 11 points, or less than 0.1%.
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The GuardianSource headline and summary supplied via NewsData.io. First collected by NewsJaws on 2026-10-23. This is an automated news brief, not original NewsJaws reporting. Dates reflect the source publication. Feed delays may apply.