Nasdaq, S&P 500 fall on renewed AI growth worries
The Nasdaq and S&P 500 fell on Tuesday due to concerns over the AI growth boom, with semiconductor shares and tech stocks declining ahead of quarterly results from major AI-related companies. The Dow Jones Industrial Average remained flat, while energy stocks saw gains amid rising crude prices.
The Nasdaq and S&P 500 declined on Tuesday as concerns over the AI growth boom weighed on technology stocks. Semiconductor shares, which have surged over 40% this year, dragged the Nasdaq down. OpenAI reportedly missed internal targets for weekly users and revenue, raising concerns about its spending on data centers. Shares of Oracle, Nvidia, AMD, and Broadcom fell between 2.2% and 4.7%. Five major AI-related companies, including Alphabet, Amazon, Meta Platforms, Microsoft, and Apple, are set to report quarterly results this week. The Dow Jones Industrial Average was flat at 49,166.25, while the S&P 500 and Nasdaq Composite lost 0.58% and 1.07%, respectively. Energy stocks saw gains amid rising crude prices, with Brent crude futures topping $110 a barrel.
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