Sinking AI stocks and rising oil prices weigh on Wall Street
The S&P 500 slipped 0.4% as weakening AI stocks and rising oil prices due to the Iran war weighed on Wall Street. Nvidia sank 1.7%, Oracle fell 2.6%, and Broadcom dropped 3.2% following a report that OpenAI may pull back on its investments.
Wall Street's record-setting rally halted on Tuesday due to weakening AI stocks and rising oil prices. The S&P 500 slipped 0.4% from its latest all-time high, while the Nasdaq composite fell 0.7%. Nvidia sank 1.7%, Oracle fell 2.6%, and Broadcom dropped 3.2%. A report that OpenAI may pull back on its investments due to missing targets for new users and revenue contributed to the decline. Oil prices rose due to continued uncertainty about the Iran war, with Brent crude oil climbing 2.3% to $110.72. The Federal Reserve is scheduled to meet on Wednesday to announce its latest decision on short-term interest rates.
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