S&P 500, Nasdaq 100 tumble as report on OpenAI fuels tech jitters
The S&P 500 and Nasdaq 100 fell as a report on OpenAI's struggles fueled concerns over AI investments, ahead of earnings reports from major tech companies. The tech sector is expected to have grown 41% in the first quarter, according to Bloomberg Intelligence.
A sell-off in technology giants dragged down stocks as concerns resurfaced over AI investments. OpenAI reportedly missed sales targets as rival Anthropic gained ground. Major tech companies, including Alphabet, Microsoft, and Amazon, are set to release earnings. The tech sector's results are expected to have grown 41% in the first quarter. The S&P 500 dropped from a record, and the Nasdaq 100 lost about 1.5%. US consumer confidence rose, but Treasuries fell as energy prices fueled inflation worries.
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