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Stocks tumbled slid on Thursday on renewed concerns around spending by artificial intelligence companies, while oil prices jumped as
geopolitical tensions rise.
The Dow Jones Industrials skidded 311.42 points to open at 52,544,67.
The S&P 500 index subtracted 107.45 points to 7,651.18.
The tech-heavy NASDAQ swooned 586.69 points, or 1.4%, to 26,116.17.
Meta Platforms slipped 5% even it exceeded revenue expectations and offered upbeat guidance. Technology more broadly was under pressure as well as ongoing concerns about artificial intelligence spending persisted. Advanced Micro Devices fell more than 5%, while Micron Technology and Nvidia dropped 2% and 1%, respectively.
Neocloud leader CoreWeave, whose bond yields and credit default swaps remain elevated, declined nearly 4% as well. The move comes as Nvidia CEO Jensen Huang told the media Thursday that demand for neoclouds is “off the charts.” However, he added that capital is scarce and impeding growth.
Prices for the 10-year Treasury jumped, lowering yields sharply to 5.02% from Wednesday 5.12%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.31 to $98.46 U.S. a barrel.
Gold prices dulled $80.60 to $4,069.40 U.S. an ounce.
