Report
Nasdaq falls 2.6% amid AI spending concerns as oil surges
A market recap says Meta fell 7% despite beating revenue expectations, while the Philadelphia Semiconductor Index dropped 6.7%.
TLDR
A market recap describes the Nasdaq's 2.6% drop as its worst session since June 5. It says the Nasdaq 100 fell 2.9%, erasing nearly $1.2 trillion in market value, with AI and chip stocks accounting for roughly 90% of its losses. The recap attributes the selloff to concerns about AI spending and profitability. It also says Brent crude rose 4% toward $113 amid Middle East tensions, while US Treasuries rallied as tech stocks fell.
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