AI jitters, higher oil prices rattle US markets
US markets ended sharply lower on Friday, with CoreWeave, Broadcom and other AI-related technology stocks under renewed pressure, while a jump in oil prices spooked traders heading into the weekend. The Nasdaq extended losses from earlier in the week, hammered by concerns that debt-laden AI infrastructure companies may not turn profits in time to repay debts, particularly with borrowing costs expected to rise. The S&P 500 lost 84 points, or 1.1 percent, to 7,659 points, the Nasdaq Composite lost 573 points, or 2.2 percent, to 26,140. The Dow Jones Industrial Average fell 175 points, or 0.3 percent, to 52,002. Investors were also watching oil prices jump more than three percent due to Middle East supply worries. "There is some fear in the market," said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. "High oil prices, in particular, tend to weigh on the price/earnings multiple of stocks, and so I think you have investors looking to be cautious into the weekend rather than take more risk." Adding to concerns around AI financing, some current Anthropic investors and prospective investors are weighing a lower valuation for the company in its upcoming IPO, Reuters reported, citing people familiar with the matter. Third-quarter earnings season shifts...
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