Stock market today: S&P 500, Nasdaq tanks as tech stocks sink amid AI trade worries, Meta shares plummet
US stocks fell on Thursday as the Tech (XLK) sector plummeted, with worries over the AI trade resurfacing following earnings from EV maker Tesla (TSLA) and social media giant Meta (META). Investors flocked to bonds, sending Treasury yields lower as oil prices surged to a five-month high.
The Dow Jones Industrial Average (^DJI) was little changed, while the S&P 500 (^GSPC) fell 1.2%. The Nasdaq Composite (^IXIC) tumbled 2.6% as semicondcutor stocks fell, reversing gains from Wednesday’s session.
(^DJI)
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Neocloud provider CoreWeave (CRWV) sank 10% as worries over the cost of capital and its impact on debt-heavy balance sheets resurfaced.
Meanwhile, Meta shares tanked nearly 7% as investors weighed the company’s quarterly results and 2-for-1 stock split announcement.
Tesla shares were volatile after an earnings beat, as investors weighed lower 2026 capex against higher spending in 2027 and 2028 on Optimus, Cybercab, and Terafab. SpaceX (SPCX) stock fell, giving back more than half of Wednesday’s post-earnings gain.
Meanwhile, Blackstone’s (BX) stock climbed 8% following the firm’s upbeat outlook for upcoming investment sales after posting weaker third quarter earnings amid elevated borrowing costs.
A report that the US and Israel are preparing for renewed attacks on Iran after the US mid-term elections sent Brent crude (BZ=F) to $113 per barrel while West Texas Intermediate crude (CL=F) climbed to $100. A deadly attack at a Saudi Arabian airport and oil field also put upward pressure on energy prices.
In other news, jobless claims fell to 194,000 last week, the fewest in three months, underscoring how layoffs remain low.
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