US stock markets fell sharply on Thursday as renewed concerns over massive artificial intelligence (AI) spending by technology giants unsettled investors, while another surge in oil prices driven by the escalating Middle East conflict added to the risk-off mood.
At the open, the Dow Jones Industrial Average fell 463.0 points, or 0.89%, to 51755.54. The S&P 500 fell 80.7 points, or 1.08%, to 7418.29, while the Nasdaq Composite dropped 445.4 points, or 1.73%, to 25245.542.
Shares of Alphabet dropped about 6% while Tesla slid more than 10%, reflecting investor angst over hefty capital spending investments on new technologies.
International oil benchmark Brent North Sea crude topped $100 a barrel after Yemen’s Iran-backed Houthi rebels struck oil tankers in the Red Sea. The attack brought the war roiling the Middle East to a new front.
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