US stock market today: Dow, S&P 500, Nasdaq fall amid tech sell-off, Iran tensions
Wall Street opened lower as investors weighed AI spending concerns and rising borrowing costs, while escalating Iran tensions pushed crude oil prices higher.
US stocks opened lower on Friday, October 23, as investors remained cautious following a sharp technology sell-off in the previous session, while rising oil prices amid escalating tensions involving Iran added to market jitters.The Dow Jones Industrial Average fell around 1%, shedding 521 points, while the S&P 500 declined 0.6%. The Nasdaq Composite slipped 0.5% as investors continued to assess concerns over artificial intelligence spending, rising financing costs and the sustainability of heavy capital expenditure by technology companies.Technology stocks remained under pressure after Thursday's sell-off, when investors reassessed the outlook for AI infrastructure spending and the borrowing costs faced by companies expanding their data centre capacity. CoreWeave, a major player in AI cloud infrastructure, fell 10% in the previous session before trading slightly lower on Friday.Shares of Microsoft and Meta also traded lower, while semiconductor stocks showed signs of stabilisation.
Micron Technology and Advanced Micro Devices rose more than 1% in early trading.Meanwhile, US Treasury yields edged higher after falling sharply on Thursday as investors sought the relative safety of government bonds. The 10-year Treasury yield rose 1 basis point to 4.97%, remaining below the 5% mark. The 30-year yield was largely unchanged, while the two-year yield declined 2 basis points.Oil prices added to the pressure on equities, with West Texas Intermediate crude futures rising 1.4% to around $100.90 per barrel.
Brent crude climbed 0.75% to around $114 per barrel, according to the latest market quotes.The rally in crude followed reports that the US and Israel were drawing up plans for potential renewed attacks on Iran, raising concerns over a further escalation of the regional conflict that began in late February. Higher oil prices have heightened concerns about inflation and the potential implications for interest rates and corporate costs.Investors are also monitoring developments in the AI trade following a pullback in semiconductor stocks and companies exposed to data centre infrastructure.
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