Stocks Set to Open Lower Amid AI Slowdown Calls and Rising Oil Prices
Major stock indexes are expected to open sharply lower on Monday as tech stocks decline following calls from leading AI figures for a slowdown in development. Chip manufacturers like Nvidia, AMD, and Intel are among the hardest hit, while cybersecurity firms see gains amid growing concerns over AI safety. Oil prices surged due to ongoing tensions in the Middle East, with WTI crude reaching $103 per barrel—the highest level since May—and Brent crude also hitting a similar high. The closure of Saudi Arabia's key oil pipeline and postponed regional meetings have heightened energy market anxieties. Meanwhile, investors are closely watching for any indication from the Federal Reserve on Wednesday regarding potential interest rate hikes after inflation remains above target. Oracle founder Larry Ellison has canceled plans to sell up to $7.5 billion worth of Oracle shares (ORCL), adding a layer of stability in tech sector sentiment.
Tickers: $AMD $CRWD $INTC $MRVL $NVDA $ORCL $PANW $SPCX
Topics: AI development slowdown Fed interest rates oil prices share sell plans stock market