Stocks Edge Lower as AI Caution and Energy Costs Weigh on Markets
On October 8, major U.S. stock indices were down in midday trading amid growing caution around artificial intelligence (AI) investments and rising energy prices. The S&P 500 fell by nearly 0.34%, the Nasdaq Composite dropped over half a percent, and the Dow Jones Industrial Average declined slightly under 0.24%. Energy stocks gained ground as oil prices surged more than 5% to near $93 per barrel of West Texas Intermediate crude. The market's defensive shift was also influenced by rising Treasury yields, with the 10-Year yield reaching 5.30%, and concerns over potential October rate hikes from central banks. AI-related stocks were under pressure after news that an Australian data center backed by Nvidia failed to attract expected support raised doubts about funding for large-scale projects. Semiconductor companies like Intel and Advanced Micro Devices saw declines, while some energy firms such as Marathon Petroleum rose due to positive analyst updates.
Tickers: $AMD $CMG $INTC $MPC $MRVL $OLED
Topics: AI stocks Dow Jones Industrial Average Nasdaq Composite oil prices S&P 500 Treasury yields