Nasdaq slides to near one-month low as AI rout deepens
QQQ•The Nasdaq fell 1.06% to a near one-month low as AI-linked stocks sold off amid concerns about interest rates and AI spending. The S&P 500 declined 0.42%, while the Dow rose 0.32%.
1. AI stocks extend losses
The Nasdaq fell to near one-month lows on Thursday as a worsening selloff in AI-linked stocks weighed on technology shares. CoreWeave lost 8.5% after falling 15% on Wednesday; Nvidia dropped 3.3%, Micron Technology lost 5% and Advanced Micro Devices fell 6.4%.
2. Inflation and rates concerns
US producer prices rose by the most in 4-1/2 years in September, adding to concerns about broadening price pressures and possible interest-rate hikes. TSMC's cautious note for 2027, citing macroeconomic uncertainties, also dented sentiment. The 10-year US Treasury yield was at a three-week low of 5.0725%.
3. Indexes and market breadth
At 9:50 a.m. ET, the S&P 500 was down 0.42% and the Nasdaq was off 1.06%, while the Dow rose 0.32%. The Nasdaq had fallen more than 4% from the record high it reached last week; its new highs and lows stood at 29 and 261, respectively.
