Wall St opens lower after AI rout; SpaceX worries hit telecoms
SPY•Wall Street’s main indexes opened lower, with the Dow down 0.32%, the S&P 500 down 0.34% and the Nasdaq down 0.44%, as investors reacted to an AI-linked stock selloff and telecom competition concerns.
1. Indexes open lower
The Dow fell 171.3 points, or 0.32%, to 52,696.7 at the open. The S&P 500 dropped 26.2 points, or 0.34%, to 7,637.18, while the Nasdaq Composite fell 114.9 points, or 0.44%, to 25,893.953.
2. Telecom shares tumble
Telecom stocks fell on fears that intensified competition from SpaceX could erode their market share, while caution followed a sharp selloff in AI-linked stocks.
