Wall St ends lower on fears over AI bubble, inflation

The Nasdaq lost 398.69 points, or 1.69%, to 23,195.17, while the S&P 500 lost 73.59 points, or 1.07%, to 6,827.41. The Dow fell 245.96 points, or 0.51% on the day to 48,458.05.

NEW YORK: The S&P 500 and the Nasdaq closed down more than 1% on Friday with investors leaving technology for other sectors as Broadcom and Oracle fuelled concerns about an AI bubble and rising US Treasury yields added pressure after some policymakers spoke out against easing monetary policy.

Treasury yields rose after a group of Federal Reserve officials who voted against the central bank's interest rate cut this week voiced worries that inflation remains too high to warrant lower borrowing costs.