Wall St falls as AI worries grow, oil tops US$100

The Dow fell 506.93 points, or 0.97%, to 51,711.65, the S&P 500 lost 90.66 points, or 1.21%, to 7,408.30 and the Nasdaq lost 553.21 points, or 2.15%, to 25,137.69. — Reuters

NEW YORK: Wall Street indices closed lower on Thursday with Nasdaq sinking more than 2% as the latest earnings updates from large technology companies revived concerns about heavy AI spending, while soaring oil prices amped up inflation worries, lifting bond yields.

The S&P 500 fell more than 1% as losses were broad-based after investors were unimpressed by second-quarter results from Alphabet and Tesla, the first of the heavyweight "Magnificent Seven" companies to report results this season.