NEW YORK, Oct. 8 (Xinhua) -- U.S. stocks closed mixed on Thursday as surging crude oil prices and a report pointing to lower-than-expected revenue figures for artificial intelligence (AI) pioneer OpenAI weighed heavily on broader market sentiment.
The Dow Jones Industrial Average rose 51.77 points, or 0.1 percent, to 51,231.64. The S&P 500 sank 36.41 points, or 0.47 percent, to 7,765.36. The Nasdaq Composite Index shed 345.35 points, or 1.25 percent, to 27,193.34.
Six of the 11 primary S&P 500 sectors ended in the green, with energy and consumer staples leading the gainers by adding 2.92 percent and 2.12 percent, respectively. Technology and consumer discretionary led the laggards, falling 1.78 percent and 0.47 percent, respectively.
Technology and semiconductor shares faced notable selling pressure following a Financial Times report indicating that OpenAI's annualized revenue was approximately 20 billion U.S. dollars lower than prior market projections. The disclosure rekindled investor anxieties regarding the valuation and monetization trajectory of the AI boom, prompting late-day declines across major chipmakers, including Nvidia, Micron Technology, and Intel.
Market sentiment was already fragile as global crude benchmarks climbed sharply during Thursday's trading session before paring a portion of their advance after U.S. President Donald Trump stated that the United States would not conduct military strikes against Iran before the upcoming midterm elections.
West Texas Intermediate crude for November delivery advanced 3.21 dollars, or 3.64 percent, to settle at 91.49 dollars a barrel on the New York Mercantile Exchange. Concurrently, Brent crude for December delivery rose 4.08 dollars, or 4.07 percent, to close at 104.28 dollars a barrel on the London ICE Futures Exchange.
On the macroeconomic front, domestic employment data signaled ongoing resilience. The U.S. Department of Labor reported that initial claims for state unemployment benefits decreased to 197,000 for the week ending Oct. 3, suggesting that corporate layoff activity remains subdued across the broader economy.
In corporate developments, Chipotle Mexican Grill jumped over 6 percent to pace gainers on the S&P 500 following media reports that coffeehouse chain Starbucks had explored a potential acquisition of the fast-casual restaurant brand. Conversely, Starbucks shares dropped 0.4 percent on the news.
On the corporate earnings front, PepsiCo rose 3.73 percent following its quarterly financial disclosure, kicking off the third-quarter corporate reporting cycle. Apparel maker Levi Strauss declined over 2 percent following its quarterly release.
According to financial data provider FactSet, consensus forecasts project that S&P 500 aggregate earnings expanded 29.5 percent year on year in the third quarter.
