Tech shares slide as AI leaders call for development pauses, while Brent crude rallies above $108 on Middle East supply concerns, dragging the S&P 500 down 0.7% in early trading.
Nasdaq Composite fell 1.6% leading losses on AI development slowdown fears.
Brent crude rose above $108 on supply disruption fears from Middle East tensions.
S&P 500 down 0.7% as tech selloff weighs on the broad market.
Dow Jones declined 0.2% as industrials held up better than tech.
US markets opened lower on Monday as the Nasdaq Composite fell 1.6% following calls from industry leaders to slow the development of advanced AI models. Meanwhile, Brent crude prices climbed above $108 per barrel amid escalating supply disruption fears in the Middle East, further pressuring investor sentiment ahead of the Federal Reserve's upcoming interest rate decision.
Tech stocks are falling as prominent AI industry leaders, including Anthropic's CEO, have called for a slowdown in the development of advanced AI models due to safety and misuse concerns.
Oil prices are rising due to supply disruption fears caused by the postponement of regional diplomatic meetings regarding the Strait of Hormuz and ongoing attacks on energy infrastructure in the Middle East.