Tech stocks led a broad market decline as AI safety concerns and a 4% jump in oil prices pressured the S&P 500 and Nasdaq, while investors braced for a potential Federal Reserve rate hike.
Brent crude surged 4% to over $108 after a drone attack shut Saudi Arabia's key East-West pipeline.
Intel plunged 7% as the chip sector faced heavy selling pressure from AI development concerns.
Marvell Technology sank 8% in a sharp sell-off driven by AI safety fears and broader market weakness.
WTI crude gained 3% to clear $103 as supply disruptions and Middle East instability drove prices higher.
Advanced Micro Devices tumbled 5% as AI slowdown fears hit semiconductor shares hard.
Nasdaq Composite dropped 1.2% led by sharp declines in semiconductor stocks on AI safety concerns.
Nvidia shares fell 3% after AI industry leaders called for a slowdown in development, sparking sector-wide sell-off.
Broadcom declined 3% amid broad weakness in chip stocks triggered by AI safety concerns.
S&P 500 fell 0.7% as AI slowdown fears and surging oil prices pressured equities.
Dow Jones Industrial Average lost 140 points as oil price surge and AI fears weighed on sentiment.
U.S. equities retreated Monday as semiconductor stocks plummeted following calls for an AI development slowdown. Simultaneously, Brent crude surged 4% to over $108 per barrel after drone attacks forced the closure of a critical Saudi Arabian pipeline, further dampening investor sentiment.
Chip stocks fell sharply after major AI industry leaders, including Anthropic's CEO, called for a slowdown in the development of advanced AI models due to safety concerns.
Oil prices surged after drone attacks forced the shutdown of Saudi Arabia's key East-West pipeline, exacerbating supply concerns amid ongoing Middle East instability.