Closing Snapshot
- S&P 500 (SPX): 7,663.43 | -93.74 | -1.21%
- Nasdaq 100 (NDX): 28,958.69 | -863.83 | -2.90%
- Dow Jones (DJIA): 52,867.98 | +11.89 | +0.02%
- Russell 2000 (RUT): 2,784.03 | +3.01 | +0.11%
- VIX: 19.03 | +2.35, the fear gauge rising
- 10-year Treasury yield: 4.95% | -19 basis points, a sharp move toward safety
- WTI crude: $99.10 | +$1.95 (+2.0%)
- Brent crude: $112.87 | +$4.05 (+3.7%), a five-month high
- Gold: $4,039.80 | -$110.20 (-2.7%)
- DXY: 101.63 | -0.15
Doubts about whether AI spending will pay off returned in force on Thursday, and the market split in two. Technology fell 3.3% and the Philadelphia Semiconductor Index, a basket of chip stocks, dropped 6.7%, its worst day since June, after Lam Research's outlook only matched expectations and Meta fell 7% as its heavy AI investment produced its first cash outflow in more than a decade. That pulled the Nasdaq 100 down 2.9% and the S&P 500 down 1.2%. Money moved into defensive groups instead, lifting staples, utilities and health care, and the Dow finished flat. Houthi drone strikes on Saudi Arabia pushed Brent crude to about $113, yet the 10-year Treasury yield fell 19 basis points (a basis point is one hundredth of a percentage point) as investors sought safety.