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Stocks fell for the second straight day, continuing to retreat from record highs. The Dow dropped 171 points, while the S&P 500 and tech-heavy Nasdaq finished firmly in the red as well. This is the first time the blue chip index has logged back-to-back losses since September 3.
AI-related stocks appeared to succumb to profit taking following their recent surge, with many analysts pondering the sector's high valuation. Meanwhile, new home sales jumped 20.5% in August to the highest level since January 2022.
Continue reading for more on today's market, including:
Oil prices climbed after a surprise drop in U.S. weekly crude inventories. November-dated West Texas Intermediate (WTI) crude added $1.58, or 2.5%, to $64.99 per barrel, its highest close since September 2. Brent futures, meanwhile, hit a seven-week high.
Gold prices moved below record highs, with U.S. gold futures for December delivery shedding 1.3% to settle at 3,732.10 per ounce.
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