Nasdaq Sinks 693 Points as AI Spending Fears Resurface

Yesterday's tech rally was short-lived, as renewed concerns over AI spending and rising oil prices sent stocks sharply lower on Thursday. The Nasdaq tumbled 693, marking its worst single-day percentage drop since June 5, while the S&P 500 and Dow finished firmly in the red as well.

Meta Platforms (META) weighed on sentiment, falling 7% after earnings, while comments from Nvidia (NVDA) CEO Jensen Huang's about scarce capital added to investor concerns. Amid the AI angst, the 10-year Treasury yield tumbled to its lowest level in nearly a month, as investors scooped up safe-haven bonds. 

• Tesla stock lower despite post-earnings bull notes. 
• Video game stock flashing long-term bullish signal. 
• Plus, Fed Week looms; SPOT's big day; and Lockheed Martin props up the Dow. 

5 Things to Know Today

1. Notable earnings reports to watch this week. 
2. Schaeffer's Velocity Trader: let us find your volatility opportunities.  
3. The Fed's latest interest rate decision is scheduled for next week. See what else. 
4. Spotify lifted its annual forecast, fueled by AI initiatives and subscriber growth. 
5. Lockheed Martin stock surged after a reported record $292 billion backlog.

Middle East Tensions Lift Crude Prices

Oil prices turned sharply higher after reports that the U.S. plans to resume strikes against Iran. December-dated West Texas Intermediate (WTI) futures rose 2.4% to settle at $99.47, while Brent crude rose 4% to close at $113.17 per barrel, its highest level since May 4.

Gold prices rose as higher oil prices stoked inflation concerns. December-dated gold futures added 2% to settle at $4,066.20 per ounce.