US Stock Markets Close Lower as Tech and AI Shares Face Pressure Amid Oil Surge
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Key summary
On October 16, 2029, the three major US stock indices closed in negative territory. The Dow Jones Industrial Average fell 175.28 points (-0.34%) to close at 52,002.41, while the S&P 500 dropped 84.62 points (-1.09%) to 7,659.44. The Nasdaq Composite declined 572.99 points (-2.14%) to finish at 26,140.03. The downturn was driven by selling pressure on technology and artificial intelligence (AI) stocks, concerns over high debt levels among AI infrastructure companies like CoreWeave and Broadcom, and rising crude oil prices which jumped over 3% due to supply concerns in the Middle East. European markets closed positive, with the STOXX 600 rising 2% to reach a three-week high at 644.74 points.
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