US Stock Market Slumps Amid Tech Sector Weakness
The Dow Jones Industrial Average slipped 1.2%, losing 592.58 points to settle at 48,908.72. Meanwhile, the Nasdaq fell 1.59%, or 363.99 points, ending the session at 22,540.59. The S&P 500 also retreated, down 1.23%, or 84.32 points, to 6,798.40.
Market anxiety surged as the Volatility Index (VIX), often referred to as the "fear index,” climbed 16.79% to reach 21.77 points.
Shares of Amazon experienced a steep drop after the e-commerce titan unveiled plans for extensive capital expenditures in artificial intelligence. Investors responded unfavorably to the anticipation that increased spending on AI infrastructure could weigh on near-term earnings.
Meanwhile, the yield on the 10-year US Treasury note inched higher to 4.15%, and the US dollar index rose 0.3% relative to a collection of major currencies.
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