U.S. stocks fell sharply on Thursday, reaching multi-week lows. The Dow Jones Industrial Average dropped 506.93 points, or 0.97 percent, to close at 51,711.65.
Investor sentiment was weighed down by concerns over artificial-intelligence spending. Earnings from Big Tech companies, including Alphabet and Tesla, rekindled fears about whether surging capital spending is translating into growth. Traders also looked toward upcoming earnings from Intel Corp. to help shape the prognosis for AI companies as the tech rally lost steam.
Simultaneously, global oil prices topped $100 a barrel for the first time in two months. This extended rally in oil prices added to inflation worries, contributing to the overall retreat in the equity markets.