Wall Street closes lower after AI sell-off concerns

Summarised from 2 outlets · Updated 25 Oct, 20:31 · Archive

US stocks closed lower on Friday after concerns about the AI trade and SpaceX's wireless carrier plans.

US stocks closed lower on Friday, with the S&P 500 falling 39.57 points to 7,623.86, the Nasdaq Composite losing 55.17 points to 25,955.34, and the Dow Jones Industrial Average dropping 658.82 points to 52,209.16.

Investors remained cautious after recent questioning of the AI trade. Kristina Hooper, chief market strategist at Man Group, said there was potential for less investment in AI data centre build-outs next year than previously projected. Telecommunications stocks fell after reports that SpaceX was seeking thousands of cell sites for a fourth wireless carrier. By contrast, the energy sector rose to a record high, with Brent crude hitting its highest level since late April following Houthi attacks in Saudi Arabia.

Market attention now turns to earnings season, with about one-third of S&P 500 companies reporting quarterly results next week. Data from the University of Michigan showed US consumer sentiment edged down near a record low in October, with rising prices from Middle East tensions affecting households' economic outlook.

How it is being reported

• Wall Street closes lower to end rocky weekUS stocks closed lower after caution around the recent AI sell-off and fears about SpaceX's proposed nationwide wireless carrier program.The West Australian · 25 Oct, 20:06
• Wall Street closes lower to end rocky weekUS stocks closed lower after caution around the recent AI sell-off and fears about SpaceX's proposed nationwide wireless carrier program.Perth Now · 25 Oct, 20:06

In this story: Wall Street · SpaceX · Alphabet · Microsoft · Amazon · Man Group · Saudi Arabia · University of Michigan

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