The Dow rose 51.77 points, or 0.1%, closing at 51,231.64; the S&P 500 fell 36.41 points, or 0.47%, to 7,765.36; the Nasdaq dropped 345.35 points, or 1.25%, to 27,193.34.
Selling pressure on tech stocks was evident. According to a report by the UK's Financial Times, OpenAI's annualized revenue as of the end of September was approximately $50 billion, about $20 billion lower than the previously suggested $70 billion to investors, prompting the market to reassess revenue growth and profitability of AI firms.
Following the news, technology and chip stocks closely tied to OpenAI came under pressure. Oracle (US.ORCL) shares dropped over 5%, while Nvidia (US.NVDA) fell nearly 3%. The Philadelphia Semiconductor Index declined 3.4%. Broadcom (US.AVGO) fell about 4.4%, Micron (US.MU) dropped around 4.8%, and TSMC (US.TSM) also fell 3%.
Among large-cap tech stocks, Apple (US.AAPL) rose 1.1% against the trend, Amazon (US.AMZN) fell 2.3%. Microsoft (US.MSFT) declined 1.4%, Google (US.GOOG) dropped 0.7%, SpaceX (US.SPCX) fell 4.2%, and Tesla (US.TSLA) declined 0.7%.
*International oil prices surged sharply*
Oil markets became another major focus. Affected by escalating Middle East tensions, attacks on shipping in the Strait of Hormuz, and hurricanes reducing U.S. crude output, international oil prices sharply rose on Thursday. Brent crude futures rose about 3.7%, while New York crude futures climbed about 3.3%. Due to potential Iranian attacks on tankers possibly curbing the recent rebound in Middle East oil supply, crude prices posted their largest one-day gain in a month.
Later, Trump said U.S.-Iran talks were "productive" and that there would be no military attack on Iran before the midterm elections, easing oil's upward momentum. Brent crude is currently trading at $103.77 per barrel, while New York crude stands at $91.16.
*Gold prices retreated early then stabilized*
On the precious metals front, gold prices initially retreated but then stabilized, as investors continued monitoring Middle East tensions, oil price movements, and U.S. interest rate outlook. Spot gold rose about 0.5%, to $4,133 per ounce; New York futures gold rose about 0.4%, to $4,159.
*Dollar/yen remains near 158*
The dollar consolidated at elevated levels, with the U.S. Dollar Index at around 102.11, hitting a daily high of 102.46, down slightly by 0.1% from the previous day. Dollar/yen remained stable in a narrow range near 158, trading at 157.82, down 0.1%. The euro/dollar held at around 1.121, up slightly by 0.1%. (kk)