Tech stocks slide as doubts over AI spending and oil above $110 weigh on markets
Photo: NBC NewsU.S. stocks fell sharply Thursday as the tech-heavy Nasdaq Composite dropped 2.6 percent, its steepest drop since early June, and the S&P 500 slid about 1.2 percent. Investors sold technology shares over doubts that companies' heavy AI spending will pay off, while oil rose on fears of renewed U.S. and Israeli strikes on Iran. Meta fell nearly 7 percent after raising its projected capital spending to $135 billion to $145 billion. Brent crude topped $114 a barrel by Friday morning, and the New York Times reported that U.S. and Israeli officials are planning an operation in Iran after the November midterms.
The New York Post, right-leaning, leads with oil above $111 and Trump's remark that something would happen in Iran soon, and it cites a State Department denial about Gulf embassy staff. Left-leaning NBC News and CBS News pair the Iran fears with AI spending, with CBS relying on Wall Street analysts and NBC noting Meta's results excluded legal penalties. Al Jazeera, an alternative outlet, centers on AI spending and losses across the Magnificent 7.
How the sides differ Right sources stress oil prices and reported Iran strike plans; left and alternative sources lead with AI spending concerns.
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Pairs Iran-war fears with AI spending worries, with CBS citing Wall Street analysts on debt and NBC stressing that Meta's earnings beat only after excluding legal penalties.
Centers on the AI spending question and losses across the Magnificent 7, noting Meta's raised capital budget and lower Asian markets after Wall Street's drop.
Leads with oil prices above $111 and reports of planned Iran strikes, featuring Trump's comments and a State Department spokesman's denial about embassy staff.