Overview
- U.S. markets turned risk‑averse on Thursday with the Nasdaq down about 2.6%, the S&P 500 off roughly 1.2% and the Dow essentially flat while the Philadelphia Semiconductor Index plunged about 6.7%.
- Reports from Meta and Tesla revived investor scrutiny of massive AI budgets by showing higher planned capital spending and strains on free cash flow, with Meta shares falling near 7%.
- Geopolitical attacks linked to Houthi rebels pushed oil sharply higher, sending Brent above $113 a barrel and prompting investors to move money into U.S. Treasuries as the 10‑year yield fell to about 4.95%.
- Moderna shares plunged after media reports of an apparent data leak on an experimental cancer vaccine, triggering extreme intraday volatility and a temporary trading halt for the stock.
- Traders will watch coming results from Alphabet, Microsoft and Amazon for signs that cloud and advertising can justify AI outlays because those reports may determine whether this is a short correction or a deeper re‑rating.