Oil prices and rising rate
Photo: Yuki Iwamura/AP/TT

Oil prices and rising rate fears weigh on Wall Street as AI stocks plunge

Oil prices are rising again, fueling inflation and interest rate concerns in the US. In New York, the stock market was also dragged down by plunging AI stocks.

Although the Dow Jones Industrial Average rose 0.1 percent, the broad S&P 500 and technology-heavy Nasdaq Composite fell 0.5 and 1.3 percent, respectively.

A barrel of North Sea oil now costs $104, after futures rose almost 4 percent.

The situation around the Persian Gulf, the fighting in Yemen, attacks on Saudi Arabia and a storm approaching oil platforms in the Gulf of Mexico are weighing on markets.

Furthermore, US market interest rates rose sharply on Thursday, the day after the Federal Reserve signaled its willingness to raise the key interest rate if necessary to curb inflation.

In addition, unexpectedly weak sales figures from OpenAI caused other AI companies, including Nvidia, Qualcomm, Marvell, AMD and Broadcom, to fall significantly.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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