US stocks close lower as tech sector slides
Major indices end day in red as investors digest massive AI spending plans by big tech companies
ISTANBUL
The US stock market finished Thursday with significant losses led by a sharp decline in the technology sector.
The Dow Jones Industrial Average fell 1.2%, or 592.58 points, to close at 48,908.72.
The Nasdaq declined 1.59%, or 363.99 points, to 22,540.59 and the S&P 500 dropped 1.23%, or 84.32 points, to 6,798.40.
The Volatility Index (VIX), also known as the "fear index,” rose 16.79% to 21.77 points.
Amazon shares posted a huge decline after the e-commerce giant revealed plans for aggressive capital expenditures in artificial intelligence.
Investors reacted negatively to the prospect of higher spending on AI infrastructure impacting short-term profitability.
The yield on the 10-year US Treasury note rose slightly to 4.15%.
The US dollar index gained 0.3% against a basket of major currencies.
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