US Stock Market Live Updates: AI Selloff Dow Jones crashes over 700 points as AI, telecom stocks tumble

Business News›Markets›US Stocks›Wall St Guide›US Stock Market Live Updates: US stocks open lower after AI rout; SpaceX worries hit telecoms

Dow Jones | Nasdaq | Stock Market Live: Wall Street’s main indexes open lower on Friday as caution persists after a sharp selloff in AI-linked stocks. Telecom shares fall on fears that intensifying competition from SpaceX could erode their market share. The Dow, S&P 500 and Nasdaq decline at the open.

Wall Street’s main indexes open lower on Friday as investors remain cautious after a sharp selloff in AI-linked stocks, while telecom shares come under pressure over growing competition concerns linked to SpaceX.

1 New Update

LKQ was the biggest S&P 500 loser, tumbling 20.84%, followed by Moderna at 9% and Coterra Energy at 8.62%. Norwegian Cruise Line, GE Aerospace, Howmet Aerospace and AT&T also fell, while TransDigm Group and Deckers Outdoor declined over 4% each.








Is this conversation helpful so far?

Is this conversation helpful so far?

Crown Castle led S&P 500 gainers, rising 14.02%, followed by American Tower at 7.88% and SBA Communications at 7.16%. Cboe Global Markets, Omnicom Group and Roper Technologies also advanced, while ConocoPhillips, Berkshire Hathaway, ONEOK and Halliburton posted smaller gains.

Wall Street's main indexes opened lower on Friday as caution prevailed after a sharp selloff in AI-linked stocks, while telecom stocks tumbled on fears that intensified competition from SpaceX could erode their market share. Read more: US stock markets open lower

Oracle Corporation has announced a $1 billion investment designed to drive partner growth and accelerate AI-driven modernization for its customers. Over the next four years, the initiative aims to expand business opportunities and speed up digital transformation across its ecosystem.

The initial public offering market has softened modestly as macroeconomic uncertainty and market volatility prompt companies to reconsider the timing of their public debuts, Reuters reported, citing comments from the Nasdaq CEO.

Read More: Nasdaq CEO on IPO slowdown

Gold prices held steady around $4,024 per ounce after falling to a three-month low, heading for a 3.5% weekly drop. Silver, palladium, and platinum also sank to multi-month lows as all precious metals faced sharp weekly losses. Escalating Middle East tensions pushed crude oil to five-month highs, stoking inflation fears and dampening appetite for non-yielding assets.


Hotter inflation data driven by rising energy costs is forcing investors to scale back expectations for Federal Reserve rate cuts. Markets now largely expect interest rates to remain higher for longer, with strong odds favoring a rate hike by December. Investors are turning their focus to upcoming U.S. inflation metrics and European Central Bank decisions to gauge the next moves for global monetary policy.

Brent crude held near a more than five-month high amid Middle East supply concerns, adding to inflation worries ahead of the Federal Reserve's policy meeting next week. S&P 500 third-quarter profit growth is now forecast at 32.3%, up from 30.7% previously, according to LSEG data.

Investors are now turning their attention to the earnings season, with Microsoft, Alphabet and Amazon scheduled to report next week. Analysts said the concentration of these companies in major US indices means their results could have a significant impact on broader market sentiment and investor views on AI spending.

AI-related stocks swung sharply this week, with investors focused on CoreWeave's debt burden and the cost of financing AI investment. The Nasdaq fell nearly 3% on Thursday after gains earlier in the week reversed. Meta also declined nearly 8% after reporting its first cash outflow in more than a decade.

AT&T, Verizon and T-Mobile fell more than 4% in premarket trading after a report said SpaceX was in talks with cellular infrastructure companies about launching a nationwide wireless carrier programme. SpaceX shares gained 1.5%, while telecom tower operators Crown Castle and American Tower rose sharply.

Wall Street futures edged lower on Friday as investors remained cautious after a sharp selloff in AI-linked stocks. Concerns over the sector's heavy funding requirements and rising AI investment costs weighed on sentiment. Dow futures fell 0.59%, S&P 500 futures declined 0.25% and Nasdaq 100 futures slipped 0.12%.