Business News of Thursday, 25 July 2024
Source: BBC
Shares drop in US and Asia as AI stocks slide
Major tech shares suffered the most as investors reassessed the AI-fuelled stock market boom
Financial markets in the US and Asia have fallen sharply as investors sell off shares in technology companies, with artificial intelligence (AI) stocks hit particularly hard.
In Wednesday's trading in New York, the S&P 500 lost 2.3% and the tech-heavy Nasdaq fell 3.6%, in their biggest one-day falls since 2022. The Dow Jones Industrial Average dropped by 1.2%.
The losses were driven by major firms including Nvidia, Alphabet, Microsoft, Apple and Tesla.
On Thursday, Japan's Nikkei index led declines in Asia as it fell by 3%.
