US stocks: S&P 500 falls as AI worries hit software makers
All three major indices closed lower for the day
On Tuesday, September 8th, major US stock indices, including the S&P 500, fell for the day. Salesforce and other software companies experienced losses, while oil prices surged due to Middle East tensions. Investors awaited upcoming inflation data that could impact the likelihood of an interest rate increase. Salesforce and Intuit both declined by around 4%, with ServiceNow dropping 5%.
The S&P 500 software and services index slipped 1.4%, marking a second consecutive day of decline. Jed Ellerbroek, portfolio manager at Argent Capital Management, noted that AI-related concerns had rekindled speculation about software companies struggling against those now provided by specialized firms. Intel and Qualcomm rose after announcing a partnership with Amazon to develop custom AI chips.
The S&P 500 closed at 7,673.52 points, down 0.58%, while the Nasdaq dipped 0.32% and the Dow Jones Industrial Average fell 1.18%. The S&P 500 had gained 12% in 2026 but was still below its August 13 record high. The ongoing US-Israeli conflict with Iran loomed over equities, with oil prices reaching a six-week high following a Houthi attack on Saudi energy facilities.
Trader sentiment favored a 60% chance of a Federal Reserve interest rate hike during their September 15-16 meeting, based on the CME FedWatch tool.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- S&P 500 falls as AI worries hit software makers freemalaysiatoday.com
- S&P 500 falls as AI worries hit software makers straitstimes.com
