Stock Market Midday, Sept. 14: Tech Stocks Slide on Dire AI Warnings, Micron Drops 5%
As of 11:38 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.44% to 7,623, the Nasdaq Composite (NASDAQINDEX:^IXIC) has fallen 0.44% to 26,217 as cooling artificial intelligence sentiment weighs on growth stocks, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0
At 11:38 AM ET, major indexes were on a downward trend. The S&P 500 fell 0.44% to 7,623, the Nasdaq Composite dropped 0.44% to 26,217, and the Dow Jones Industrial Average declined 0.36% to 52,422. Gold prices decreased by 1.88% to reach $4,325.10, while the 10-Year Treasury yield fell 0.02% to 4.96%. Communication and healthcare sectors led the market gains, whereas basic materials and industrials were lagging behind.
The decline was primarily driven by tech stocks due to concerns about the rapid development of artificial intelligence. Major tech leaders, including Meta Platforms and Micron Technology, have warned about the potential risks of AI advancements. Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman emphasized the dangers of AI systems moving beyond human control, urging for a more cautious approach to development. These warnings have caused investors to reassess their positions in AI-related companies.
Despite the short-term pullback, experts argue that AI is not going away anytime soon. Investors should consider that a slower pace of development could potentially strengthen the industry in the long run. The Motley Fool's Stock Advisor analysts have identified the top 10 stocks for long-term growth, suggesting that this list could generate significant returns in the coming years.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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