Stock market today: Dow, S&P 500, Nasdaq futures fall as Anthropic's AI warning spooks tech traders, oil prices jump
Stock markets experienced a downturn on Monday, with the Dow Jones, S&P 500 and Nasdaq futures all falling, as AI companies Anthropic and OpenAI urged the industry to slow down the pace of AI development. Oil prices surged, reaching near $106 per barrel, due to the closure of a key Saudi pipeline and the escalation of the Middle East conflict.
The 10-year Treasury yield briefly surpassed the 5% mark, following the Federal Reserve's policy meeting. Tech stocks faced pressure after Anthropic CEO Dario Amodei published a lengthy essay advocating for a cautious approach to AI advancement. Sam Altman, CEO of OpenAI, also expressed concerns, which put the two companies at odds with Wall Street's optimistic outlook.
The Federal Reserve's policy meeting loomed on Wednesday, with traders forecasting an 88% chance of a rate hike following Friday's inflation data. Despite the market decline, shares of Bank of America fell more than 5% due to CEO Brian Moynihan's cautious outlook on the bank's dealmaking fees.
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