Oil Prices Weigh Down Global Markets Amid AI Stocks Slide

Global markets are experiencing a downturn as concerns about rising oil prices outweigh gains from strong corporate earnings.

The S&P 500 index fell 0.5% and is on track for its third consecutive modest loss since setting an all-time high on Thursday. The Dow Jones Industrial Average dropped 33 points, or 0.1%, while the Nasdaq composite plummeted 1.3% by 10:15 a.m. Eastern time.

Artificial-intelligence stocks led the decline, with Micron Technology slumping 5.9%. This is despite the fact that such stocks have remained big winners and Micron has more than tripled in value this year. Nvidia fell 2.5%, while Broadcom dropped 3.7%.