AI Slowdown Weighs on Tech Stocks as Oil Prices Rise

The New York Stock Exchange closed lower on Monday after U.S. artificial intelligence (AI) company executives called for a slowdown in development pace.

This move weighed heavily on AI infrastructure-related stocks, with semiconductor names like Nvidia feeling the impact.

Rising crude oil futures and U.S. long-term interest rates also contributed to the decline, as they raised concerns about higher energy costs squeezing corporate earnings and making equities relatively rich in valuation.