Wall Street falls as AI spending doubts and rising oil weigh on shares

US shares ended lower on Friday after a turbulent week, as investors sold technology stocks and oil prices rose. The declines reflected continuing doubts about whether heavy spending on artificial intelligence infrastructure will generate returns, despite strong demand for chips, according to an Associated Press report published by Nieuws.nl. [1]

The Dow Jones Industrial Average fell 0.3% to 52,002.41. The S&P 500 dropped 1.1% to 7,659.44, while the Nasdaq Composite lost 2.1% to 26,140.04. The main indices had closed mixed on Thursday.

Brent crude rose 3.5% to $109.66 a barrel, while US oil gained 4% to $101.84. Nieuws.nl attributed the rise to a bill introduced by US politicians seeking to block a deal by President Donald Trump involving Russian diesel. [1]

Shares in data-centre company CoreWeave fell 11.9%, reversing some of Thursday’s nearly 6% gain. That rise followed Nvidia chief executive Jensen Huang dismissing concerns about CoreWeave’s financing and saying he did not think Nvidia needed to rescue the company. Nvidia shares fell 1.4% on Friday.

Memory-chip stocks also came under pressure amid concerns about growing competition from China. Micron Technology fell 5.6%, after closing higher on Thursday.

Tesla shares slipped 2.1% despite the presentation of a new Roadster. Chief executive Elon Musk said the car’s small thrusters could let it fly briefly. SpaceX shares fell 1.7%.

Moderna dropped 7.8%. The report said analysts attributed the fall to investors taking profits after a previous rise fuelled by optimism about a personalised melanoma vaccine developed with Merck. [1]