AI Worries Take a Toll on Tech Stocks

Wall Street is off to a rough start in the new week, and this time it's not all about the rising price of oil. Tech stocks tied to AI were falling after industry leaders called for a slowdown in development over the weekend, reports CNBC. The tech-centric Nasdaq fell more than 1% in early trading, with companies such as Nvidia, AMD, Intel, and CoreWeave seeing significant declines. The Dow was down more than 100 points, about 0.2%, and the S&P 500 fell about 0.5%.

Oil wasn't helping the mood of investors. The price of Brent crude climbed to near $110 a barrel on Monday after Saudi Arabia closed a key pipeline, per the Wall Street Journal. And the yield on the 10-year Treasury note is near a sky-high 5%. As the week goes on, all eyes will be on the Federal Reserve, which is now widely expected to raise rates at its September policy meeting Tuesday and Wednesday.