Technology shares dragged markets lower in Asia and the United States on Thursday, while oil prices climbed to a five-month high and raised inflation risks for energy-import-dependent economies.
The Associated Press reported a 1.3% drop in the S&P 500 and a 40-point, or 0.1%, decline in the Dow Jones Industrial Average. The Nasdaq Composite was down 2.4% at 12:56 p.m. ET (16:56 UTC), the AP said. In Asia, South Korea’s Kospi fell 3.5%, Hong Kong’s Hang Seng lost 3% and Japan’s Nikkei 225 declined 2.7%, according to the AP.
The AP linked technology-sector pressure to investor doubts about whether returns from artificial intelligence projects would justify the costs of data centers and chips. It also reported that gains in most S&P 500 stocks were outweighed by technology losses.
Brent crude was up 2.9% at $111.99 a barrel, with its session peak marking its highest level in five months, the AP reported. Anadolu Agency said energy-import-dependent Asian economies were particularly exposed, and reported that oil-price and inflation risks were supporting expectations for tighter monetary policy.
The U.S. Department of State said Wednesday it had ordered nonemergency staff and their families to leave Saudi Arabia, citing Houthi attacks on civilian airports and other critical infrastructure.
Meta reported third-quarter revenue of $64.6 billion, up 26%, and projected capital expenditures of $135 billion to $145 billion for 2026. The company said it plans to establish publicly listed, nonvoting Class C common stock with an effective date of Jan. 19, 2027. Meta said the class is intended to widen its funding options and provide flexibility for other corporate needs. The company also declared a planned stock dividend. Meta shares fell 7.4%, while Tesla shares slipped 2.1% after it reported quarterly results, the AP said. EconoTimes previously covered investors’ concerns over Meta and Tesla’s spending plans.
The next focus is the Federal Reserve’s policy decision due next week. Anadolu Agency also reported market expectations of a rate increase in December.
