17.12.202521:12:34UTC+00Tech Rout Drags Wall Street Lower

On Wednesday, U.S. stock markets saw significant declines as the S&P 500 dropped by 1.2%, marking its fourth consecutive day of losses. The Nasdaq fell by 1.8%, and the Dow Jones concluded the day 228 points down, also continuing its four-session losing streak. The technology sector was at the forefront of the decline due to ongoing concerns about valuations related to artificial intelligence. Oracle's shares dropped 5.4% following news that Blue Owl, its main data center partner, refused to support the company's $10 billion data center plan. Nvidia saw a decline of 3.8%, Broadcom fell 4.5%, and AMD experienced a 5.3% drop. Amazon shares ended the day 0.6% lower, retreating from earlier increases, despite reports of the company's discussions to invest approximately $10 billion in OpenAI. In contrast, energy stocks outshined others as oil prices increased after former President Trump declared a "total and complete" blockade on sanctioned oil tankers associated with Venezuela. Netflix managed to gain 0.2%, trimming earlier increases of over 2.5%, following reports that Warner Bros.' board is inclined to accept a buyout offer from the streaming giant.