US stocks were mixed throughout the session, with periods of buying on lower oil prices. However, renewed concerns over massive AI-related investment kept trading generally nervous, particularly in technology stocks.
US stocks were mixed, with the Dow rising temporarily before losing direction toward the end of the session. The New York stock indexes closed with the Dow up $213.67 at $51,983.98, while the Nasdaq fell 272.68 points to 25,164.32.
Lower oil prices were welcomed amid expectations of diplomatic progress toward ending the war with Iran, but massive investment plans by AI developers again heightened market caution and weighed on technology stocks. Anthropic's sharp increase in third-quarter revenue and disclosure of substantial future spending reignited concerns over prolonged AI-related expenditure.
Marriott International reported third-quarter adjusted earnings above expectations, supported by firm demand in Asia and North America and the benefits of price increases, and suggested that it may raise its full-year outlook. EchoStar rose following reports of talks on an acquisition and rights acquisition involving Space Exploration Technologies.
Among semiconductor-related stocks, Marvell Technology fell on caution over its large-scale acquisition of Lumentum Holdings. Oracle fell after announcing a plan to issue bonds and shares as part of financing of around $20 billion, while Meta Platforms declined amid reports of a bond offering.
In afternoon trading, Palantir Technologies announced its third-quarter results and attracted buying in after-hours trading after its fourth-quarter outlook exceeded expectations. Overall, sector rotation progressed, with movements varying widely across individual stocks.