The three major stock indices on the New York Stock Exchange opened lower as tech stocks showed weakness due to concerns about artificial intelligence (AI) spending by big tech companies.
As of 10:34 a.m. local time on the 29th, the Dow Jones 30 Industrial Average on the New York Stock Exchange recorded 48,777.79, down 237.81 points (0.049%) from the previous close. The Standard & Poor's (S&P) 500 index fell 73.26 points (1.05%) from the previous close to 6,904.77, and the Nasdaq Composite Index fell 466.16 points (1.95%) from the previous close to 23,391.29.
After the earnings announcements of big tech companies released following the previous day's market close, concerns about excessive AI capital expenditure dampened investor sentiment.
In particular, Microsoft's stock price fell over 10%.
Microsoft recorded revenue exceeding expectations in its fiscal year 2026 second quarter earnings announcement the previous day, but capital expenditure used for AI infrastructure and other purposes also increased significantly.
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https://n.news.naver.com/article/001/0015875323?sid=101
