Nasdaq sheds over 2%, posts worst daily performance since June

US stocks fell on Thursday as mounting concerns over the Middle East conflict and rising oil prices weighed on sentiment, while a technology selloff continued amid worries about artificial intelligence.

The Dow Jones Industrial Average finished unchanged at 52,867. The S&P 500 fell 1.21%, or 93 points, to 7,663, while the Nasdaq Composite dropped 2.60%, or 694 points, to 26,008.

In Europe, the STOXX Europe 600 fell 1% to 637, erasing the previous session’s gains.

Britain’s FTSE 100 slipped 0.26% to 10,725, Germany’s DAX lost 1% to 25,371, and France’s CAC 40 declined 1.39% to 7,811.

In Japan, the Nikkei 225 slid 2.65% to 62,907, while the broader Topix fell 1.14% to 3,997.

Brent crude futures for December delivery settled 4% higher, gaining $4.35 to $113.17 a barrel. US West Texas Intermediate crude futures for December rose 2.39%, or $2.32, to $99.47 a barrel.

Gold futures for December delivery settled 2.16% lower, losing $89.60 to $4,060.40 an ounce.

Market drivers 

Fears of further military escalation in the Middle East, higher oil prices and rising inflation dampened appetite for risk. Mixed technology earnings and doubts over the returns on AI spending added to the pressure.