Premarket: Oil prices hit $110 while stocks waver on Iran impasse
U.S. and Canadian stocks experienced declines as concerns over the artificial intelligence sector impacted technology shares. Oil prices rose significantly amid ongoing tensions in the Middle East, particularly related to the Iran conflict. The upcoming earnings reports from major tech companies are anticipated to influence market sentiment further.
- ▪The Nasdaq suffered its biggest daily percentage loss in a month due to falling semiconductor shares.
- ▪Oil prices settled at $99.93 a barrel, influenced by stalled negotiations over the Iran conflict.
- ▪The S&P/TSX composite index marked its lowest closing level since April 19, with technology and materials sectors declining.
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Open this photo in gallery:Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 16.Jeenah Moon/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountU.S. and Canadian stocks closed lower on Tuesday as renewed concerns over the artificial intelligence boom weighed on technology stocks days before five of the sector’s most high-profile companies were due to post quarterly results.Semiconductor shares, which have surged over 40% so far this year, weighed particularly heavily on the Nasdaq, which suffered its biggest daily percentage loss in a month.OpenAI missed internal targets for weekly users and revenue, raising concerns over the AI heavyweight’s ability to support its massive spending on data centers, according…
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