US stocks fall on AI and oil worries

The U.S. stock market declined sharply during trading, reaching levels not seen in several weeks, due to disappointing earnings reports and rising oil prices that amplify inflation concerns. The Nasdaq led the decline, losing over 7% of its value, along with declines in the S&P 500 and Dow Jones indices. The second-quarter earnings for Alphabet and Tesla were negative. Additionally, geopolitical tensions increased after Houthi attacks near the Bab el-Mandeb Strait, and oil prices rose above $100 per barrel, prompting increased expectations for a U.S. interest rate hike. Requests for unemployment benefits declined, but the likelihood of a rate hike was raised to 36%.

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