US stock market today: Why have Nasdaq, S&P 500 slipped to lowest in months? Reasons behind Meta, Tesla, CoreWeave, Intel stock price fall, check top performing stocks

US stock market indexes tumbled on Thursday and the Nasdaq posted its steepest daily drop since June as a batch of high-profile earnings reports ignited fresh fears about the AI spending race. S&P 500 fell 1.2 per cent for its worst day since July, while the Nasdaq composite slid 2.6 per cent. Dow Jones Industrial Average added 11 points, or less than 0.1 per cent.

On Thursday, S&P 500 fell 93.74 points, or 1.2 per cent, to 7,663.43, Dow Jones Industrial Average rose 11.89 points, or less than 0.1 per cent, to 52,867.98, Nasdaq composite fell 694 points, or 2.6 per cent, to 26,008.86, and Russell 2000 index of smaller companies rose 3.01 points, or 0.1 per cent, to 2,784.03.

Meta, Tesla, CoreWeave, Intel, ADM , Sandisk, Marvell Stocks


Meta Platforms, which is pushing its Muse AI agent, lost 7 per cent after reporting stronger revenue for the latest quarter than analysts expected, though its profit fell short. The company behind Facebook and Instagram also said it’s creating a new class of stock to raise money to pay for AI investments and other expenses.

Tesla fell 3.1 per cent after reporting a stronger profit for the summer than analysts expected, though its revenue was weaker than forecast.

CoreWeave, which has borrowed money to buy Nvidia’s AI chips that it rents out to customers over the cloud, has been particularly shaky in recent weeks because of worries about its debt. It dropped 10.1 per cent.

Chipmakers Western Digital, Intel, ADM , Sandisk, and Marvell all posted steep percentage losses amid the broader semiconductor selloff.

Top Performing Stocks

The weakness for tech stocks was so overwhelming that it masked strength for the rest of the U.S. market, where the majority of stocks actually rose.

Procter & Gamble warned that rising cost pressures would take an increasing bite out of profit, but beat analyst estimates, sending the stock sharply higher and supporting consumer staples.

Blackstone advanced after the company said widening credit spreads on AI-related debt could present an opportunity to lock in higher returns. Lockheed Martin climbed after the aerospace/defense firm raised its annual sales and profit forecast.

Spotify jumped after the Swedish music streaming firm forecast fourth-quarter profit above Wall Street estimates, betting on its AI-powered features to drive user growth. Union Pacific rose following the company's quarterly earnings beat, which was helped by core pricing gains, although the railroad flagged a hit from rising fuel prices.