US stocks drop as AI, inflation worries rattle investors
US stocks dropped on Friday, with the Dow down 1.1%, S&P 500 off 0.4%, and Nasdaq falling nearly 1%.
The main reasons? Investors are worried about how fast AI is changing industries, plus new data showed inflation is running hotter than expected.
Big swings impact investment portfolios, job prospects
Big swings like this can impact everything from your investment portfolios to job prospects in tech and finance.
Rising prices—driven in part by hotter-than-expected wholesale inflation—could mean the Fed holds off on cutting interest rates, raising uncertainty about the timing of future rate cuts.
Bank stocks slide; tech giants NVIDIA, others fall
Bank stocks slid amid concerns about AI and broader market jitters.
Tech giants weren't spared: NVIDIA fell more than 5%, while other big tech names also moved.
Even private equity firms took a hit.
AI's influence on companies' operations
AI isn't just shaking up stock prices—it's changing how companies operate.
Block jumped nearly 17% after announcing about 4,000 job cuts powered by new AI tools.
As CEO Jack Dorsey put it, "Intelligence tools have changed what it means to build and run a company."