NEW YORK — Blue-chip stocks advanced while technology shares weakened on Wall Street as investors grew uneasy about artificial intelligence spending.
The Dow Jones Industrial Average, which tracks blue-chip names, closed at 52,495.88 on the 20th, up 529.85 points, or 1.02%, from the previous session. The Standard & Poor's 500 rose 21.84 points, or 0.28%, to 7,712.57, while the technology-heavy Nasdaq Composite slipped 6.07 points, or 0.02%, to 26,424.82.
Among the largest companies by market capitalization, Amazon gained 0.07%, TSMC 1.16%, Tesla 1.54%, Eli Lilly 3.49% and JPMorgan 0.52%. Declines were widespread among technology names, including Nvidia (-0.29%), Apple (-1.00%), Microsoft (-0.31%), Google parent Alphabet (-1.13%), SpaceX (-0.11%), Facebook parent Meta (-1.59%), Broadcom (-0.07%), SK hynix (-2.16%), Micron (-0.98%) and AMD (-0.62%).
Stocks were weak from the opening bell, led by technology shares, on concerns over AI infrastructure spending that included worries about the quality of CoreWeave's corporate debt. Market participants held back from buying as they awaited earnings from SpaceX and Netflix after the closing bell, followed by Meta and Tesla on the 21st. The Philadelphia Semiconductor Index also ended down 0.29%.
Among individual names, 3M climbed 5.78% on strong third-quarter results. The company posted adjusted earnings per share of $2.50 for the quarter, beating market expectations of $2.38. General Motors tumbled 6.84% on higher raw-material costs and falling truck sales.
Oil prices hit a five-month high during the session on concerns over crude supply disruptions in the Middle East, then fell late in the day as the prospect of diplomatic mediation between the United States and Iran came into focus. On the New York Mercantile Exchange, West Texas Intermediate crude for November delivery settled at $101.79 a barrel, down $1.87, or 1.80%, from the previous session. On London's ICE Futures Exchange, Brent crude for December delivery ended at $108.79 a barrel, down 76 cents, or 0.69%. Brent had touched $111.99 a barrel intraday, a fresh five-month high, before surrendering its gains.
Yemen's Iran-aligned Houthi rebels claimed they carried out multiple attacks the previous day targeting Saudi Arabian energy facilities, airports and military sites. The targets included state-run oil company Aramco's Yanbu facility and Shaybah oil field, King Khalid International Airport in Riyadh and Abha Airport.
Local media reported, however, that Iranian President Masoud Pezeshkian met Pakistani army chief Asim Munir in Tehran the same day to discuss mediation efforts and the regional situation. The news sent oil prices and U.S. Treasury yields lower.
