Post by : Badri Ariffin

US markets closed in the red on Thursday amid erratic trading, as investors adjusted to mixed earnings reports and escalating worries regarding the potential impact of artificial intelligence (AI) on the software industry, as reported by Reuters.

The Dow Jones Industrial Average decreased by 179.71 points, translating to a 0.36% drop, finishing at 49,310.32. Meanwhile, the S&P 500 saw a decline of 29.50 points, or 0.41%, closing at 7,108.40, and the Nasdaq Composite lost 219.06 points, a 0.89% reduction, ending at 24,438.50.

Investor sentiment appeared shaky as they evaluated a spectrum of earnings outcomes across different sectors. The growing fear that swift advancements in AI technology may hinder traditional software companies placed additional stress, particularly on tech-focused stocks.

Trade volume was slightly lower than usual, with US exchanges recording a total of 17.41 billion shares traded, in contrast to the 20-day average of 18.33 billion shares.

This market scenario underscored a cautious approach from investors, with a notable downturn in technology stocks reflecting the rising uncertainty regarding AI's repercussions on the sector.

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