Nasdaq

Global stocks faced a broad sell-off on Wednesday as a confluence of pressures from the artificial intelligence sector, rising oil prices and France's deepening budget crisis spooked investors. The S&P 500 fell 1.21%, the Nasdaq dropped 2.9%, and European and Asian indices also slid, with traders attributing the rout to what Deutsche Bank's Jim Reid called “the wobbles of recent weeks all collided at once.”

Nasdaq futures rose Monday, signaling that investors were already stepping back into artificial-intelligence stocks after last week's rout, when the index fell 4.5% for its worst weekly drop since June. The broader S&P 500 slipped 2%, while the Dow Jones Industrial Average actually gained 0.7% as money rotated into healthcare, consumer staples and other sectors less tied to the AI boom. The sell-off accelerated after September's consumer price index came in hotter than expected at 3.7% year-over-year, reigniting concern that the Federal Reserve could keep interest rates elevated for longer.