US stocks slip as Nasdaq hits 4-month low; Meta, Tesla, chipmakers fall
US stocks fell Thursday, with the Nasdaq posting its steepest daily drop since June as major earnings reports fueled concerns about the AI spending race. The S&P 500 slipped 1.2 percent, while the Dow Jones Industrial Average rose slightly. Meta Platforms lost 7 percent after its profit missed expectations despite stronger revenue, and it announced a new stock class to fund AI investments. Tesla fell 3.1 percent on weaker-than-forecast revenue, while CoreWeave dropped 10.1 percent amid debt worries. Chipmakers including Intel, Western Digital, and Marvell also posted steep losses. The tech weakness masked gains elsewhere, as most stocks rose. Procter & Gamble, Blackstone, Lockheed Martin, Spotify, and Union Pacific all advanced on strong earnings or forecasts.