Wall Street falls as AI stocks slide and oil prices jump

Wall Street tumbled on Friday as AI-related technology stocks faced renewed selling pressure and oil prices jumped over 3% on Middle East supply worries, with the Nasdaq on track for a weekly loss exceeding 4%. CoreWeave slumped 12%, extending its five-session decline to about 25%, while its bonds sold off sharply with yields above 15%. Broadcom fell 3.6%, and the PHLX chip index dropped 2.5% for its eighth straight decline. Investors also weighed reports that Anthropic investors are considering a lower valuation for its upcoming IPO. The S&P 500 fell 1.22% to 7,649.71, the Nasdaq declined 2.19% to 26,128.13, and the Dow dropped 0.55% to 51,891.77. Hotter-than-expected inflation data this week has led markets to expect the Fed to hold rates this month, with Barclays forecasting hikes in December and January.