US markets slipped on September 15 as concerns over artificial intelligence progress, rising oil prices and surging Treasury yields weighed on investor sentiment. The S&P 500 fell 0.48% to 7619.98, Nasdaq dropped 0.56% to 26186.41 and Dow Jones lost 152 points to close at 52421.20. At intraday lows, the S&P 500 was down 0.8%, Nasdaq fell 1.3% and Dow dropped nearly 300 points.
Technology shares led declines after Anthropic chief Dario Amodei urged slowing AI model development citing safety risks, while OpenAI head Sam Altman warned against an IPO this year. Nvidia slipped 3%, Broadcom and AMD lost more than 4%, Intel dropped 5% and Marvell shed 7%. Analysts said slowing AI could reduce capital expenditure but improve free cash flow.
Oil prices surged as Saudi Arabia shut a key pipeline bypassing the Strait of Hormuz. West Texas Intermediate crude rose 1.34% to 101.39 dollars per barrel and Brent gained 1.02% to 105.68 dollars.
Bond yields briefly touched 5%, the highest since October 2023, before stabilising as buyers emerged. Futures traders priced a 92% chance of a Federal Reserve rate hike this week.
Market watchers noted oil reversal, bond demand and easing AI fears helped prevent a deeper selloff.
