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Barchart
Barchart
Rich Asplund

Stocks Plunge on Tech Weakness and AI Fears

THe MAR Nasdaq SP AL United States Cisco Systems Dow Jones Industrial Average SanDisk

The S&P 500 Index ($SPX) (SPY) on Thursday closed down -1.57%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -1.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.04%.  March E-mini S&P futures (ESH26) fell -1.55%, and March E-mini Nasdaq futures (NQH26) fell -2.02%.

Stock indexes gave up an early advance and sold off sharply on Thursday as the Magnificent Seven technology stocks retreated, weighing on the broader market.  Also, Cisco Systems fell more than -12% after saying that higher memory-chip prices are expected to eat into its profitability.  In addition, trucking and logistics companies fell sharply amid the threat of AI on future earnings.

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