Nasdaq Tumbles 2.14% as AI Credit Fears Slam Tech
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite dropped 572.99 points, or 2.14%, to 26,140.03, capping a roughly 4.5% weekly decline — its worst week since late June — and sinking to a one-month low amid a renewed tech sell-off. The selloff is concentrated in AI-adjacent names: CoreWeave fell 12% and is now down more than 50% from its highs as investors question whether AI profits will arrive fast enough to service the sector's mounting debt. Rising credit costs and long-term Treasury yields (10-year at 5.097%) are squeezing the economics of capital-intensive hyperscaler buildouts, and one hedge-fund manager quoted in the story says capex cuts are inevitable. Fed Chair Kevin Warsh offered no rate guidance ahead of the October meeting, leaving policy uncertainty in place. Watch the October FOMC meeting for any signal on rates, and CoreWeave's next debt-servicing update for confirmation of the credit stress.
At the time of this announcement, IXIC was trading at $26,140.03 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.