WALL STREET CLOSES LOWER ON AI TRADE CONCERNS

What happened: Wall Street's main indexes closed lower on Oct 23, ending a turbulent week for the AI trade, as investors looked ahead to corporate earnings and a Federal Reserve policy meeting. Key numbers: Dow fell 652.82 points, or 1.23%, to 52,215.16; S&P 500 lost 39.75 points, or Why it matters: Concerns flared over financing costs for heavy AI investment spending, and Kristina Hooper of Man Group cited potential for less invested in an AI data centre build-out next year than projected. About one-third of S&P 500 companies report next week, including Alphabet, Microsoft and Amazon.

Wall Street's main indexes closed lower on Oct 23, ending a turbulent week for the AI trade, as investors looked ahead to corporate earnings and a Federal Reserve policy meeting.

Concerns flared over financing costs for heavy AI investment spending, and Kristina Hooper of Man Group cited potential for less invested in an AI data centre build-out next year than projected. About one-third of S&P 500 companies report next week, including Alphabet, Microsoft and Amazon.