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US stock market crash big losers and gainers started with major indexes turning lower. The S&P 500 fell 0.7%. The Dow Jones Industrial Average dropped 589 points, or 1.2%, by 10:40 a.m. Eastern time. The Nasdaq Composite declined 0.8%. The S&P 500 moved toward what could be its second losing month in the last 10 months.
Investors sold shares of software companies. Many fear AI tools may replace workers and reduce demand for some services.
US stock market crash big losers and gainers story includes Block Inc., the firm behind Cash App and Square. CEO Jack Dorsey said the company will cut more than 4,000 jobs from its workforce of over 10,000. He said AI tools allow smaller teams to do more work. Block shares jumped 17.8%.
Dorsey said many companies may make similar changes within a year. Investors believe AI tools can replace not only workers but entire business models.
Salesforce fell 3.7% after giving back most of its previous gain. A software industry ETF dropped 1.9% and is down 23.3% this year. Blue Owl Capital declined 4.2% as concerns spread to lenders tied to software firms.
Even AI chip leader Nvidia fell 1.6% despite strong profit results. Investors questioned whether spending by firms like Amazon and Alphabet can sustain returns.
On the gaining side of US stock market crash big losers and gainers was Netflix, which rose 8.4% after ending its bid to buy Warner Bros. Discovery assets.
Paramount Skydance shares jumped 10.2%. Warner Bros. Discovery fell 1.6%.
US stock market crash big losers and gainers also reflects oil market moves. U.S. crude rose 2.8% to $67.04 per barrel. Brent crude increased 2.7% to $72.73. Prices climbed due to tension between the United States and Iran over its nuclear program. Military buildup in the Middle East raised supply concerns.
Inflation at the wholesale level reached 2.9% last month. Economists expected 1.6%. The data may lead the Federal Reserve to delay interest rate cuts. The 10-year Treasury yield stood at 3.98%, down from 4.02% a day earlier.
In global markets, Kospi fell 1%, while Hang Seng rose 0.9%.
Q1: Who were the main US stock market crash big losers and gainers?
US stock market crash big losers and gainers included losers like Salesforce, Nvidia, Blue Owl Capital and Warner Bros. Discovery, while gainers included Block Inc., Netflix and Paramount Skydance during the market decline.
Q2: Why is the US stock market in red today?
The US stock market is in red today due to higher-than-expected inflation data, which reduced hopes of Federal Reserve rate cuts. Investors are also reacting to AI-related sell-offs in technology stocks and rising oil prices linked to tensions between the United States and Iran.
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