Datacenter and chip costs fueled sharp decrease in AI sector although non-AI stocks still had a strong showing

The latest shudder for stocks in the AI industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran.

The S&P 500 fell 1.2% for its worst day since July, while the Nasdaq composite tumbled 2.6%. The weakness for tech stocks was so overwhelming that it masked strength for the rest of the US market, in which the majority of stocks actually rose. The Dow Jones Industrial Average added 11 points, or less than 0.1%.

Polls show US voters are deeply upset by high gas prices and are likely to punish Republicans in the midterms as a result

• How will Trump’s mass deportation agenda shape the US midterm elections? Our reporters answer your questions

With fewer than two weeks until the midterms, US voters are unlikely to see relief on one of this election cycle’s main issues: gas prices.

Airing up her car’s tires at a Speedway in Perrysburg, Ohio, Toledo resident Sharie Smith, 41, says soaring costs are having a direct impact on her life.