Wall Street closes worried about the debt of AI conglomerates

Wall Street closed lower, driven by concerns over the debt levels of AI companies amid rising oil prices. The Nasdaq fell by 2.60%, while the S&P 500 dropped 1.21%. Meta's strong Q3 revenue was overshadowed by worries about its increasing AI investment costs, leading to a 6.98% decline in its stock. Other tech giants like Nvidia, Amazon, Microsoft, and Alphabet also experienced significant losses. Despite rising oil prices, bond yields fell as investors sought safe-haven assets due to geopolitical uncertainties and weak AI-related stocks.