S&P 500 slips 4% from its peak as AI selloff stirs recession fears

Disappointing results from Intel, Amazon and Alphabet have turned the market's favorite growth story into its biggest macro risk The trade that carried Wall Street for years is now the thing keeping economists up at night. As of November 2, the S&P 500 sits approximately 4% below its recent high, and the Nasdaq is down about 10%. A Reuters commentary filed from Orlando warns that a slump in AI-linked stocks could sharply worsen a global slowdown that already looks to be underway, possibly pushing several major economies into recession. The spark came from earnings season.

Source: Crypto Briefing