Wall Street remained under pressure, with all three main US stock market indices opening in the red during the trading session on Thursday. The sharpest plunge was logged by the tech-heavy Nasdaq Composite, as the index was pulled down by sectoral majors like Qualcomm and Alphabet.
Minutes after the opening bell, Nasdaq was down 373.68 points or 1.1% to 22,904.5, whereas the wider index, S&P 500, slipped 75.8 points, or 1% to 6,806.92.
The Dow Jones Industrial Average was down 308.95 points, or 0.62%, to 49,192.35.
Qualcomm was among top drags in early trade, as its stock plunged around 11% to $132.73. The shares of Alphabet, parent of Google, were down 8% at $306.92.
Qualcomm's decline was linked to the company's weaker-than-expected guidance for the current quarter. Alphabet's slide came after the Big Tech firm projected a significant increase in its spending towards artificial intelligence. It estimated expenditures to the tune of $185 billion in 2026, which likely spooked investors.
Among other 'Magnificient Seven' stocks, AI hot-bet Nvidia was trading 0.21% lower at $173.73, Tesla slumped 3.2% to $392.96, Microsoft was down 3.5% to $399.37, Apple slipped 0.37% to $275.47, Amazon plunged 4.6% to $222.18, and Meta Platforms inched 0.3% lower at $666.99 at 10:00 a.m. EST.
In the commodities space, silver continues to hit lows, plunging 15.35% to $74.66 an ounce, whereas gold was trading 2.58% lower at $4,836.28 an ounce at 10:10 a.m. EST. In the crude basket, Brent futures were trading 2.58% lower at $67.78, whereas the West Texas Intermediate futures were trading 2.73% lower at $63.36.
Bitcoin, the world's largest traded cryptocurrency, plummeted below the $70,000-mark. The token was trading 6.7% lower at $68,113 at 10:15 a.m. EST.
ALSO READ: FPIs Break Buying Streak, Sell Shares Worth Over Rs 2,100 Crore
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.