Good evening, this is Markets Desk with your closing bell rundown.
Equities took a hard hit Thursday, with the S&P five hundred dropping nearly one and a half percent and the Nasdaq one hundred sliding more than two and a quarter. The pressure came from two directions — surging crude oil prices and a deepening unease around AI capital spending, with Alphabet's results stoking fresh doubts about whether the returns on those massive infrastructure bets are actually coming.
That AI anxiety didn't stop at the big indexes. OpenAI's new Presence release landed like a gut punch for enterprise software stocks. The IGV index sold off sharply as traders reassessed names like Workday, Atlassian, and HubSpot — companies that now face a direct competitive threat from OpenAI pushing further into the tools that sit on top of its own models.
Meanwhile, the Trump administration finalized a new round of tariffs on dozens of trading partners, with duties ranging from ten to twelve and a half percent. The move follows a five-month investigation into forced labor supply chains and adds another layer of trade uncertainty that bond and equity markets will be digesting heading into the weekend.
That's the tape. Markets Desk, signing off the floor.
