Stock Buyers Step In After Tech-Fueled Selloff: Markets Wrap

Wall Street saw a sharp bounce from session lows as dip buyers stepped in following a slide driven by concerns over whether the unprecedented spending on artificial-intelligence will justify all that capital. Big moves in commodities saw gold plunging as oil soared. Bitcoin dipped below $85,000.

Gains in economically sensitive shares almost erased the drop in the S&P 500, which earlier sank as much as 1.5%. Meta Platforms Inc.’s solid outlook eased worries about its spending plans. Microsoft Corp. tumbled the most since 2020 on concern it could take a while for AI investments to pay off. In late hours, Apple Inc. posted strong results. Amazon.com Inc. was said to be in talks to invest as much as $50 billion in OpenAI.