Nasdaq 100 Sinks 2% as AI Jitters Roil Wall Street: Markets Wrap

Prices buckled across several asset classes as concern about tech profits and weakness in commodities sent stocks down the most in over three weeks. Gold and silver tumbled as traders plowed money into the perceived safety of bonds. A rout in Bitcoin deepened.

The S&P 500 and the Nasdaq 100 slipped 1.6% and 2%, respectively. Cisco Systems Inc. plunged 12% as a tepid margin outlook signaled higher memory-chip prices are taking a toll. All megacaps fell and an ETF tracking software firms slumped 2.7%. Worries about artificial-intelligence disruption engulfed industries from logistics to commercial real estate. In late hours, Applied Materials Inc. gave an upbeat forecast.