Stock Losses Build as AI Rally Cools, Oil Jumps: Markets Wrap

Stock Losses Build as AI Rally Cools, Oil Gains: Markets Wrap

AI rally cools as Asian stocks fall 2.8% and chip stocks drop 10% on profit-taking and geopolitical tensions pushing oil above $96/barrel. Strong jobs data raises Fed rate-hike odds to 60% for October, pressuring startup capex and borrowing costs.