Wall Street closed sharply lower with Nasdaq down over 2% as weak Big Tech earnings and rising AI spending concerns hit sentiment. Surging oil prices above $100, driven by Middle East tensions, reignited inflation fears and pushed bond yields higher, overshadowing gains in defense stocks like Lockheed Martin.

Stock futures were down as oil rose and a rally in AI stocks lost steam ahead of key tech earnings.

U.S. markets opened mixed as Nasdaq and S&P 500 slipped on chip stock weakness, while Dow edged higher. Investors remained cautious ahead of key Big Tech earnings, with focus on…