U.S. stocks fell on concerns about AI. Gold dropped to a one-month low

Major U.S. stock indices closed lower on Monday, September 14, although they recovered a significant portion of their losses compared to their opening levels.

The S&P 500 broad-market index fell 0.48%, the Nasdaq Composite "tech" index lost 0.56%, the Nasdaq 100 fell by 0.8%, and the blue-chip Dow Jones Industrial Average fell by 0.29%. By way of comparison, however, the S&P 500 was down 0.8% at its intraday low, and the Nasdaq Composite was down 1.3%.

Stocks closed lower amid growing concerns about a slowdown in artificial intelligence spending and a resurgence in oil prices, according to MarketWatch. However, the major indices still ended the day well above their intraday lows after yields on U.S. Treasury bonds reversed course and fell—for the first time in six trading sessions, the publication notes. The yield on 10-year Treasuries rose above 5% on Monday for the first time since 2023, but then reversed course and ended the day down 1.4 basis points at 4.96%, the publication added.

At the same time, gold prices fell: futures prices dropped for the fourth time in six sessions—to their lowest level since August 6, according to MarketWatch. The reason is the strengthening U.S. dollar: the precious metal is denominated in U.S. currency, and a stronger dollar makes gold more expensive, which can reduce demand, the publication explained. September gold futures fell 1.3% to $4,130 per ounce. At the same time, the ICE Dollar Index rose 0.3% (or 0.6% over the last four consecutive sessions of gains). Gold’s weakness should “dash any hopes” that the precious metal could regain its role as a “safe haven” in times of uncertainty, noted David Morrison, senior market analyst at Trade Nation, as quoted by MarketWatch. “Instead of gold, the U.S. dollar now holds that position,” the expert added.

On Monday, global stocks related to artificial intelligence fell. Shares of processor and chip developers Micron, Intel, Marvell Technology, and Applied Materials fell by more than 4%; Nvidia shares lost about 3%; and shares of South Korean memory chip manufacturer SK Hynix, which trade in the U.S., fell 7%. Hewlett Packard Enterprise, Dell, and Oracle also saw sharp declines. Non-cloud companies CoreWeave and Nebius fell by 6.8% and 5.5%, respectively.

The catalyst was a proposal made over the weekend by Dario Amodei, CEO of Anthropic—the world’s most valuable startup in this field—to slow the development of cutting-edge artificial intelligence models due to security risks, according to CNBC. Amodei’s idea was supported by Sam Altman, CEO of OpenAI (which kicked off the AI race by launching ChatGPT), and Elon Musk, CEO of Tesla and SpaceX (who owns the startup xA). Altman also stated that OpenAI’s anticipated IPO—which is set to be one of the largest in history—is unlikely to take place in 2026.

“Obviously, statements by a number of prominent figures about the need to slow down the development of cutting-edge AI models may come as a shock, but in a sense, this seems to be exactly what the market needs. A slowdown in capital expenditures will lead to a slowdown in profits, but free cash flow is likely to increase, which could help drive multiples up to the levels seen in 2025,” said David Wagner, chief equity strategist at Aptus Capital Advisors, in a CNBC report.

In addition, oil prices rose on Monday, although they also fell by the end of the day compared to earlier highs. Brent futures rose 1% to $105.68 per barrel, while U.S. WTI contracts gained 1.3% to $101.39. This was prompted by Saudi Arabia’s decision to shut down the country’s key “East-West” oil pipeline, also known as Petroline, as a precautionary measure due to attacks by Yemeni Houthis. This could lead to a loss of up to 4% of global crude oil supply —at a time when shipments from Gulf countries are already disrupted due to the closure of the Strait of Hormuz.

This article was AI-translated and verified by a human editor