STOCKS | Wall Street Falls On AI Weakness And Rising Oil Prices

Wall Street stocks fell decisively on Friday as weakness in artificial intelligence shares and rebounding oil prices pressured markets, according to RTHK. Tech shares have been under pressure in recent days over questions about lofty valuations after the Nasdaq surged in the second quarter. Semiconductor stocks were the worst hit, and Nvidia briefly lost its crown to Apple as the world's most valuable publicly traded company. Brent North Sea crude closed at US$88.10 a barrel after oil prices jumped more than 4% on renewed fighting between the United States and Iran, which intensified a clash over control of the Strait of Hormuz, a key waterway for petroleum transport. The tech-heavy Nasdaq fell 1.4% to 25,520, the S&P 500 dropped 1% to 7,475 and the Dow lost 0.8% to 52,146.