What caused the sharp decline in U.S. stocks today?
Here's your Closing Bell Brief for Thursday, February 12th. I'm Katherine Sullivan for The Wall Street Journal. U.S. stocks dropped sharply today as renewed concerns over artificial intelligence rattled investors. The Nasdaq led the decline with a loss of 2%.
The Dow retreated more than 600 points to finish down 1.3%. And the S&P 500 slid 1.6% as fears of AI disruptions spread to various sectors. Crude oil prices also fell more than 2% during the session. Among individual companies, Applovin shares tumbled nearly 20% today. Investors worried about AI disruptions despite the advertising software company reporting earnings that beat expectations.
Cisco Systems stock dropped 12%. Rising costs overshadowed a jump in demand from large-scale data center customers. McDonald's shares rose almost 3% after the burger chain reported strong sales growth. The company said its recent value campaign is successfully attracting more customers. NovoCure stock soared more than 19%.
The move followed federal approval for the drugmaker's new treatment for pancreatic cancer. And Pilgrim's Pride shares fell 3.5% after the chicken and pork producer posted disappointing quarterly results. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.
We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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