Stocks slide on AI concerns and profit-taking

A day about reaching fresh highs, stocks in New York and Toronto sold off sharply on Thursday. The resolution of the U.S. government shutdown has removed the latest market catalyst and concerns that the AI trade is over-extended has returned.

At the close: the S&P -1.65%, the Nasdaq -2.29%, the Dow -1.65% and the TSX -1.83%. There was selling across the board, particularly in the Mag 7 and AI-related tech. Major movers on Wall Street: Nvidia -3.58%, Caterpillar -3.4%, Disney -7.75%, Intel -5.23%, and Robinhood -8.61%.  In Toronto: Brookfield -6.53%, Northland Power -27.24%, Denison Mines -3.04% and Ivanhoe Mines -4.34%.

Gold declined US$20 to US$4,176, WTI held at US$58.65 and Bitcoin slipped US$3,600 to US$98,300. The U.S. 10-year yield pushed above 4% as bets on an interest rate cut in December declined.

💾 NVIDIA Corporation (NVDA-Q) -3.58%

🧢 Caterpillar (CAT-N) -3.4%

👸 Walt Disney Co. (DIS-N) -7.75%

💾 Intel (INTC-Q) -5.23%

💾 Robinhood (HOOD-Q) -8.61%

🏛 Brookfield Asset Management (BAM-T) -6.53%

💡 Northland Power Inc (NPI-T) -27.24%

⛏ Denison Mines Corp. (DNN-N) -3.04%

⛏ Ivanhoe Mines Ltd (IVN-T) -4.34%