Wall Street slides after Alphabet, Tesla revive AI spending fears

Wall Street indexes closed lower today, with the Nasdaq sinking more than 2%. Latest earnings updates from Alphabet and Tesla revived concerns regarding heavy AI spending. Additionally, soaring oil prices increased inflation worries, which subsequently lifted bond yields. These factors contributed to a market slide, while some investors turned toward value stocks ahead of further Alphabet earnings reports. The combination of technology spending fears and macroeconomic pressures drove the overall downward trend across major indexes.