Finance

The tech-heavy Nasdaq Composite dropped 0.8% following a shift in investor sentiment regarding large technology names. Market participants are increasingly transitioning from rewarding companies simply for their artificial intelligence investments to scrutinizing the actual revenue and earnings these substantial outlays can produce.

In its first quarterly financial report since its June initial public offering, SpaceX reported a net loss of $541 million despite nearly doubling its revenue to $7.8 billion. Shares plummeted roughly 14% as investors reacted with concern over the rocket company's massive capital expenditures for artificial intelligence and infrastructure.

West Texas Intermediate and Brent crude futures experienced recent declines, stabilizing near $75 and $79 per barrel, respectively. The energy market has found relief following diplomatic signals that the United States and Iran may be nearing a deal to reopen the vital Strait of Hormuz shipping corridor.