IYW is trading at $248.85, down 2.04%, as AI slowdown concerns pressure technology stocks in a broader risk-off session.
- Anthropic, OpenAI, and other industry leaders called for slower AI development, raising concerns about chip demand, capital spending, and stretched valuations; NVIDIA fell more than 2% premarket.
- Nasdaq futures dropped about 1.7%; higher oil prices and expectations for imminent U.S. rate hikes pressure long-duration growth stocks.
- Nasdaq and S&P 500 declines confirm sector-led move amplified by macro risk sentiment.