Tech Leads Stocks Lower as Traders Weigh AI Spending

Technology shares declined, dragging the broader stock market lower. Earnings from Microsoft Corp. raised concern about heavy spending on artificial intelligence.

The tech-heavy Nasdaq 100 Index closed down 0.5%. Microsoft fell 10%, the most since 2020. The S&P 500 Index fell 0.1%, while the Dow Jones Industrial Average rose 0.1%.