Here is the latest from New York stock markets.

The three major U.S. stock indices turned lower in a single day.

The Nasdaq and the S&P 500 both fell by around 0.5%.

By sector, materials and technology stocks dropped 2%, while communication services gained more than 2%.

Dragging down the market on this day were concerns over a potential slowdown in AI development, a surge in Treasury yields, and high oil prices.

Semiconductor stocks took a direct hit as leaders in the artificial intelligence industry argued that development should be slowed down due to safety concerns.

Amid worries that slower AI development would lead to a concurrent drop in semiconductor demand, the Philadelphia Semiconductor Index plummeted by 5.8%, while Nvidia dropped 3%, and Broadcom and AMD fell by over 4%.

Compounding the downturn, the yield on the 10-year U.S. Treasury surpassed 5% during trading for the first time since October 2023, driven by inflation pressures and concerns over large-scale Treasury issuances.

WTI crude oil also climbed to the 101 dollar per barrel mark after a Saudi pipeline suspended operations due to instability in the Middle East, heightening worries about fueling inflation.

With expectations exceeding 90% that the Federal Reserve will raise benchmark interest rates by 0.25 percentage points at the FOMC meeting opening on the 15th, apprehension over monetary tightening has reached a peak.

Among individual stocks, Bank of America dropped more than 5%.

This reflected concerns over sluggish earnings after its CEO personally disclosed that third-quarter investment banking fees would decrease by more than 10% compared to the previous year.