U.S. stocks ended lower on Thursday as Alphabet revived worries about the cost of artificial intelligence investment.
The Dow Jones Industrial Average fell 132.54 points, or 0.25 percent, to 52,342.56. The S&P 500 dropped 23.59 points, or 0.3 percent, to 7,720.39. The Nasdaq Composite Index shed 365.13 points, or 1.38 percent, to 26,184.72.
Eight of the 11 primary S&P 500 sectors ended in the green, with the losses concentrated in technology-related names rather than spreading across the broader market.
Oil prices settled lower as hopes for renewed U.S.-Iran peace talks offset concerns over Middle East supply disruptions. Brent crude futures settled down 44 cents, or 0.38 percent, to 114.88 U.S. dollars a barrel. West Texas Intermediate crude settled down 78 cents, or 0.76 percent, to 102 dollars a barrel.
On the corporate front, Alphabet plunged more than 12 percent after reporting third-quarter revenue of 127.58 billion dollars, up 25 percent year on year but below expectations, with net income falling to 26.17 billion dollars and negative free cash flow of 9.07 billion dollars.
Microsoft edged lower even as Azure cloud growth of 48 percent drove strong quarterly results. Caterpillar fell more than 9 percent, weighing on the Dow, while ServiceNow plunged about 27 percent and Marvell dropped 13 percent. Eli Lilly added more than 6 percent after raising its revenue outlook, while Amazon and Intel fell ahead of their results after the close.
U.S. stocks fall as Alphabet tumble reignites AI spending worries
The China Pavilion made a strong debut at the ongoing MIP Africa 2026, a major film and television industry event on the continent, presenting a rich tapestry of Chinese storytelling to deepen cultural ties and industry collaboration.
Sponsored by China's State Council Information Office and National Radio and Television Administration, the China Pavilion featured an expanded lineup this year.
Sixteen leading Chinese audiovisual organizations -- spanning broadcasting, film and television production, animation, and cultural media -- set up booths at the event opening on Wednesday at the Cape Town International Convention Centre in South Africa.
Exhibitors presented more than 50 Chinese audiovisual titles across genres, including TV dramas, documentaries, variety shows, and animation, alongside advanced technologies. The showcase highlighted China's latest achievements in the screen industry while fostering closer partnerships between Chinese and African media institutions.
Carol Weaving, managing director of RX Africa, the organizer of MIP Africa, praised the ongoing collaboration. She said that the event is dedicated to connecting African stories, talent, and enterprises with the global entertainment industry. Noting China serves as a vital partner in that mission, she expressed enthusiasm for building a long-term, mutually beneficial partnership to bring more exceptional content to global audiences.
Running through Friday under the theme "Africa. Untold. Unstoppable," MIP Africa 2026 drew registrations from more than 100 international media companies and over 1,500 participants, featuring strong participation from across the continent, including South Africa, Nigeria, Kenya, and Ghana.
China showcases diverse audiovisual works at MIP Africa 2026
China showcases diverse audiovisual works at MIP Africa 2026
