Oil above $111 and AI stock slide drag S&P 500 and global markets lower
AI summary
Brent crude rose above $111 to a five-month high while AI-linked equities including Nvidia and Meta sold off, dragging the S&P 500 and global markets lower. Asian benchmark indexes fell by as much as 3.5%, a week after South Korea's Kospi dropped 7.57%. For crypto traders, the broad risk-off move and rising oil prices signal tighter financial conditions that typically weigh on speculative assets like bitcoin.
