Higher by more than 1% at the open, the Nasdaq has turned decidedly lower just ahead of the noon hour on the East Coast, now down 1.9% and below its close on Friday.
The S&P 500 is off by 1% and the DJIA is down 0.5%.
Declines are being led by AI favorites like Nvidia, Intel, and Micron, all lower by 2%-4%.
The drop can’t be blamed on Middle East tensions as crude oil is at a session low, down 4% to $87.58 per barrel. Gold and silver are also taking part in the quick dive, each dropping more than 2% over roughly the past hour.
Bitcoin (BTC) is also near its session low at $61,300.
With the AI trade leading losses, bitcoin miners turned AI infrastructure players are all sharply lower. Hut 8 (HUT) is down 6.3%, MARA Holdings (MARA) 4.9%, and IREN (IREN) 8%.