Tech drags stocks lower as crude oil tops $110: Markets wrap

A tech-led selloff hit U.S. markets after a report said OpenAI missed targets for new users and sales, stoking doubts about companies’ ability to fund heavy AI infrastructure spending. The news knocked big-cap tech shares lower ahead of a wave of megacap earnings, with the Nasdaq-focused US Tech 100 losing about 1% and the S&P 500 slipping off a record high. AI partners such as Oracle also slumped, amplifying concerns that recent equity gains may be fragile and prompting some investors to hedge or reduce risk exposure ahead of upcoming results.