US stocks: Nasdaq, S&P end lower in volatile session as tech stocks retreat

US markets closed mixed-to-lower as the Nasdaq Composite fell 0.41% to 25,482.46 and the S&P 500 slipped 0.08% to 7,358.72, while the Dow Jones rose 0.36% to 51,854.81. Tech stocks led the decline amid concerns over debt-backed AI capex spending by hyperscalers and growing expectations of a more hawkish Federal Reserve, erasing over $1 trillion in market value from the Nasdaq 100 this week. Oil prices dropped to their lowest since the start of the Iran war, and traders raised bets on a second Fed rate hike by December from CME FedWatch data.