US stocks today: Nasdaq plunges 2% as tech earnings spark AI spending worries

US tech stocks sold off sharply as Nasdaq plunged 2.15 percent and the S&P 500 fell 1.24 percent, after disappointing quarterly results from Alphabet and Tesla raised concerns about elevated AI capital spending. Brent crude crossed 100 dollars a barrel for the first time since May amid US military strikes on Iran and disruptions in the Red Sea, stoking inflation fears ahead of the Federal Reserve policy meeting. The CBOE Volatility Index hit a near one-month high while US 10-year yields climbed to their highest since early 2025, with traders pricing in a 64 percent chance of an unchanged rate decision next week.